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Proceedings and Debates of the 1867 Constitutional Convention
Volume 74, Volume 1, Debates 515   View pdf image (33K)
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scribed, and also an additional director on the part of the
mayor and city council of Baltimore, or any other cor-
poration for each one hundred thousand dollars of the
bonds of said company, which may be endorsed or guaran-
teed by the mayor and city council of Baltimore, or said
other corporation; that if any corporation, including the
said mayor and city council, shall become subscribers to
the said capital stock to the extent of five hundred shares
or more, such corporation shall be represented in the
board of directors, so long as it is the holder of such stock,
by one director for each five hundred of such shares, to
be appointed in the manner set forth in the 4th section of
this act."
It will be seen that the section just quoted refers to the
mode of appointing directors in the company, and inci-
dentally provides that in addition to the directors which
Baltimore city may have to represent any stock it may
own, it shall also be entitled to one additional director
"for each one hundred thousand dollars of the bond of
said company which may be endorsed or guaranteed by
the mayor and city council of Baltimore."
At the time of the passage of the act, nothing more
than a subscription to the stock of the company was con-
templated, and the 6th section, above quoted, looks, no
doubt, to a subsequent act of the Legislature authorizing
the city to endorse the bonds, and anticipating such ac-
tion, provision is made for directors to represent any in-
creased interest whenever it should occur. The projectors
of this enterprise no doubt foresaw the uncertainty of
getting Stock subscriptions adequate to furnish the work,
but felt quite sure if the city of Baltimore could be in-
duced to make a large subscription to the capital stock it
would feel the necessity of coming forward in the end
and endorsing enough of the bonds of the company to
complete the work. Such action would be necessary in
order to save the sum invested in the stock of the com-
pany, and in this way the burthen of carrying this en-
terprise through would fall upon the taxpayers of Bal-
timore city.
The capital of the company is limited to six hundred
thousand, dollars; the intention evidently was to direct
the use of the sum derived from stock subscriptions, be-
515


 
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Proceedings and Debates of the 1867 Constitutional Convention
Volume 74, Volume 1, Debates 515   View pdf image (33K)
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