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William Kilty et. al., (eds).The Laws of Maryland from the End of the Year 1799,...
Volume 192, Page 1829   View pdf image (33K)
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claimed, keeping a regular account of all stock, money, property
and funds to be received, expended and disposed of, and of all the
contracts, purchases, sales and disposition, so to be made, which
shall at all times be subject to the inspection of any of the stockholders,
except the accounts of individuals; to provide for and pay
out of the funds of the company all such expenses as shall be necessarily
incurred in promoting and carrying on in any manner the
business of the company; to bind by their contracts, deeds and writings,
under the hand of the president, and seal of the company, all
the property, estate, common stock and joint funds, of the said company,
but not the persons or separate property of themselves, or
any of the stockholders; to establish rules and regulations for the
transfer of the stock of the said company, and for the proof of property
and ownership therein; to call general meetings of the stockholders
from time to time, and at such times and for such purposes,
as they shall think proper, giving eight days notice in three newspapers
printed in the city of Baltimore, of the time, place and purpose
of every such meeting respectively; provided, that no such meeting
shall be competent to the transaction of any business whatever, unless
there be present thereat thirty stockholders at least, or their
proxies; and generally to do, act and transact, in all things for the
said company, relative to the undertakings, common stock and
joint property, in as full and complete a manner as the individual
stockholders or subscribers might do were they personally present.


CHAP. 216.

    10.  AND BE IT ENACTED, That the president and each director,
before he enters upon the duties of his office, shall take the following
oath, or affirmation, as the case may be:  " I do solemnly swear,
(or affirm,) that I will impartially, faithfully, diligently and honestly,
execute the duties of _____, conformable to the act of incorporation,
and the trust reposed in me, to the best of my skill and 
judgment;" and the clerks, book-keepers, and other officers, shall
take a similar oath or affirmation, and all the company's officers,
including the president, shall give bonds, with security to the satisfaction
of the directors, for the faithful discharge of their duties
in their respective stations.
Oath of president
and directors.
    11.  AND BE IT ENACTED, That the president and directors of
the said society, shall make, declare and pay, to the stockholders,
their attornies or legal representatives, at a stated period, yearly
dividends of the profits on the stock of said society, not exceeding
ten per cent. and all the profits exceeding ten per cent. as aforesaid,
shall immediately after the dividend is declared, be appropriated
and transferred to the support and continuance of a premium fund,
which shall be under the control and management of a premium
committee, to consist of twelve persons, to be chosen by the stockholders
out of their own body, at their regular annual meetings.
    12.  AND BE IT ENACTED, That the premium committee shall
have power to propose, award and pay premiums, in money or medals,
to such person or persons residing within the United States,
as they are of opinion merit the same, and as have excelled in manufactures,
producing materials for manufacturers, inventing or
improving any machine or machinery materials, the growth of the United
States, or any useful articles whatever, introducing into the United
Premiums to be

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William Kilty et. al., (eds).The Laws of Maryland from the End of the Year 1799,...
Volume 192, Page 1829   View pdf image (33K)
 Jump to  

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