more Wrought Iron Pipe and Tube Company,"
for the purpose of carrying on the manufacture of
wrought iron pipe and tubing, and working and
dealing in metals generally, and preparing for
sale and selling the same, with a capital of two
hundred thousand dollars, of which about one
hundred and fifty thousand dollars have been paid,
but the company has sustained losses and it has
been found impossible to obtain the rest of said
capital, although a still larger amount is required
to carry on the the business of said company with
advantage; and whereas, it has been ascertained
that the necessary additional capital can be ob-
tained provided authority is given to said company
to issue preferred stock, but said Code contains no
authority for the issue of such stock by corpora-
tions created under its provisions; therefore,

SECTION 1. Be it enacted by the General Assem-
bly of Maryland, That this Act shall be accepted
by the stockholders of said Baltimore Wrought
Iron Pipe and Tube Company in general meeting
assembled, it shall be and is hereby declared to
be, from and after such acceptance, the charter of
said company instead and in place of the existing
charter of said company, and said company shall
be and is hereby incorporated under this Act by
the said name of the Baltimore Wrought Iron
Pipe and Tube Company.

Incorporated.

Sec. 2. And be it enacted, That after this Act
shall be so accepted, all the property and effects
of every description of the existing Baltimore
Wrought Iron Pipe and Tube Company shall pass,
belong to and vest in the corporation hereby cre-
ated, which shall also be responsible and liable
for all the debts, contracts and liabilities of every
description of the said existing Baltimore Wrought
Iron Pipe and Tube Company, including the cer-
tificates of stock issued by it, to the same effect
and to all intents and purposes as if said contracts,
liabilities and stock bad been originally made, in-
curred or used by the corporation hereby created,
and said stock shall be 'and become a part of the
capital stock of the corporation hereby created as
common stock.

Property and
effects vested.

Sec. 3. And he it enacted. That said company
hereby created may, in the discretion of the Presi-

Authority to
issue stock.