pose the said corporation may purchase and hold,
sell and convey real estate not exceeding at any
one time five thousand acres.

Sec. 2. And be it enacted, That the capital
stock of said corporation shall consist of twenty-
five hundred shares of one hundred dollars each,
to be apportioned in the first instance among the
above named corporators, as they may agree
among themselves, with the privilege of increas-
ing said capital stock to five thousand shares, the
shares of stock to be considered personal estate,
the evidence and ownership of which, and the
transfer thereof, shall ha determined by the by-
laws, and in payment for said shares the directors
of said corporation may, in their discretion, receive
cither land at rates to be be agreed upon, or money.

Capital stock
limited.

Sec. 3. And be it enacted, That the business of
said corporation shall be managed by a Board of
five directors, to be chosen by the stockholders,
in general meeting, in person or by proxy, each
share having one vote, on the first Monday in
January in each and every year, one of their num-
ber being chosen President of the corporation by
said directors; and the said Board shall have
power to malic by-laws for their own government,
as well as for the conduct of the business of the
corporation, and shall continue in office until their
successors are elected, and, until the first annual
election, the corporators above named shall consti-
tute the Board of Directors.

Business —
how managed,

Sec. 4. And be it enacted, That should the stock-
holders of said corporation at any time desire to
merge their rights and privileges and property in
the Baltimore Chrome Works incorporated by the
present General Assembly, they are hereby autho-
rized to do so upon such terms as may be agreed
upon between the said corporations, and the evi-
dence of such merges shall be the transfer by deed,
duly acknowledged and recorded, conveying to said
Baltimore Chrome Works the franchises and pro-
perty of the corporation created.

Power to
merge rights.

Sec. 7. And be it enacted, That this Act shall
take effect from its passage, and may be repealed,
altered or amended at any time at the pleasure of
the General Assembly.

In force and
reservation.