Phenix gazette. [volume] (Alexandria [D.C.]) 1825-1833, 1827-03-19

manded in any one year, from the commence,
men, Of the. Work. nor any payment demanded
until a, least sixty days' public notice OF such
demand shall have been given by the saio Fres,
ident and Directors; and if any subscriber shaii
fail or neglect TO pay any instament' or par. VI
said substitution thrs demanded, tor the space
OF six,y DAYS next after the time the same sha.'
be due and payable; The Stock on VIM"
demanded, shall be forfeited to inc No"P'n?'
and may be sold by the said presideh' a.u -
rectors, for the benefit OF the Compa"y' ou' '"I
Presiden, and Directors may remit any sue"
forfeiture, on such terms as 'he! s"''' ''~"'
proper.
SEC. S find be ii enacted, That II the suscrlP
ton, herein made necessary TO the ihcorPo'a,
ton Of the said Company, shall not oe W. ''".
within twelve months after the hrst opening VI
the Subscription Books by the SAID Ioh'',is-
sioners; this act and all the subscriptions unue'
ii, shall be null and void, and the said Com,
missioners after dischargng the expenses .,
opening the Books, shall return the residue OF
the money paid in upon such subscriptions, TO
the several subscribers in proper proportions
to the sums respectively paid in by Them
SEC G. ind be ii enacied, That, at the explra-
ton of .he ten DAYS for which the books are
first opened if ten thousand shares Of said cap
|
as soon there after as the same shall be SUD-
scrbed, if within one year alter the first open
ING of the books, the said commissioners, or
majority Of them, shall call a general meeting
OF the subscribers, at such time and place as
they may appoint, and shall give at least TWEEN
ty DAYS public notice thereof, * at such meet
ing the said commissioners shall lay the sub
scription books before the subscribers then and
there present, and thereupon the said subscrio-
ers, or majority Of them, shall elect twelve d.
rectors, by ballot, to manage the affairs OF said
company, and these twelve directors, or ma
| iorty OF them, shall have the power oil escung
president of said company, either from a.
mongst the directors or others, and oil allowing
him such compensation for his services as they
may deem proper; and that in said election x
and on all other ccasions wherein vote ofthe
said stockholders Of said company is 10 be TAX
en-, each s,ockholder shall be allowed one vote
for every share owned by it, him, or her, and
every s,ockholder may depule any other person
to vote and act for it, him, or her, as IT'S, his,
or her proxy; and the Commissioners aforesaid
or any three or more Of them, shall be judges
Of the said first election Of Directors.
SEC. 7. and be il enacted, That 10 continue the
succession of the president and directors Of said
company, twelve directors shall be chosen an
nually, on the second Monday Of October in ev-
cry year, in the City of Baltimore, by the stock.
holders of said company; and that the state OF
MARYLAND and the city of Baltimore may each
appoint. one additional director OF said compa-
nv for every twenty-five hundred shares OF stock
of said company by them respectively owned
+ at the time Of such election, but shall not be
permitted to vote upon their stock in the cleo
ton of the directors by the stockholders in gen
company d m t 1T rAItif fste esa fl fatd
power to appoint judges of all elections and to
elect president of said company, either from
amongst the directors or others, and to allow
him such compensation for his services as they
may deem proper; and if any vacancy shall oc.
| cur, by death, resignation, or refusal to act, Of
any president or director, before the year for
which he was elected has expired, person to
hil such vacant place; for the residue of the
year may be appointed BY the president and d.
rectors OF said company, or majority Of them
and that the president and directors of the
company shall hold and exercise their Offices
until new election of president and directors;
and that all elections which are by this act, or
the BY Laws of said company, to be made on
particular day, or at a particular time, if not
made on such day at such time, may be made
at any time within thirty days thereafter
Sec. 8. find be ii enacted, That general meet
ing of the stockholders of said Company shall
be held annually, at the time and place appoint
ed Cor the election of the presiden, and direct
ors of said company; that they may be called at
any time during The interval between said an
nual meetings, by The president and direct tors,
or majority of them, or by the stockholders
owning at least ne-fourth Of the whole stock
subscribed, upon giving thirty days public no.
tice Of the time and place of holding the same,
and when any such meetings called by the
stockholders, such notice snail specify the par
ticular object of The CALL and if, at any such CAL
led meetings, a majority (in value) the stock
holders of said company are not present, in per-
son or by proxy, such meetings shall be adjourn
ed, from day TO day, without trausac,lng any
business for any time not exceeding three days;
and IT within said three days, stockholders hav-
ing majoriy(in value of the stock subscribed
40 not thus attend, such meeting shall be dis.
solved.
Sec 9. find be IL enacied, That at the regular
annual meetings ofthe stockholders of said com.
pany, 1t shall be the duty of the president and
directors in Office for the preceding year, to ex-
hlbit clear and distinct statement Of the affairs
| oil the company; that any called meetings Of The
stockholders, majority of those present may
require similar statements from the president
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