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Dec. Ses. 1817
Company to
be managed by
five directors--
their powers
Elections.
Capital.
Dividend.
Treasurer to
sign all con-
tracts &c.
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which purpose general meetings of stock holders shall and may be
called by the directors, or two thirds of the stockholders, previously
giving two months notice in two or more newspapers of this state.
2. And be it enacted, That the affairs of said company shall be
managed by five directors, to be chosen from among the stockhold-
ers on the first Monday of May in each and every year, who shall
have power to make, revise, alter or annul, rules, orders, by-laws
and regulations, for the government of the company, who shall al-
so have power and authority to appoint a treasurer, or any other
officers that may be necessary for the management or superintend-
ance of their concerns, and to allow to said treasurer, or other offi-
cers, such reasonable salary as to them shall seem proper; and ge-
nerally to do all acts and things that may be necessary for said
company, provided they are not contrary to the law or the constituti-
on, or to the by-laws, rules and regulations, established by the
stockholders at their general meetings.
3. And be it enacted, That the directors for the time being shall
have power to appoint judges of election, and that the treasurer
shall in each and every year give one month's notice in one or more
newspapers of this state, of the time and place where the election
shall be held, and at said time and place each stockholder may
either in person or by proxy vote for five directors, every stock-
holder having a vote for each and every share they may own.
4. And be it enacted, That the capital stock of said company shall
consist of two hundred and fifty shares of one hundred dollars
each, to be paid by instalments of ten dollars in each share, as
they may be from time to time called in by the directors of said
company, who shall give ten days notice requiring payment of said
instalments, in two or more newspapers printed in this state; and
in case any of the stockholders, or any of the original subscribers
to their articles of association, shall refuse, or shall have refused
to pay their respective instalments, as severally demanded, then and
in that case it shall and may be lawful for the said directors to
bring an action on the case against the parties delinquent, where-
in it shall be sufficient to declare for money had and received, and
give this act and the special matter in evidence; and in case the
amount due should be less than fifty dollars, the same may be re-
covered as other debts of like amount are, and in both cases an
extract from the list of stockholders, under the seal of said corpo-
ration, shall be prima facie evidence of subscription.
5. And be it enacted, That the directors shall once in each and
every year, as soon after the receipt of their rents and profits as
may be, make and declare a dividend of their profits, which shall
be paid to the stockholders, their legal representatives or assigns.
6. And be it enacted, That in all cases of lease, demise or con-
tract, it shall and may be lawful for the treasurer to sign the same
with his proper name, and attach the seal of the corporation, and
the said instrument shall be as binding on said company, and as
available in law, as if the same had been done by the directors;
and in any case where it may he necessary to make distress for
any rent arrear, the treasurer for the time being shall ex officio be
bailiff of said corporation for such purpose, with full power and au-
thority, in the name of the Havre-de-Grace Ferry Company, to
do all acts necessary under such distress.
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