The Republican. [volume] (Oakland, Md.) 1877-current, 1906-07-26

OF one per centum upon the amount of
stock which said company is authorized
to have, and like bonus upon the
amount of any subsequent increase of
the capital stock the company is author
lied to have. The bonus tax upon anv
increase of the capital stock shall be
due and payable Immediately after the
passage of and resolution bv the stock
holders of the company authorizing such
increase, and before such shares of the
increased capital stock are issued, and
a certificate of the proceedings of such
meeting, showing a compliance there
with, the amount of capital stock or
stock exchanged in way Of payment for
real estate or other property purchased
for the use of the corporation: the
amount to which the capital stock shall
be made out and signed by the chair
man, and such certificate shall be sworn
to by the president and filed with the
SAID State Tax Commissioner.
SEC. /. And be it enacted, That the
affairs of said cor poration shall be man
aged by board of directors, as provid-
ed for in Section of this Act to be
chosen annually by the stockholders and
to serve for one year, or until their sue
cessors are chosen; and said board of
directors, Immediately after their cleo
ton, for the purpose of organization,
shall elect president, vice-president
(Who may be made general manager of
the company, and a secretary and
| treasurer; and that until such choice of
a board of directors the said Robert C.
McCandlish, Clarence V. Guard, Walter
! W. Savage, Charles A. Mitchell and
Davis 5. Custer, or majority Of them,
shall have full power and authority to
exercise all the corporate powers of the
said corporation, and the said president,
with the consent of said directors and
their successors, or ma jOrity of them,
shall have full power and authority to
appoint, employ and compensate, and
at his discretion to remove such officers.
agent or servants as he may deem nee
! essary in the business of said corpora
ton; also to purchase and hold such real
and personal property, materials, cars,
machinery, implements, privileges,
| easement and franchises within Garrett
county, and to purchase or erect all
such machinery, buildings or other i'm
! provements as may be necessary to car
! ry into effect the object Of said corpora
ton, and the same or any part thereof
to sell, lease or otherwise dispose Of
of at their discretion also to prescribe
the mode of issuing and transferring
stock of the said corporation and the
evidences thereof, and to do what NAV
be necessary to carry out the object Of
this Act, and not contrary to any by
| laws adopted at any general meeting of
! the stockholders of SAID corporation; and
a quorum for the transaction of bust
ness shall consist of said directors: and
IN case vacancy shall occur in the
presidency or dictatorship of said cor
| poratlon, the remaining directors shall
have power to fill such vacancy bv
appointing some stakeholder to that
office, until the next meeting Of the
stockholders for the choice of directors.
SEC. 5. And be it enacted, That
meeting of the stockholders of said
company shall be held annually at such
time and place as shall be established bv
the bylaws, and it shall be the duty Of
the president and directors at said
meeting to make a report of the condi-
ton and business affairs of said COM
pany, and special meeting of the
stockholders, may be called at any time
by majority of the directors or by one
or more stockholders, who shall repre-
sent one-fifth part of said capital stock.
OF which meeting ten days previous
notice, stating the object thereof, shall
be given IN some newspaper printed in
the county of Garrett, and at all meet
lngs of the stockholders, the owners or
representatives of the major part of the
stock shall constitute a quorum for the
transaction of business, and shall have
power to pass, amend, alter or repeal
the bylaws and remove from office anv
director, officer or agent of the said
corporation and to appoint others in
their stead.
SEC. 6. And be it enacted, That if
any subscribers to the capital stock of
said corporation, or any person or cor
poratiOn who may become entitled to
any share or shares of such capitaI
stock, shall fail or neglect to paw anv
assessment or instalment which NAV be
required or demanded to be paid bv the
president and directors of said corDOra-
ton, or majority of them, on the Share
or shares Of stock subscribed for or
owned by such subscribers, person or
COZ poration for the space of sixty DAYS
next after the assessment or instalment
shall be demanded and made due and
payable, the stock on which such assess
ment or lnstalment is demanded shall
be forfeited to the said company and
may be sold by the said president and
directors, or a majority of them. for
the benefit of saia company; but the
said president and directors. or a ma
jority of them, may remit such forfeit
ure, on such terms as they shall deem
proper.
SEC. 7. And be it enacted, That
nothing in this Act shall be construed
as to permit said company, or the pres
ident, vice-president, manager, super
intendent, or any director or other Off
Ger of such corporation, to own or have
any interest in any general store or
mercantile business in Garrett county
or elsewhere, in which goods, wares or
merchandise are sold to the laborers
and employees, Of said company, nor to
conduct or carry on any such business
or to have any interest in the profits
OF the same in Garrett county, nor to
sell or barter any goods, wares and
merchandise in SAID county, for the use
and benefit of said company or wherein
it may participate in the profits of anv
such trade or business.