826

LAWS OF MARYLAND.

Sec. 2. And be it enacted, That the capital stock
of the said Company shall consist of ten thousand
shares of one hundred dollars each, and which

Capital stock.

capital stock may hereafter be increased to five
millions dollars if it should be deemed necessary
by the President and a majority of the Directors
of said Company, and the lands and mines of the
said John F. Ehlen, Charles H. Hamill, William
Devecmon and E. Gr. Hall shall form such part of
the capital stock of said Company as may be agreed
upon between them on the one part, and those who
may associate with them by subscription for stock
payable in money or lands and mines, under such
terms as may be agreed upon, on the other part.

Subscription
— how made.

Sec. 3. And be it enacted. That the subscription
to the said capital stock shall be made at such
places and in such manner as shall be designated
by the said John F. Ehlen, Charles H. Hamill,
William Devecmon and E. Gr. Hall, or a majority
of them, and that the stockholders of one or more
shares of stock shall be a member of said corpor-
ation, and shall be entitled, at all meetings of the
stockholders, to one vote for each share so held, in
person or by proxy, and the shares of said capital
stock shall be assignable or transferable as may
be provided for by the by-laws of said Company,
and not otherwise, and shall be considered as per-
sonal property.

Corporate
powers.

Sec. 4. And be it enacted, That the affairs of
said Company shall be managed by a President
and not less than five nor more than ten Directors,
who shall be chosen annually by the stockholders
of said corporation, to serve for one year or until
others shall be elected, in such manner as shall be
directed by the by-laws of said Company, and un-
til the first election of President and Directors
shall be held, the said John F. Ehlen, Charles H.
Hamill, William Devecmon and E. G. Hall, or a
majority of them, shall have full power and au-
thority to execise all the corporate powers of said
Company, and the said President and Directors,
and their successors, or a majority of them, shall
have full power and authority to manage the af-
fairs of said Company, under such powers as may
be given them by the by-laws of said Company,
and in case of a vacancy occurring in the Presi-