598

LAWS OF MARYLAND.

A body cor-
porate.

son, John H. White, James H. Preston, Robert Grain, Omer
F. Hershey and the subscribers to the stocks of the corpora-
tion hereby created, their successors and assigns, be and they
are hereby created a body corporate, by the name of the Poto-
mac Development and Improvement Company, and by that
name shall have perpetual succession, and shall be competent
to sue and be sued, to use a common seal, make and adopt a
constitution and by-laws for the government of the said corpo-
ration and its officers, to appoint directors and officers, and
generally to enforce all and singular, such acts, contracts, mat-
ters and things as may be necessary to carry out the object and
protect the interests of the said body corporate.

Capital stock,

SEC. 2. Be it further enacted, That the capital stock of said
body corporate shall consist of ten thousand shares, of the par
value of one hundred dollars each, which, when the par value
of any shares shall have been fully paid, the same shall become
non-assessable for .any purpose whatever. The said body cor-
porate may undertake the prosecution of its business, however,
as soon as the stock to the amount of not less than thirty thou-
sand dollars ($30,000), has been subscribed, and one-half of
which shall be paid in.

May hold
land, etc.

SEC. 3. Be it further enacted, That the said body corporate
shall have the right to purchase and hold, bargain and sell,
grant, assign and convey land, or any interest or estate therein,
and all forms of real and personal property or any interest
therein, to borrow money upon mortgages or otherwise, to ad-
vance money upon the security of real or personal property,
and, generally, to deal in every and all descriptions of proper-
ties, real, personal and mixed, and in stock of incorporated
companies and municipalities.

May develop
towns.

SEC. 4. Be it further enacted, That the said corporation shall
have the power to purchase land for the development of towns,
to lay out streets through its property, and to borrow money
upon bonds or other security for the purpose of public improve-
ment or in the improvement of the property of the corpora-
tion.

May hold
stock of
other com-
panies.

SEC. 5. Be it further enacted, That the said company be and
the same is hereby authorized and empowered to subscribe for
and hold capital stock in manufacturing companies and corpo-
rations, and in companies and corporations for laying out towns
and town sites upon, or adjacent to its property, exercise any
lawful power for the promotion and development in the agri-
cultural, mechanical, commercial and manufacturing interests