GEORGE HOWARD, ESQ. GOVERNOR.

mt

A. Schley, Richard Potts, Thomas C. Worthington, Samuel
Carmack, William M. Beall, William Ogden Niles, John
Baltzell, David B. Devitt, George W. Ent, George M.
Eichelberger, George W. Sharp, William Fischer, Valen-
tine Birely, James Dixon, Benjamin Price, and all others,
who may become subscribers and stockholders in virtue of
this act, and their successors and assigns, be and they are
hereby created a corporation and body politic, by the name
and style of The Mechanics' Institute and Frederick Ly-
ceum; and by that name shall have perpetual succession,
and shall be able and capable in law to sue and be sued,
implead and be impleaded, answer and be answered, in any
court of law or equity; and to make and use a common
seal, and the same to change and alter at pleasure, and to
ordain and establish such by-laws and regulations, not con-
trary to law, as shall be necessary or convenient for con-
ducting the affairs of this corporation.

CBAP. %(ft.

Sec. 2. And be it enacted, That the design of this cor-
poration is declared to be, the promotion of literature and
the encouragement of the arts and sciences, by providing
a library, reading rooms, and lecture rooms, and otherwise:

Objects defined.

the capital stock thereof shall consist of shares of ten
dollars each, not exceeding in the whole one thousand
shares; the said corporation shall be able and competent in

Capital.

law to purchase, receive and hold estates in fee simple, or

May hold property

any less estate, and personal property; Provided, that the
clear annual income of all their property shall not exceed
five thousand dollars, and that one-fourth of the shares shall
be subscribed before the first election of directors.

Limitation.

Sec. 3. And be it enacted, That a subscription book be
opened for subscribers to the said stock, at such time and
place, and by such commissioners as may be directed by a
majority of the persons named in the first section of this

Subscription book

act; who are hereby authorised to conduct the affairs of
the corporation, until the first election of directors — that
one dollar on each share be paid at the time of subscribing,
and the balance by instalments, not exceeding one dollar, at
intervals of thirty days.

Instalments,

Sec. 4, And be it enacted, That there shall be a meeting
of the stockholders of the said corporation, on the first
Monday of April, in every year, for the purpose of elect-
ing nine directors, to manage all the concerns thereof—who
shall be elected by ballot, by the said stockholders, in per-
son or by proxy; and each share shall entitle the holder

Election of direc-
tors.

thereof to one vote; and any general meeting of the stock-
holders, at which shall be present a majority in number
or value, shall be competent to pass by-laws, binding on

Regulation of
votes.