JOSEPH KENT, ESQUIRE, GOVERNOR.

1827

buildings for a furnace and a forge, and contemplate prose- cuting an extensive manufacture of pigs, castings and bar iron, or any other manufacture which they may deem proper to connect therewith; and that they are desirous of increasing their capital stock, for the purpose of extending said improve- ments: Therefore,	CHAP, 197
SECTION 1 Be it enacted by the General Assembly of Mary- land, That Henry P Van Bibber, William D. McKim, Co- lumbus O'Donnel, John McHenry, John Hoye and Upton Brace, their associates, successors and assigns be, and they are hereby created a corporation and body politic by the name and style of the Allegany Iron Company, and by that name shall have perpetual succession, and be able and capable in in law to sue and be sued, plead and be impleaded, answer and be answered, in any court of law or equity, and to make and use a common seal, and the same to alter and change at pleasure, to ordain and establish such by-laws and regulations as shall be necessary or convenient for conducting the affairs of the corporation and not repugnant to law	Company incorpo- rated
SEC. 2. And be it enacted, That the objects of the said corpora- tion are declared to be the manufacturing of iron, and the carry- ing on of any other branch of manufacture connected there with, and they are hereby authorised to purchase and hold lands in fee simple or otherwise, not exceeding ten thousand acres at any one time, and to erect thereon all needful or convenient	Purposes declared.
buildings, the capital stock of the said corporation to be in the first instance forty thousand dollars, divided into four hundred shares of one hundred dollars each, but in discre-	Capital $40,000 Shares $ 100
tion of said company may be increased to two hundred and fifty thousand dollars, divided into shares of one hundred dollars each, under such regulations as the by-laws of the said corporation shall direct, and all the shares of stock that	Limit 250,000 dols
shall or may be held or owned by any members of the cor- poration shall be deemed to be personal property, and be as- signable and transferable under such regulations as shall be provided by said by-laws.	Shares made per- sonal property.
SEC. 3. And be it enacted, That the business of the said company shall be managed and conducted by a president and five directors, to be chosen on the first Monday in August in each year by the stockholders voting in person or by proxy. each share entitled to one vote, the said president and direc- tors to serve until a new election takes place, and if from any cause the election shall not be held on the day appointed, the same may be held after ten days notice shall have been given in one or more public newspapers printed in the city of Bal- timore and town of Cumberland.	President and di- rectors
SEC. 4. And be it enacted, That the said president and di- rectors shall be, and they are hereby authorised and empow- ered to employ, to compensate and dismiss all officers as may be deemed needful and beneficial to the company, and gener- ally to have authority to exercise all the powers and privile- ges necessary for conducting the concerns of said incorpora-	Their powers