THOMAS SWANN, ESQUIRE, GOVERNOR.

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or mine such land or any part or parts thereof, and
shall have and possess power to sell, lease or let
the same, and to erect and build houses, manufac-
tories, mills or other necessary buildings thereon,
and to use, let, lease or work the same, and to dis-
pose of the products of all such lands, mines,
houses, manufactories, mills or other buildings and
privileges as they may deem proper for the interest
of said company.

Sec. 2. And fie it enacted, That the said compa-
ny shall have power to make such by-laws as they
may deem proper to enable them to carry out the

By-Laws.

objects of the corporation, and the same to alter,
amend, add to or repeal at their pleasure; provided,
that such by-laws shall in no wise conflict with the
Constitution and laws of this State, or the provi-
sions of this act, and to issue under their seal, cer-
tificates of stock representing the value of their
property, which shall not exceed one hundred
thousand dollars, in such form, and subject to such
regulations as they may from time to time by their
by-laws prescribe, and to regulate and prescribe in
that manner and form their contracts and obliga-
tions shall be executed.

Proviso.

Sec. 3. And be it enacted, That the corporation
named in this act, or a majority of them, may elect
persons to serve as directors of the company, a ma-
jority of whom shall constitute a quorum for the
transaction of business, and shall hold their offices
until their successors shall have been elected in ac-
cordance with the by-laws.

Directors.

Sec. 4. And be it enacted, That it shall be law-
ful for said company to exercise the privileges and
powers conferred upon it by this act, in this or any
other of the United States, to establish the neces-
sary offices for the business of the company wher-
ever their business is located, and to have their
principal office in this State at Hagerstown, or at
such other place as they may deem expedient, at
which it shall be lawful to hold all meetings for
the transaction of the business of the company.

Privileges.

Sec. 5. And be it enacted, That this act shall
take effect from and after the date of its passage.

In force.