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SECTION 1. Be it enacted by the General Assembly
of Maryland, That William H. Steuart, John M.
Smith, Philip S. Chappell, John W. Miller, Wil-
liam T. Bixler, Henry F. Gary, Daniel L. Thomas,
John W. Davis and William H. Ireland, their
associates, successors and assigns, be and they are
hereby created a body corporate by the name and
style Maryland Land Company, and by that name
shall have perpetual succession, and shall in law
be capable to hold and dispose of lands, water
rights and other property, and to sue and be sued,
to implead and be impleaded, answer and defend
in any Court of Law or Equity, or in any other
place whatsoever, to receive and make deeds and
contracts, to make, have and use a common seal,
and the same to change, alter or renew at pleasure,
and generally to pass all such by-laws as may be
necessary to regulate its affairs, and to do all such
Acts as shall as shall be proper and necessary for
the purpose of levying, holding, using, improving
or selling, lands, tenements, rights, water prive-leges and
basements, of 'every description in the
Counties of the State of Maryland or on any of
the waters or water courses thereof in a manner
not inconsistent with the laws now in force. |
Incorporated. |
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Sec. 2. And ie it enacted, That the capital stock
of said Corporation shall be divided into shares of
twenty dollars each, and shall not exceed ten thou-
sand shares, to be subscribed for or disposed of in
such manner as the by-laws of said Corporation
shall provide, and each subscriber for one or more
shares, shall pay five dollars on every such share
to the use of said Corporation; and every person
who shall obtain by transfer or in whom shall be
vested by-law, one or more shares of the capital
stock aforesaid, shall be deemed a stock-holder,
and in virtue thereof a member of the Corporation
hereby created, and every person ceasing to be a
stock-holder, shall cease to be a member of said
Corporation. |
Capital stock. |
