E. LOUIS LOWE, ESQUIRE, GOVERNOR.
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the same at pleasure, so that the same be not contrary
to the laws of this State or the United States, and inconsistent
with the provisions of this charter; to purchase,
sell, lease, rent, hold, hire, pledge, dispose of,
use, occupy, possess and enjoy any real and personal
property in this or any other State or territory, and particularly
in the State of Georgia, which may be necessary
for the purposes of their incorporation; to purchase,
charter, build or sell any vessel or vessels they may require
and use in said business; to erect saw mills,
dwellings and other houses, where the same may be
required for the chartered purposes of this company,
and to fix and set up stills, engines and all other fixtures,
apparatus and machinery for the purpose of
manufacturing lumber, tar, pitch, turpentine, rosin and
whatever else may be manufactured out of tar in the
State of Maryland, to use and employ their packets,
ships and vessels for the purposes of transportation, and
in bringing to the State of Maryland, lumber, tar, pitch,
turpentine, rosin and other freight to be sold or manufactured
in said State of Maryland, and in general to
have and exercise all such other rights, powers and privileges
whatsoever, as shall be may be necessary or
proper for the cutting of timber and gathering and procuring
tar, pitch, turpentine, rosin, &c., or either of
them, to be transported to the State of Maryland for
manufacturing and commercial purposes.
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SEC. 2. And be it enacted,
That the capital stock
of said corporation shall be the sum of two hundred
and fifty thousand dollars, with a right to increase the
same to a sum not exceeding five hundred thousand
dollars, to be divided into shares of one hundred dollars
each.
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Capital stock.
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SEC. 3. And be it enacted,
That any two or more
of the persons named in the first section of this act, be
and they are hereby authorised to open books for subscriptions
to the stock of the company at such places as
they may deem expedient, and after one thousand
shares shall have been subscribed for, to call a meeting
of the subscribers to said stock for the purpose of organizing
the company and framing by-laws for its regulation
and government, and at all meetings of the
stockholder, each stockholder shall be entitled to give
in person or by proxy, constituted in writing, one vote
for every share of capital stock standing in his or her
name on the books of the company.
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Authority to
open books of
of subscription.
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SEC. 4. And be it enacted,
That the affairs of
said company shall be managed by a president and
and board of directors, consisting of eight members,
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Affairs—how
managed.
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