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608 THE CAPE SABLE COMPANY'S CASE.
Richard Caton, and the residue to the children and grandchildren
of C. Carroll, whose daughter was the wife of Caton.
Gibson, on the 20th of May, 1815, conveyed his interest to
Addison Ridout and Joseph Jubere in trust for Gibson and wife
during their lives and the life of the survivor; and after the deter-
mination of those estates, to the use of the other complainants in
the bill mentioned. John Gibson and wife are dead, the former
died in 1819, the latter in 1822, by which the beneficial interest
in the premises became vested in the complainants as disclosed by
the bill.
By an act of the General Assembly of Maryland, passed in the
year 1818, the company was incorporated by the name of The
Cape Sable Company. As so large a portion of the stock of this
company was owned by Caton, and his connexions, lest the affairs
of the corporation should be completely in their power, and all the
property subject to their control, and to their disposal, the act
directs the manner in which the affairs of the company shall be
conducted; to wit: by a president, two directors, and an agent.
It vests in the corporation the power 'to sell and dispose of their
property, to mortgage the same or any part thereof with the con-
sent of three-fourths of the stockholders, holding three-fourths of
the shares, for securing of any loan or debt. ' The act of incorpo-
ration authorizes the company to make by-laws, &c.; but, lest the
funds of the company should, by a majority, be applied to other
objects than those in view, at the passage of the law, it provides,
that 'the company shall engage in no other manufacture, except
that of alum and copperas, without the consent in writing of three-
fourths of the stockholders, holding three-fourths of the shares. 5 (b)
On the 6th of August, 1822, Addison Ridout, Joseph Jubere,
and the other complainants in this cause, the persons beneficially
entitled to the property under the deed of trust from John Gibson,
filed a bill in this court against The Cape Sable Company, Charles
Carroll, Richard Caton, Alexander Mitchell and William McMechen,
for an account of the profits of the company, and for the payment
of what might appear due to them. This bill and the exhibits filed
therewith are parts of the present bill. To that bill no answer has
yet teen made.
On the 29th of November, 1822, Richard Caton, one of the
defendants to the first bill, and called on by it to give an account
(b) 1818, ch. 195.
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