380

LAWS OF MARYLAND,

property, real, personal and mixed which may be
deemed necessary by the said company for its pur-
poses; and shall have power to make and pass such
by-laws, rules and regulations for the management
and government of the affairs of said corporation
and its officers, Directors and agents, as may be
deemed necessary or proper, which may also be
amended, changed or repealed at any and all reg-

Provisos.

ular meetings of the stockholders of said company;
provided, however, that such by-laws shall riot be
repugnant to any law of this State or of the United
States, and provided, also, that the said company
shall not own in fee, at any one time, more than
five thousand acres of land.

Capital stock.

Sec. 2. And be it enacted, That the capital stock
be two hundred and fifty thousand dollars, divided
into ten thousand shares of twenty-five dollars each,
and whenever one-fifth part of said capital stock
shall be actually subscribed, the subscribers shall
be authorized to act as a corporate body, and the
said capital stock shall be considered as personal
property, and shall be transferable in such man-
ner as may be provided by the by-laws of said com-
pany, and each share shall entitle the holder there-
of to one vote in all meetings pf the stockholders of
said company, to be given either in person or by

Books to be
opened.

proxy, and for the purpose of obtaining subscrip-
tions to the said capital stock books shall be opened
under the direction of the said Henry R. Atkinson,
James J. McHenry and Elijah Fuller, or a major-
ity of them, at such time or times, at such place
or places, in such manner and on such terms and
notice as the persons who may act in that behalf
may deem expedient, and payment may be made
of the whole or any part of such subscriptions, in
land or other property or money, and if in lands
or other property, then at such price or valuation
therefor, as may be agreed upon between those re-
ceiving such subscriptions and the respective sub-
scribers, as aforesaid, for stock; and in case said
company shall proceed to act as a corporate body
before the full number of shares shall have been
subscribed, the President and Directors of said
company shall have power at any time thereafter,
and without opening anew, books of subscriptions,
to receive further subscriptions from time to time,
until the full number of shares shall have been