THOMAS SWANN, ESQUJEE, GOVERNOR. 327

ings of the stockholders of said Company ; pro- vided, however, that such by-laws shall not be re- pugnant to any law of this State or of the United States.
Sec. 2. And be it enacted, That the capital stock of said Company shall be divided into one hundred thousand shares, of one hundred dollars each, and shall be considered as personal property, and shall be transferrable in such manner as may be provided by the by-laws of said Company, and each share thereof shall entitle the holder thereof to one vote in all meetings of the stockholders of said Company, to be given either in person or by proxy, and for the purpose of obtaining subscrip- tions to the said capital stock, books shall be opened under the direction of the said Thomas Gemmell, George W. McCulloh, W. Gilmor Hoff- man, James Boyce and George Warner, Jr., at such time and such place or places as they may deem expedient, after ten days' public notice, published in three daily newspapers, one published in Alle- gany County and two in the city of Baltimore, and they may receive subscriptions to said stock, pay- ment for which may be made either in land or other property, or in money, in whole or in part, and if in lands or other property, then at such price and valuation as shall be determined by three sworn appraisers, mutually agreed on, and in case said Company shall organize and proceed to act as a corporate body before a sufficient amount is sub- scribed to said capital stock, for the lawful pur- poses of said Company, the President and Directors of said Company shall have power at any time	Capital stock.
thereafter, and as often as it may become neces- sary, by the addition of subscriptions to the stock, without opening new books of subscription to re- ceive the same, and augment the amount of the capital stock to the extent of such addition, and the aggregate amount of said capital shall be fixed and limited by the amount of such subscriptions so received, not exceeding one hundred thousand shares of one hundred dollars each, and it may be lawful for all persons and bodies corporate or poli- tic whatsoever, to become subscribers for and own- ers of the capital stock of said Company. Sec. 3, And be it enacted, That the affairs of	Additional subscriptions.