118

LAWS OF MARYLAND.

shall have power and authority to purchase, lease
and hold, or convey any property, real personal
and mixed, which may be deemed necessary by
said company, for its purposes, provided it shall
not hold at any one time more than three thousand
acres of land, and shall also have power to make
and pass such by-laws, rules and regulations for
the management and government of its affairs,
and its officers, directors and agents, as may be
deemed necessary or proper, which may be also
amended, changed or repealed, at any and all
regular meetings of the stockholders of said com-

Proviso.

pany; provided, however, that such by-laws shall
not be repugnant to any law of this State or of
the United States.

Capital stock.

Sec. 2. And be it enacted, That the capital stock
of said company shall be not more than one mil-
lion of dollars to be divided into shares of ten
dollars each, which shall be considered a personal
property, and shall be transferable in such man-
ner as may be provided by the by-laws of said
company, and each share thereof shall entitle the
holder to one vote in all meetings of the stock-
holders of said company, to be given either in per-

Books may be
opened.

son or by proxy, and for the purpose of obtaining
subscriptions to the said capital stock, books shall
be opened under the direction of the persons named
in the first section of this act, or a majority of
them, at such time and place as the persons who
act in that behalf shall deem expedient, and pay-
ment may be made for the whole or any part of
such subscriptions, either in land or other pro-
perty, or money, and if in lands or other property,
then at such price and valuation as may be agreed
upon by those receiving such subscriptions, and
in case the said company shall organize and pro-
ceed to act as a corporate body, before a sufficient
amount is subscribed to the said capital stock for
the lawful purposes of said company, the Presi-
dent and Directors of said company shall have
power at any time thereafter, and as often as they
deem necessary, and without opening anew books
of subscription, to receive further subscriptions to
said capital stock until the full amount authorized
by this act has been subscribed, and it may be
lawful for all persons whatsoever and bodies cor-
porate to become subscribers for and owners of
the capital stock of said company.