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LAWS OF MARYLAND.

dispose thereof at their pleasure, dealing generally
with the same as individuals might do.

Capital stock.

Sec. 3. And be it enacted, That the capital stock
of said corporation shall be three hundred thousand
dollars in shares of one thousand dollars each, each
share having a vote at all meetings where voting
takes place, said stock to he regarded as personal
property.

Commission-
en:

Sec. 4. And be it enacted, That the corporators
above named, or any two of them, shall he com-
missioners to receive subscriptions and payments
for shares of stock, in such form and upon terms
in -regard to payments and instalments as they
may prescribe, and that so soon as in their
judgment a sufficient amount of stock has been
subscribed, and fifty thousand dollars paid in, to
enable the said company to commence operations,
they shall call a meeting of the stockholders, who
shall elect three of their number, one whom shall
he designated as President, to manage the affairs of
the said company for one year from the date of
their election and until their successors are ap-
pointed and the said corporators above named in
the first section, or a majority of them, shall he
authorised to agree with the owner or owners of
any patent right which they deem desirable for the
transfer of the same to the corporation for the pro-
motion of its objects, and may allow his subscrip-
tion for as many shares of stock as shall represent
the said patent right, and said patentee or pa-
tentees having agreed to transfer his or their said
rights shall be thereafter entitled to the same pri-
vileges as any other stockholder.

Liberty to
vote in person
or by proxy.

Sec. 5. And be it enacted, That the stockholders
of said corporation shall be at liberty to vote in
person or by proxy on their respective shares.

Evidence of
ownership.

Sec. 6. And be it enacted, That the said managers
shall have the power to prescribe the evidence of
the ownership of the stock in said corporation, and
to provide for the transfer thereof, and generally
to make such by-laws and do such acts as may be
necessary for the management of the business of
the said corporation.

In force.

Sec. 7. And be it enacted, That this act shall be
in force from its passage, but that nothing herein
shall be construed to given to it banking privileges,