PRIVATE ACTS. 1395

company shall at no time hold or possess in this State more
than five thousand (5,000) acres of coal lands, which shall
always include either the surface and mineral, or the mineral,
exclusive of the surface; to sue and be sued in any court what-
soever; to make and use a common seal and alter the same at
pleasure; to make by-laws, rules and regulations for the gov-
ernment and guidance of said body corporate and the officers
thereof, and generally to do all things proper and necessary
to carry into effect the provisions of this Act and promote the
object and designs of the company hereby incorporated.

SEC. 2. And be it further enacted, That the home or princi-
pal office of said company shall be located at Grantsville,
Garrett county, in the State of Maryland, but said company
may, through its board of directors, establish branch offices
within or without the State of Maryland, as the business of
said company may require, and the board of directors herein-
after provided for may hold regular or special meetings at any
of its branch offices, after such due notice as the by-laws of
said company may determine.

SEC. 3. And be it further enacted, That the capital stock
of said company shall be one hundred and twenty-five thou-
sand dollars ($125,000.00) divided into twenty-five hundred
(2,500) shares of the par value of fifty ($50.00) dollars per
share, with the privilege of increasing the same from time to
time to five thousand (5,000) shares of the par value of fifty
($50.00) dollars per share, or equivalent to the sum of two
hundred and fifty thousand ($250,000.00)' dollars, by a vote
of the stockholders, at any general or special meeting called
for that purpose; provided, however, that the capital stock of
said company shall not be increased except by a two-thirds
vote of all the stock theretofore issued, and said incorporators
or a majority of them shall have power to open books for the
subscription to said stock at such time and place, and in such
manner as shall be determined and regulated by said incor-
porators, or a majority of them, and when seven hundred and
fifty (750) shares have been subscribed for, and thirty-five
(35%) per cent, of said subscriptions have been paid in, either
in cash or its equivalent by an exchange of stock for land and
other property for the use of the corporation, or for services
rendered at its request, the stockholders may elect a board of
directors, composed of not less than five (5) nor more than
seven (7) persons, at least one of whom shall be a citizen of and
actually reside within this State, to serve until the ensuing
annual election, and the directors so elected when said company
shall have been organized may and they are hereby authorized