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LAWS OF MARYLAND.

the products of its property, and shall have power
and authority to purchase, lease and hold any
property real, personal and mixed, which, it may

Proviso.

deem necessary; provided, said company shall not
hold at any time more than fifteen thousand acres
of land in Allegany county, and not more than
one hundred acres of land out of said county.

Capital stock.

Sec. 2. And be it enacted, That the capital stock
of said company shall be one million dollars, di-
vided into two hundred thousand shares of the
par value of five dollars a share, and whenever
ten thousand shares shall have been subscribed,
the said company shall be authorized to act as a
corporate body, and in all meetings of the stock-
holders of said company, each share of said stock
shall entitle the holder thereof to one vote, which,
may be given in person or by proxy, and said
shares shall be considered as personal property,
and shall be transferable only on the books of the
company, and in such manner as the by-laws of
said company may prescribe.

Books to be
opened.

Sec. 3. And be it further enacted, That for the
purpose of procuring subscriptions to the capital
stock of said company, books shall be opened
under the direction of said Samuel Engle, John
Hoye, John Phillips, Edward Hoye, Daniel Hoye,
Hanson Jordan, Jeremiah L. Townshend, or a
majority of them, at such time or times, and at
such place or places, and upon such notice of each
time and place as they, or a majority of them, may
determine, and in case the said company shall or-
ganize and act as a corporate body before the full
number of shares shall have been subscribed, the
President and Directors of said company shall
have full power, at any time thereafter, and with-

Further sub-
scriptions may
be received.

out opening anew books of subscription, to receive
further subscriptions from time to time, until the
full number of shares shall have been subscribed,
and payment may be made of the whole or any
part of the subscriptions obtained as aforesaid, in,
lands or other property at a valuation to be agreed
upon by the persons receiving such subscriptions,
or in money, also one dollar at least shall be paid
on each share at the time of subscribing, and all
future calls or assessments shall be a ben on the
stock, and the same may be forfeited and sold on
failure to pay the said calls or assessments after