1835.

LAWS OF MARYLAND.

valuation as may he agreed upon between him and

CHAP. 306.

those hereafter provided for, and in building machin-

ery, tools or materials necessary or useful for promo-

ting or carrying on the objects and purposes of the

Assignable

said corporation; and the shares of the said capital

Personal property

stock shall be assignable and transferable, and be con-

Forbid to issue

sidered as personal property; and it is hereby further

notes

enacted, that the said corporation shall not issue any

notes in the shape of cash or bank notes, nor be con-

cerned in any business that is not necessarily connec-

ted with the beginning and carrying on the operations

of the company agreeably to the true intent and mean-

ing of this act.

As to valuation of

SEC. 3. And be it enacted, That in case the said

land

William Carroll, and such other persons as may sub-

scribe to the capital stock of said company, shall not

be able to agree upon a valuation of the aforesaid lands

of the said William Carroll, then commissioners shall

he appointed for the valuation thereof in the following

manner, viz: two commissioners shall be appointed by

the said William Carroll, and two by a majority in

interest of the other subscribers uninterested in the said

company, and unconnected with any of the parties, the

valuation of whom, or of a majority of them, shall be fi-

nal and conclusive, and in case a majority of said com-

missioners shall not agree upon such valuation, an um-

Umpire

pire shall be appointed by them, and tire award of the

said umpire with any two of said commissioners shall

he final and conclusive as to the valuation of said lands,

and shall entitle the said William Carroll to a share in

the capital stock of said company for each hundred dol-

lars of such valuation.

Officers— how ap-

SEC. 4. And be it enacted, That the affairs of the said

printed

company shall be managed by a president and four di-

rectors, who shall be chosen as aforesaid, to serve un-

til others shall he elected, as may be hereafter provi-

ded by the stockholders in the by-laws of the said cor-

Powers

poration, and the said president and directors and their

successors, or a majority of them, shall have full pow-

er and authority, to appoint, employ, compensate, and

at their pleasure to remove all such officers, agents or

servants as they may deem necessary, in the business of