A. W. BRADFORD, ESQUIRE, GOVERNOR.

without the State of Maryland, and in the event
of the charter by the Legislatures of Pennsylva-
nia and Delaware, or either of them, of a corpo-
ration or corporations for purposes and objects
similar to those of the corporation hereby created
"The MtCullough Iron Company" aforesaid, is

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hereby authorized to form a union with said cor-
poration or corporations, so that the said corpora-
tions, so uniting shall constitute one body corpo-
rate under the name of "The McCullough Iron
Company," and all property, real, personal and
mixed, all stock, rights and credits, and all privi-
leges and franchises, belonging or appertaining to
either of the corporations so uniting shall vest in
and belong to the said new corporation, which
shall be entitled to all the privileges, and subject
to all the restrictions mentioned in this act.

Authorized to
form a union.

Sec. 7. And whereas, It has further been repre-
sented to this General Assembly, that a considera-
ble portion of the property of this corporation will
be located in the States of Pennsylvania and Dela-
ware, and thus be subject to taxation according to
the laws of those States, and that if a tax were
levied in this State on the whole capital stock of
said corporation, including that portion thereof
invested in the property so located and taxed in
other States, that said property would thus be
doubly taxed; therefore, Be it enacted, That the
said corporation shall be required to pay taxes,
only upon the property actually owned in the
State of Maryland, the said property to be assessed,
and the taxes levied and collected in the same
manner, as if the stockholders of the said corpo-
ration were associated together as a firm without
corporate powers.

Taxes.

Sec. 8. And be it enacted, That the Directors
shall from time to time declare and pay to the
stockholders dividends of so much of the pfofits
realized by this corporation as they shall deem
expedient, after reserving such sum as they shall
decide to be reasonable to meet the expenses of
repairs, buildings, or purchase of articles for the
use of the said corporation and the prosecution of
its business, and also at the payment of the said
dividends of profits, a general statement of the
affairs of the company shall be prepared by the
Directors, and kept open for the inspection of the

Dividends.