LAWS OF MARYLAND.— 1838.

1285

tion, and personal property, for the purpose of conducting the

business of manufacturing, exploring, or mining, for which said

company shall be incorporated, and shall have power to make

such by-laws, rules and regulations, not contrary to the laws of

Make by-

the United States, or of this state, as may be deemed expedient

laws

and proper for the government of said corporation, but they

Restrictions

shall not be authorized in any manner, or under any pretence,

to divest the capital of said company, from the specified pur-

poses for which they are incorporated ; Provided, that nothing

Proviso.

herein contained, shall be construed so as to prevent any corpo-

ration from tilling any lands, held by them, or from selling any

timber, wood, or other material upon their lands.

SEC. 3. And be it enacted, That the amount of the capital

Amount of

stock of such company, shall be specified in said act of incor-

capital.

poration, fixing a minimum and maximum sum, to be raised by

subsciiption in shares to be specified, for which purpose, books

In shares.

of subscription may be opened by the corporators, or commis-

sioners, named in said act, as the case may be, at such times

and places as the said corporators, or commissioners, may desig-

nate, who, as soon as the minimum sum, specified as the capital

stock of said company, shall have been subscribed for, shall

call a meeting of the subscribers, by advertisement, for two

Meeting to

weeks, in some newspaper, published in the neighbourhood, or

organize.

by some other convenient mode of notification.

SEC. 4. And be it enacted. That whensoever the mining or

In care land

manufacturing operations of the company to be incorporated,

for the, is
proposed as

are proposed to be located, and carried on, upon the lands or

capital.

property of any person or persons, who may be willing to sell

the said lands or property, with the privileges and appurte-

nances necessary for said operations, to said company, or to

convert the same into stock of the said company, and to convey

to them the said lands or property, at a fair valuation, the said

owner or owners shall, in the books of subscription to be opened

Owner to

as aforesaid, fairly set forth and specify the quantity of land,

record de-
scription

with a precise description of the metes and bounds thereof, and

thereof in

a full statement of the other property, rights, privileges and

the sub-
scription

appurtenances, which he, she or they, propose to cede, sell, or

books.

convey to, or to convert into stock, of the said company, and

the price affixed to, and demanded by, said owner or owners.

The price.

for said lands and other property ; or if said owner or owners.

propose to sell a part to said company, and to subscribe the resi-

If part only.

due of said lands and property, he, she or they, shall enter on

the said books, a full description of the part which he, she or

The terms.

they, propose to sell, and the part which he, she or they, pro-

pose to subscribe as stock of said company, with the prices and

terms of payment, required therefor ; and the said lands and

property, so subscribed by said owner or owners, shall be taken