in fee simple or otherwise, lands and real estate suitable for
the erection of the necessary works, and for the accomplishment of
their undertaking, as they shall judge proper, not exceeding fifty
acres.  Secondly.  To prepare or procure, adopt and execute, such
plan or plans as they shall think most advantageous and effectual for
establishing, carrying on, and encouraging  manufactories, agreeably
to the provisions of this act.  Thirdly.  To appoint and remove,
at their pleasure, the secretary, superintendants, agents, or
other officers, necessary for carrying on the business of the said
company; to fix the compensation of said secretary, superintendants,
agents, or other officers.  Fourthly,  To make such contracts
for labour, materials, engines and machines, and all such
purchases of lands, tenements or hereditaments, in fee simple or
otherwise; to contract for and obtain in behalf of the said company
all such privileges, permissions, rights and advantages, of every
kind and nature whatever, as they shall judge necessary, for establishing,
carrying on, and encouraging manufactories; and all
the necessary conveyances and assurances of the said lands and
tenements, hereditaments, engines and machines, privileges, permissions,
rights and advantages, to sell again, let, hire, or otherwise
dispose of, in whole or in part, for the benefit of said company,
in such manner, and on such terms and conditions, as they
shall judge most proper, and all proper and needful conveyances,
assurances, contracts and deeds therefor, to make and execute.
Fifthly.  To receive, use, dispose of, and employ, for the purposes
aforesaid, or any of them, all the capital stock, money, property
and funds, of the said company, of every nature and kind whatever,
now or at any time hereafter to be held or claimed, keeping
and rendering to the stockholders, at each annual meeting for the
choice of managers, a particular account of all the stock, property,
money and funds, so received, expended and disposed of, in the
course of the year then next preceding, and of all contracts, purchases,
leases, sales and dispositions, so to be made within the
same period, which shall at all times be subject to the inspection
of the stockholders.  Sixthly.  To provide for and pay out of the
revenues and funds of the company, all such annual expenses as it
may be necessary to incur, for keeping up, carrying on and encouraging
the said manufactories, or for promoting and carrying
on in any manner the business of the company.  Seventhly.  To
establish rules and regulations for the transfer of the stock of the
said company, and for the proof of the property and ownership
therein.  Eighthly.  To call a general meeting of the stockholders
from time to time, and at such times, and for such purposes, as
they shall think proper, giving six weeks notice in one or more
newspapers published on the eastern shore of Maryland, of the
time, place and purpose, of every such meeting respectively, provided
that no such meeting shall be competent to the transaction of
any business whatsoever unless there be present thereat the holders
of five hundred shares at least, or their proxies.  Ninthly.
And generally to do, act and transact, in all things for the said
company, relative to the undertaking, common stock and joint property
aforesaid, in as full and complete manner as the individual
stockholders or subscribers might do were they personally present.

CHAP. 118.