|
Dec. Sess.
1815.
Capital—
commissioners
and places of
subscription--
deficiency or
excess.
Commission-
ers to hold an
election.
Election of
directors and
president.
Votes.
|
nation of this act, and to that end, for perpetuating the said in-
corporate body, the heirs, devisees, representatives, and as-
signees, of the individual member thereof, shall be, and are
hereby declared to be members thereof, and by the name afore-
said may sue and be sued, answer and be answered, in any
court of law or equity in this state or elsewhere.
2. AND BE IT ENACTED, That the capital stock of
the said corporation shall not exceed ten thousand dollars, to
be divided into five hundred shares of twenty dollars each,
and that the subscripting to the said capital stock shall be open-
ed in the town of Emmitsburgh, under the direction of Robert
L. Annan, Patrick Reid, John Agnew, Lewis Mutter, and
Daniel M. Moore, or any two or more of them, on a day ap-
pointed by them for that purpose, and notified in two or inure
papers published in Frederick county at least three weeks pre-
vious thereto, who shall meet on the day appointed for receiv-
ing subscriptions, at ten o'clock A M. and continue the same
open until live o'clock, P. M; and if the subscriptions shall ex-
ceed the capital the commissioners shall apportion the same,
according to the subscribers by proportionate deductions, so
that the whole be reduced to the proper limit, but if the said
subscriptions shall not be filled on the first day, the commission-
ers aforesaid may adjourn from day to day until the same be
filled; if the subscriptions be complete the commissioners shall
close the books, and those who have previously subscribed shall
be entitled to the stock in said company, from each of whom the
said commissioners shall exact the first instalment of two dol-
lars and fifty cents on each share so subscribed.
3. AND BE IT ENACTED, That within ten days after
closing the subscriptions, two or more of the commissioners
shall meet at Emmitsburgh fur the purpose of holding an elec-
tion for the president and directors.
4. AND BE IT ENACTED, That the stockholders
aforesaid, or such as shall be present in person, or by their
proxy, shall elect by ballot, out of the stockholders, five direc-
tors, to serve until successors to them shall be chosen, and the
said corporation shall annually thereafter, upon the same day
in each and every year, or within ten days thereafter, in like
manner elect five directors for one year, or until successors to
them shall be chosen; and the said directors immediately after
their appointment, and so after every subsequent appoint-
ment as aforesaid, shall choose from among the stock-
holders by ballot, a president, to serve for one year from
the time of his appointment; and the said president, and his
successor, for the time being, shall always be entitled to vote
as a director, and shall perform such duties, and receive such
compensation for his services, as the directors shall from time
to time appoint; and in case any director shall be chosen presi-
dent, the remaining directors shall immediately choose by bal-
lot, from among the stockholders, a person to supply his place,
and whenever a vacancy shall happen in the office of director
or president, by death, resignation, or removal from the state,
or by any other means, it shall immediately be filled by ballot,
by the directors, from among the stockholders, until the next
election in course.
5. AND BE IT ENACTED, That in choosing directors
no person or body politic shall have more than twenty votes,
and that each person having one or more shares under the said
|
