Source: http://mdh.contentdm.oclc.org/cdm/ref/collection/molaws/id/44796/
Timestamp: 2020-07-07 06:18:45
Document Index: 94206249

Matched Legal Cases: ['§ 6', '§ 7', '§ 8', '§ 9', '§ 10', '§ 1', '§ 6', '§ 7', '§ 8', '§ 9', '§ 10', '§ 1']

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RAIL   ROADS. 261
y[0tte, Timothy Davis of St. Mary's landing, Ferdinand Rosier of Perryville,
are hereby appointed commisiioners, whose duty it shall be, within the period
j eighteen months after the passage of this act, at such places as shall appear to them most suitable, to open books to receive subscriptions to the
capital stock of said corporation, and at least ten days notice shall be given
w the commissioners ofthe time and place of opening such book, by advertisement in one or more ofthe newspapers in this State. Any two of the said
commissioners shall constitute a board for receiving such subscriptions; and
each subscriber, at the time of subscribing, shall pay over to the said commissioners the sum of five dollars on each share for which he may subscribe,
and thereby he shall become a member of the said corporation.
jj 5. When three thousand shares shall have been subscribed, or as soon
thereafter as the commissioners shall deem proper, it shall be their duty to
o-ive notice for a meeting of the stockholders, at such time and place as the
said commissioners, or a majority of them shall appoint, to choose directors for the management of the affairs of the said cempany; and such election
shall then and there be made by such of the stockholders as shall attend for
that purpose, either in person or by written proxy—each share of the capital stock entitling a stockholder to one vote; and the commissioners, or a majority of them, shall hold the said election, and certify under their hands, the
result thereof; and shall deliver over to the directors so elected, the subscription books, and all the moneys which shall have been paid to them on,
the shares subscribed as aforesaid.
§ 6. The time and place of holding the first meeting of the directors shall
be fixed by the commissioners, or a majority of them, and a new election for
directors shall be made annually, at such time and place as the board ofdirectors shall appoint, giving thirty dayrs notice ofthe time and place of meeting for the said purpose, by publication in some newspaper printed in this
§ 7. The directors shall constitute a board for the management of the
' concerns and transactions of the business of the said company, a majority
of whom shall constitute a quorum to do business. They shall have power
to elect a president of the board annually, who shall always be a director to
make by-laws for the goverenment of the affairs of the said corporation, not
being contrary to the laws of the land.
§ 8. The said board shall also have power, and be competent to do all
and every act necessary to carry the general object ofthe said corporation,
into effect, and particularihy, they shall have power to appoint an engineer to
locate said road, and to direct his action, to determine on the line and location of the said road, to contract and be contracted with in all matters relating to the rights, concerns and interests of the said corporation and the said
road, and to expend and pay all or any moneys belonging to the said company, in the construction ofthe, said road.
. § 9-    Whenever any vacancy shall happen in the directory by death, resignation or assignment of stock, the remaining directors shall have power
to fill such vacancy; and all directors shall be members of the said company
at the time of their election, and shall cease to be directors ipso facto by assigning their interest in the said company to any other person.
. § 10.    Assignments of stock may be made, but no assignment shall be considered valid, or vest in the assignee any right or interest in the said corporation, unless such assignment shall be made on the books of the said comply, and witnessed by the person lawfully in custody of such books.
. § 1L    The said corporation shall not be dissolved by reason of any omission or neglect to elect directors or a president, at the time in this act provi-
ec*> but in such case, the commissioners or the directors shall have power to
Identifier LAWS_9th_1836-1838_0261.tif
Transcript RAIL ROADS. 261 y[0tte, Timothy Davis of St. Mary's landing, Ferdinand Rosier of Perryville, are hereby appointed commisiioners, whose duty it shall be, within the period j eighteen months after the passage of this act, at such places as shall appear to them most suitable, to open books to receive subscriptions to the capital stock of said corporation, and at least ten days notice shall be given w the commissioners ofthe time and place of opening such book, by advertisement in one or more ofthe newspapers in this State. Any two of the said commissioners shall constitute a board for receiving such subscriptions; and each subscriber, at the time of subscribing, shall pay over to the said commissioners the sum of five dollars on each share for which he may subscribe, and thereby he shall become a member of the said corporation. jj 5. When three thousand shares shall have been subscribed, or as soon thereafter as the commissioners shall deem proper, it shall be their duty to o-ive notice for a meeting of the stockholders, at such time and place as the said commissioners, or a majority of them shall appoint, to choose directors for the management of the affairs of the said cempany; and such election shall then and there be made by such of the stockholders as shall attend for that purpose, either in person or by written proxy—each share of the capital stock entitling a stockholder to one vote; and the commissioners, or a majority of them, shall hold the said election, and certify under their hands, the result thereof; and shall deliver over to the directors so elected, the subscription books, and all the moneys which shall have been paid to them on, the shares subscribed as aforesaid. § 6. The time and place of holding the first meeting of the directors shall be fixed by the commissioners, or a majority of them, and a new election for directors shall be made annually, at such time and place as the board ofdirectors shall appoint, giving thirty dayrs notice ofthe time and place of meeting for the said purpose, by publication in some newspaper printed in this State. § 7. The directors shall constitute a board for the management of the ' concerns and transactions of the business of the said company, a majority of whom shall constitute a quorum to do business. They shall have power to elect a president of the board annually, who shall always be a director to make by-laws for the goverenment of the affairs of the said corporation, not being contrary to the laws of the land. § 8. The said board shall also have power, and be competent to do all and every act necessary to carry the general object ofthe said corporation, into effect, and particularihy, they shall have power to appoint an engineer to locate said road, and to direct his action, to determine on the line and location of the said road, to contract and be contracted with in all matters relating to the rights, concerns and interests of the said corporation and the said road, and to expend and pay all or any moneys belonging to the said company, in the construction ofthe, said road. . § 9- Whenever any vacancy shall happen in the directory by death, resignation or assignment of stock, the remaining directors shall have power to fill such vacancy; and all directors shall be members of the said company at the time of their election, and shall cease to be directors ipso facto by assigning their interest in the said company to any other person. . § 10. Assignments of stock may be made, but no assignment shall be considered valid, or vest in the assignee any right or interest in the said corporation, unless such assignment shall be made on the books of the said comply, and witnessed by the person lawfully in custody of such books. . § 1L The said corporation shall not be dissolved by reason of any omission or neglect to elect directors or a president, at the time in this act provi- ec*> but in such case, the commissioners or the directors shall have power to