1835.

LAWS OF MARYLAND.

CHAP. 334

SEC. 2. And be it enacted, That the capital stock-

Capital stuck

of the Cumberland Coal Mining Company, shall he

one million of dollars, and be divided in shares of five

hundred dollars each, and that one-fourth part of the

capital stock of said company, or two hundred and

fifty thousand dollars shall be applied to the working

of the mines of said company, and the continuation of

the rail road of theirs hereinafter authorised to be made;

Membership

and every person who shall become a proprietor of one

or more shares of said stock, shall in virtue thereof he

a member of said corporation.

Commissioners to

SEC. 3. And be it enacted, That the subscription to

receive subscrip-tions

the capital stock of said company, shall be received

under the direction of Notley Barnard, Moses Haw-

lings, George W. Devicmon, John Barnard, James

Smith and William Lynn, or a majority of them, who

shall act as commissioners, at such times and places as

they shall designate, they giving at least ten days' pre-

vious notice, in one or more newspapers printed in the

First payment

State of Maryland, if they deem it necessary; and each

subscriber shall pay at the time of subscription to the

commissioners having the same, the sum of five dollars

on each share, by him or them subscribed.

President and 8

SEC. 4. And be it enacted, That the business and af-

Directors

fairs of the said corporation, shall be conducted and be

under the control and direction of a president and eight

directors, to be elected annually, on the second Mon-

day of April, by the stockholders of said company; and

at all meetings oi the stockholders of said company, the

said stockholders may vote in person or by proxy, and

shall be entitled to one vote for every share of stock

held by him or her, not, exceeding ten shares, and one

vote for each and every other ten shares he or she may

Day not material

hold, and that in case it should happen that no election

of a president and directors shall have been made on

the day assigned by this act for the annual election of

the same, the corporation shall not therefore be deem-

ed to be dissolved, but said election in such event may

he held thereafter, at such time and place as may be

Did officers to con. tinue

determined on by the by-laws of said corporatian, that

until such election shall be made, the president and di-

rectors of the said corporation, at the time when said