Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1882-07-20

@tt%4 - 49, z 49, y u - Ntt-44A ~
Oug columns. the Annapolis CORES
pondence Of the Baltimore Daily 8s0a
ID aeIersnce to it,
AxsAPoLis, July 18th, lss2-The
stockholders Of the Chesapeake and
Ohio Canal Company met here to-day,
but adjourned without eleciing pres
idsnt. TheproceedingA however, were
interesting. The board Of public works
Gov. Hamilton Comptroller Keat-
ing and Treasurer Compton
seated the state; Thomas r. Morgan.
Washington and the District Of Coz
lumbia; Martin 1. Noer, the United
States: A. Bowie Davis, private stock.
Gov. Hamilton presided; Benz. Faw-
cett. secretary. After come little dis
cussion a. 10 the proceedings Of the
former meeting fixing the term Of the
president from July 1 instead Of june
B. the record was read, showing it 10
be July l. and Il was stated that the
charter Of the canal allowed the
stockholders to fix the term, provided
it did not exceed three years. The
secretary read the declination of Mr..
Farnandis, who was chosen at the
june meeting.
Mr.. A. Bowie Davis said he had
seen Mr.. Farnandis on June %. and
Mr.. Farnandis told him he had de-
cided to decline the presidency Of the
canal. At the same time the legali-
Aty OF The chairman of the stockhold-
"a meeting calling another meeting
suggested. He understood the
ion Of the encouragement had
asked and given on that point,
he desired that the opinion be
attorney generals opinion is
Baltimore, June %, and 10 ad-
d to Comptroller Keating.-
u addressed to him, Mr.. Keat-
Says he did not ask it. as the
hon would explain. 1t says:
Afy Dear Sir MIR. German il
Darrassed BY the questions which,
Gems to MIN, would arise il Mr..
rnandis declined to accept the pres
deney Of the canal. ! have said to
4 him that the matter seems to be plain
enough. The Maryland charter Of
the canal company (lS24, chapter 70.
section 81 provides that a president
and six directors shall manage the
company's business for such time, not
exceeding three years, as the majority
Of the stockholders shall determine
when electing these officers. It also
provides (section g. th It upon the
expiration Of the term for which the
president and directors were elected
the stockholders Of tho said company
may either continue the said presi-
dent and directors. or any Of them, in
Office, or choose others in their stead,
and that until such choice be made
the president and directors for the
time being shall continue in Office.
It also provides that in case of the
death, removal or resignation of the
president OF any Of the directors, the
stockholders may, ct such general
meeting, elect any other person or
persons to be president and directors.
Under these provisions president
or DIRECTOR though hemay see proper
70 tender hls resignation. is legally
bound TO remain in office and eerform
the duties Of his trust until his sue
cessOr is elected aHd qualified; for the
corporation cannot be left without q
head or directing board. ! call your
attention 70 thefact that the Subsection
OF the charter ct the canal company
manifestly contemplatss an adjourn
ment Of . stockhelder meeting from
one designated time to another des-
ignated time. and deeR not apparent
~ Contemplate the reconFening Of q
general meeting upon the call Of its
presiding officer, on such day as that
ofaeer may indicate. Ii the stock
holder meeting IN this month was not
adlcuEned TO day certain, the next
general meeting had bettsrs think,
bo appointed ~ the president Of
the canal company under the provis-
ions contained IN the latter part Of
the eighth section Of the canal char
ter.
Il write this letter because, not be-
ing well, am going with my wife to
Cape May on Saturday, and as the
subject may DO brought up in my abb
sence, It e quite a. well that the
ooard OF public works and AL inter
ested n the question should know
my own impressions with regard %