214

LAWS OF MARYLAND:

Rights and
privileges.

law and equity, and may have and use a common
seal, and the same alter and renew at pleasure;
and the said company shall. have all the rights,
privileges and immunities necessary for purchasing,
cutting, selling and otherwise, dealing in wood
and other fuel, and for transporting the same to
market, and hold all such property, real, personal
and mixed as they may require for the purposes
aforesaid, and for the purposes above mentioned
shall have power to make such by-laws and regu-
lations, not repugnant to law, as may be necessary
or convenient for conducting the affairs of the cor-
poration.

Capital stock.

Sec. 2. And be it enacted, That the capital stock
of said company shall not exceed the sum of three
hundred thousand dollars, to be divided into three
thousand shares of the value of one hundred dol-
lars each, and shall be considered as personal pro-
perty, and shall be assignable and transferable in
such manner as may be provided by the by-laws of
said corporation, and subscriptions to said capital
stock shall be made at such places and in such
manner as shall be designated by the President
and Board of Directors of said company in pursu-
ance of the by-laws.

Management.

Sec: 3. And be it enacted, That for the manage-
ment of the affairs of said company, the stockhold-
ers shall as soon as two-thirds of the said capital
stock shall have been actually subscribed and one-
half paid, in elect a President and five Directors,
who shall remain in office one year, or until suc-
cessors shall be elected, a majority of whom shall
form a quorum or board, and shall have full power
and authority to manage the affairs of said company
and may at any time call a meeting, by notifying
all the stockholders, by advertisement or otherwise,
of the time and place of holding said meetings.

Banking pro-
hibited.

Sec. 4. And be it enacted, That nothing contain-
ed herein shall be construed as granting banking
privileges to said corporation, or exempting their
property and effects from general taxation.

In force.

Sec. 5. And be it enacted, That this act shall
take effect and be in force from the day of its pas-
sage.