JOSEPH KENT, ESQUIRE, GOVERNOR.

1827

annuities, goods, chattels and effects of whatever nature and
kind soever, by the gift, bargain; sale or devise of any person
of persons, bodies politic or corporate capable to make the
same; and the same to rent, lease, sell or dispose of in such
manned as said trustees and their successors may judge to be
proper to ensure the permanent utility of the institution, and
to protect the interests of the stockholders therein; and said
trustees and their successors as aforesaid, may make, possess
and use one less and privy seal, one greater or public seal,
with such devices and inscriptions as they may think proper,
and the same to alter, change, break and renew according to
their will and pleasure; and may sue and be sued, plead and be
impleaded in any court of law or equity in the state, and do all
and every other matter and thing necess try for the establish-
ment, maintenance, proper regulation and government of the
said Literary, Scientific and Military Academy, and not incon-
sistent with the laws of this state or of the United States: And

CHAP. 161

provided, That the real estate to be held under this act shall not
exceed twenty acres of land, and the whole estate, real, per-.
sonal and mixed, of the said corporation, shall at no time ex-
ceed the annual value of five thousand dollars current money:
And provided also, That nothing herein contained shall be
so construed as to authorise the doing of any acror thing not
necessary for the establishment, maintenance, proper regula-
tion and support of said Academy,
SEC. 2. And be it enacted, That the aforesaid trustees, or-

Proviso

a majority of them, be, and they are hereby authorised to open
a subscription for a capital stock of fifty thousand dollars, in
shares of one hundred dollars each, on such terms and condi-
tions as they may propose, and at such place and on such day
as they may appoint, and of which they shall give public
notice in two or more of the newspapers published in the city of
Baltimore, where they shall receive the subscription of any
citizen of this state or of the United States, who may be dis-
posed to take an interest in the institution; and should the whole
number of shares of stock not be subscribed on the day ap-

Capital stook $50-

000

pointed, then the said trustees or their successors shall cause
the subscription to be opened on such other day or days and
at such place or places as they may think fit, until the whole
amount of five hundred shares of stock of one hundred, dollars
each as herein authorised, shall he subscribed..

Books of subscrip-
tion.

SEC, 3. And be it enacted, That as soon after three hundred
shares of the capital stock be subscribed as. they may judge to
be expedient and convenient, the trusteee aforesaid, or their
successors, shall proceed to purchase a piece of, ground in the
vicinity of the United States arsenal, at Pikesville,.in Balti-
more county, and to erect thereon suitable buildings for the
institution contemplated to be established there, and said
trustees and their successors in their corporate capacity, shall
be authorised to make all contracts for materials wherewith to
erect said buildings, and for the workmanship required to be
done to complete the same in the most plain and substantial
24

Building