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,
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CHAP, 197
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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
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Company incorpo-
rated
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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
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Purposes declared.
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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-
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Capital $40,000
Shares $ 100
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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
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Limit 250,000 dols
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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.
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Shares made per-
sonal property.
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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.
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President and di-
rectors
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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-
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Their powers
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