590
LAWS OF MARYLAND.
Passed May
31, 1853.
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CHAPTER 410.
AN ACT to Incorporate the Mount Carbon Coal and
Iron Company.
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Incorporated.
Provisos.
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SECTION 1. Be it enacted
by the General Assembly
of Maryland, That John A. Smith, James Smith and
Edward Hoye, and such other persons as may become
associated with them, in the manner hereinafter provided,
shall be, and they are hereby made a body corporate
and politic by the name of the Mount Carbon
Coal and Iron Company, and by that name shall have
succession, and be capable to sue and be sued, to plead
and be impleaded, in any court of law and equity, and
may have and use a common seal, and may alter and
renew the same at pleasure, and the said company
shall have all the powers, and privileges necessary for
carrying on the manufacture of iron in all its branches
and the mining of coal, and coking the same, and for
transporting to market the products of the said mines,
lands, and manufactories; and shall also have power to
purchase, and hold all property, real, personal and
mixed, as may be required for the purposes aforesaid;
and may borrow money for the lawful purposes of said
company, and may secure the payment of the same by
a lien upon its property; Provided, that the said company
shall at no time hold or possess more than twelve
thousand acres of land; and the said company shall
have power, for the purposes aforesaid, to make such
by-laws, rules and regulations as may be necessary;
Provided, that the same be not repugnant to any law
of this State or of the United States.
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Capital stock.
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SEC. 2. And be it enacted,
That the capital stock of
the said company shall consist of forty thousand shares,
of fifty dollars each, of which the lands and mines of the
said John A. Smith, James Smith and Edward Hoye,
shall constitute a part, at such price as may be agreed
upon between them, the said John A. Smith, James
Smith and Edward Hoye, on the one part, and the said
company on the other part.
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Authority
to
receive subscriptions.
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SEC. 3. And
be it enacted, That the said John A.
Smith, James Smith and Edward Hoye, or any two of
them shall be authorised to receive subscriptions to the
capital stock of said corporation, and shall designate the
times and places at which said subscriptions shall be
received, by giving notice in one more newspapers published
in the city of Cumberland in this State, and in
such other manner as they may direct; and each subscriber
shall pay at the time of subscribing as aforesaid,
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