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Proceedings and Debates of the 1867 Constitutional Convention
Volume 74, Volume 1, Debates 514   View pdf image (33K)
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Shares.

1867.
Canton Company 500
Paid on account,
Jan. 5..... $500
Western Md. R. R. Co.............. 500
"
April 6. 500
A. & W. Denmead & Son.......... 20
"
Jan. 8... 20
John N. Ely. ........... .......... 10
"
Jan. 16 10
G. K. Tyler .................................... 10
"
Jan. 16 10
Isaac Tyson, Jr., & Son............... 20
John W. Randolph .............. 10
"
"
Jan. 26 20
March 2 10
S. C. Bump ................. 2
"
Jan. 16 2
John Foss ............. 20
"
Jan. 31 20
Jesse Remington................. 2
"
Feb. 26 2
James Manderson .............. 10
"
March 2 10
Geo. Slothower, Pres't the
"
April 13 500
G. F. R. R. Co.............................. 500


..
Total cash paid
on ac-
Number of shares subscribed...l,604
count.......................
$1,604
From the foregoing it will be seen that one hundred and
four shares, amounting to ten thousand four hundred dol-
lars, covers the individual and firm subscriptions; the resi-
due is by incorporated companies, there still remaining
four hundred and thirty-nine thousand six hundred dol-
lars of the authorized capital untaken.
The power to raise money for the construction of the
road, and the method indicated, are found in the 2d, 3d,
5th and 11th sections of the act of incorporation.
The mayor and city council of Baltimore, by ordinance
approved , 1867, undertook to guarantee five hun-
dred thousand dollars of the bonds of the company. The
power thus to act has been questioned, and we think upon
sufficient grounds.
Power is given in clear and unmistakable terms in the
3d section of the act to several incorporated companies
and to the municipality of Baltimore city to subscribe to
the capital stock of the company, but there is no power
conferred upon Baltimore city, or any other corporation,
to endorse or guarantee their mortgage bonds. It has
been alleged that the 6th section of the act, when con-
strued in connection with the title of the bill, confers by
implication this power. The provisions of the law relied
upon as giving the power to endorse read as follows:
"Sec. 6. And be it enacted, That the affairs of the said
company shall be managed by a president and board of
directors, and such other officers and agents as such presi-
dent and directors may deem necessary; that there shall
be one director for each five hundred shares of stock sub-
514


 
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Proceedings and Debates of the 1867 Constitutional Convention
Volume 74, Volume 1, Debates 514   View pdf image (33K)
 Jump to  
  << PREVIOUS  NEXT >>


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