Objects of in-
corporation.

Sec. 2. And be it enacted. That the objects of
said Corporation are declared to be the mining of
Iron and other ores, and for the manufacture of
the same, for which purpose they are hereby em-
powered to procure by mining therefor or other-
wise, Iron or any other metalic ores and to smelt
and prepare the same for and to manufacture the
product of said ores, and to vend such ores and
products and manufactures at any place or places,
to transport or export the same for sale or other-
wise as may at any time seem expedient, by Rail
Road or by other means of said Corporation, to
acquire, have, hold and improve real estate or per-
sonal property from time to time, with the right
to sell and dispose of the same; said Company not
to own at any one time in fee, more than six thou-
sand acres of land, in Frederick county, and one
thousand acres in any other county of this State.

Capital Stock

Sec. 3. And be it enacted. That the capital stock
shall be fifty thousand dollars, divided into shares
of twenty dollars each, to be subscribed for under
the direction of Corporators named in this Act,
and the said Corporation shall have power at any
time in their discretion to increase its capital stock
to an amount not exceeding five hundred thousand
dollars by new subscription, or by converting a
portion of the net profits into new stock, and dis-
tributing the same among the Stockholders accord-
ing to their respective interest in said Corporation
whenever the same shall be determined by the
Corporators or their successors, and any person
may subscribe lands or mines or mining privileges
or any thing pertaining to the business of said
Corporation, in place of a money subscription to
said stock, to be received in subscription at such
valuation as the majority of the Corporators or
their successors and the respective subscribers
shall agree upon.

When to go
into operation

Sec. 4. And be it enacted. That said Corpora-
tion may organize and go into operation when and
so soon as ten thousand dollars shall have sub-
scribed towards its capital stock, and one half of
said subscription paid in, the time and manner
of payment of such subscriptions to be fixed and
determined by the Corporators aforesaid.