| 1816.
CHAP. 237.
Proviso. |
LAWS OF MARYLAND.
and be impleaded, and to make and use a common seal, and the
same at their pleasure to alter or renew, and to purchase, hold,
enjoy, improve, or dispose of and convey, any lands, tenements,
hereditaments, goods, chattels, and all manner of estates, real,
personal or mixed, and generally to do and perform all such acts
as may be necessary for carrying on the manufacturing of cotton,
and any other manufacture in their discretion; Provided, that
the
said company shall not at any one time possess more than one thousand
acres of land, or hold or possess real and personal estate together
above the value of one million of dollars. |
Capital—shares,
&c. |
2. AND BE IT ENACTED, That the capital stock
of said company
shall not exceed the sum of one million dollars, and shall be
divided into shares of one hundred dollars each; and every person
who shall become the owner of one or more shares of the said
stock, by purchase, transfer, devise, or in a course of distribution,
shall thereupon become a stockholder in the said company; and
every person who shall be divested of all his stock in the said company,
by sale and transfer, or by operation of law, shall thereupon
cease to be a stockholder; and the said shares of stock, as to all
legal purposes, shall be deemed and considered as personal estate,
and shall be assignable in such manner, and under such restrictions,
as the by-laws and ordinances to be made by the president
and directors, or a majority of them, shall direct. |
Upon conveyance
of certain lands
persons to be entitled
to shares. |
3. AND, whereas the said S. Smith and Buchanan,
Andrew Clopper,
Price and Watson, and James A. Buchanan and Co. are joint owners
of sundry tracts of land in Baltimore county, on which the cotton
factory aforesaid, and other buildings, are erected, and it is contemplated
and intended that the said lands, factory and improvements,
shall constitute a part of the capital stock of said company,
at the estimated value of one hundred and fifty thousand dollars;
therefore, BE IT ENACTED, that on the execution of a sufficient
deed by the said S. Smith & Buchanan, Andrew Clopper, Price
and Watson, George Warner, George Harryman, Micajah Merryman,
and James A. Buchanan & Co. agreeably to the laws of
this state, conveying to the Warren Manufacturing Company, the
lands, factory, and improvements aforesaid, with the privileges
and appurtenances thereunto belonging, in pursuance of this act,
they shall thereupon be entitled to, and invested with, shares of
stock in the said company to the amount of the said sum of one
hundred and fifty thousand dollars, in the following proportions
and numbers in severalty; that is to say the said S. Smith and Buchanan,
three hundred shares; the said Andrew Clopper three
hundred shares; the said Price and Watson three hundred shares;
the said George Warner one hundred and fifty shares; the said
George Harryman one hundred and fifty shares; the said Micajah
Merryman one hundred and fifty shares; and the said
James A. Buchanan and Co. one hundred and fifty shares; and
each of the said persons shall have full power, as any other stockholder,
to sell, devise, or otherwise dispose of, all or any of the
shares with which he or she shall be so invested, and on being divested
by transfer or otherwise, of all his or their shares of stock,
shall in like manner cease to be a stockholder or stockholders. |
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