The aegis & intelligencer. [volume] (Bel Air, Md.) 1864-1923, 1876-05-19

fixture on such terms as they shall deem
proper.
Sec. 0. And he it enacted, That if the sub
scription herein made necessary to the incor-
poraton of the said company she'l not lie oh
tanned within FIVE years after the first opening of
the subscription books by the said commits
sioners, all subscriptions under ii shall be null
and void, and the said commissioners, after dis
charging the expenses of opening the books,
shall return the residue of the money paid in
upon such subscriptions to the several subscri-
bers, in proper proportions to the sums respec'
lively paid in by them.
Sec. 10. And be it enacted, That at the eXpi-
ration of the tea days for which the books are
first opened, if two hundred and fifty thousand
dollars Of the capital stock, shall have hfen
subscribed, or if not, as soon thereafter as the
same shall be subscribed, if within five years
after tie first opening of the books, the said
cor misooners, or ma ority Of them, shall call
a general meeting of the subscribers ut such Tine
and place as they may appoint, and shall give
like notice TO that required for the opening of
the subscription books of the said company and
at such meeting the said commissioners shall lay
the subscription books before the subscribers
then and there present and thereupon the said
subscribers, or Il ma ority of them shall elect
twelve directors by ballot to manage the affairs
of sad company; and these twelve directors, or
II majority of them, shall have the power of
electing Il President of said company, e her
from among the directors or others, and of
allowing him such compensation for his SER
vices as they may deem proper; and in said
election, and on other occasions wherein Il vote
Of the stock holders of said company is to be
taken, each sockholder shall be allowed one
vote 70" every share owned by it, him o. her,
and every stakeholder may dcpu any other
person to vote and acv for it, lin or her, u.s.
his or her proxy and the commissioners aore-
said, or any three or more of them, shall he
the Judges of the said first election of di-
rccors.
Sec. II. And be it enacted, That to continue
the succession of the president and directors of
said company, twelve directors shall be chosen
annually on the first Monday of May in every
year, in the county or city, in which the prin-
cipnl office of the said company shall be located
by the stockholders of said company.
Sec. II. And he it enacted, That the direc =
tors of the said company, or majority of
them, shall have power to appoint judges Of
all elections and TO elect president of said
company either from among the directors or
others, and to allow him such compensation
for his services as they may deem proper, and
if any vacancy shall occur by death, resigna
! ton or refusal TO act of any president or di-
rector, before the year for which he was elected
has expired, person to fill such vacant place
for the residue of the year may be appointed
by The president and directors of said company
or majority Of them and the president and
directors of the company shall hold and exer-
else their offices until a new election of presi-
dent and directors and all elections which are
! by this act or by the bylaws Of Sa id company
TO be made on particular day, or at n par
ticular time, if not made on such day 'r at
such Time may be made within thirlv days
| thereafter.
See IS And be it enacted, That general
meeting of the stockholders of said company
shall be held an nually ut the time and place
appointed for The election of the president and
directors of said company, but they may be
called at any time during the interval between
said annual meetings by the president and di-
recors, or majority of the n, or by stock
! holders owning at least ono-fourth Of the whole
stock subscribed, Upon giving thirty days
public notice Of the time and place ofholding
the same in the same manner as prescribed
for giving notice for opening books of sub
| scrptlon and when any such meetings are
called by the stockholders, such notice shall
specify the particular object OF the call and if
at any such called meetings majority Tin
value OF the stockholders Of said company are
net present in person or by proxy, such meet
ing shall he adjourned from day to DAY with
out rrnsacting any business, for any time not
exceeding three days, and if within said three
days stockholders having majority Gin value
of the stock subscribed do not attend such
meetings shall be dissolved.
Sec. II. And be it enacted, That at the
regular annual meetings of the stockholders of
SAID company, it shall be the duty of the
president and directors in office for the pre-
ceding year TO exhibit clear and distinct
statement Of the affairs of the company in de-
tail and at any called meetings of the stock
holders, majority of those present may re-
quire similar statements from the president
and directors, whose duty it shall be to furnish
| them when thus required: and at all general
| meetings Of the STOCKHOLDERS, a majority lin
value) of all the stockholders in said company
may remove from office any president or any
of the directors Of said company, and may ap-
point others in their stead.
Sec Is. And be it enacted, That every
president and director of said company, be fore
he acts as such shall swear or affirm as the
case may be- that lie will well and truly dis
charge the duties Of his said Office to the best
of his skill and Judgment.
Sec. 10. And be it enacted, That the said
president and directors, or majority Of them,
may appoint all such officers, engineers, agents
or servants whatsoever, as they may deem
necessary for the transaction of the business ct
! the company, and may remove any of them at
their pleasure and they or a majority of them
shall have power to determine by contract the
compensation of all the engineers, officers,
agents or servants in the employ of said COM
rany, and to determine by their bylaws the
manner of adjusting and settling all accounts
against the company, and also the manner and
evidence of transfers of stock in said company,
and they or majority of them, shall have power
to pass all bylaws which they may deem neces-
sary or proper for exercising all the powers
vested in such company, and for carrying out
the objects thereof; provided only, that such
bylaws shall not be contrary to the laws of the
United States or this State.
Sec. II. And be it enacted, That if the capital
stock Of said company shall prove to be insult
icient for the purpose of constructing and
equipping its road, it shall and may be lawful