24$

LAWS OF MARYLAND.

purchase and sell, and to pack for sale, and to press
hay, straw and other like commodities; to buy and
sell all kinds of agricultural products, to set up
and work hay and straw presses, either for pressing
and packing, or for the sale of the presses, to erect
a suitable building or buildings for their business
in Baltimore city or elsewhere; to own or hire ves-
sels, wagons, cars or other vehicles, and to sell and
dispose of the same, and generally to all such acts
and things as shall he proper and necessary for
the conducting of the said business.

Capital stock.

Sec. 2. And be it enacted, That the capital stock
of said corporation shall be one hundred and fifty
thousand dollars, divided into fifteen hundred
shares of one hundred dollars each.

Commission-
ers.

Sec. 3. And be it enacted, That the persons
named in the first section of this act, or a majority
of them, be, and they are hereby appointed Com-
missioners to receive subscriptions to the capital
stock of the said company, and they, or a majority
of them, may cause books to be opened at such
time and place, in Baltimore city or elsewhere, as
they may direct, for the purpose of receiving such
subscriptions, and may keep the same open until the
whole number of shares shall have been taken or
subscribed for, and they, or a majority of them,
are hereby authorised to receive in subscription, in
place of a money subscription to said stock, such
patent rights and privileges pertaining to the bu-
siness of said corporation, and at such valuation as
the said Commissioners, or a majority of them,

Proviso.

may deem proper and just; provided, however, that
five hundred shares shall be retained out of the
capital stock to be sold for a working capital.

Election of
directors.

Sec. 4. And be it enacted, That as soon at two-
thirds of the capital stock shall have been sub-
scribed for and twenty-five thousand dollars paid
in, the said company shall be organized, and on a
day to be named by the Commissioners or a ma-
jority of them, the stockholders of the said com-
pany shall choose by ballot fire members of the
said corporation to act as Directors, who shall
manage the affairs thereof for twelve months, and
until successors are chosen, and on the same day
or on any other day designated by the Board of
Directors, annually, in each succeeding year, shall
the like election be made; and in all general meet-