102

LAWS OF MARYLAND.

Capital stock.

Sec. 2. And be it enacted, That the capital stock
of said company shall consist of not less than five
hundred, or more than four thousand shares, of
one hundred dollars each.

Land may be
received in
payment of
subscription to
capital stock.

Sec. 3. And be it enacted, That the subscription
to said capital stock shall be made at such places
and in such manner as the said M. P. O. Hern,
Frank Mason, Godfrey Berhebile, W. M. F. Ma-
graw, John F. Ehlen and Thomas H. Frost shall
designate, and that lands may be received in pay-
ment of subscription to the capital stock of said
company, at such price as may be agreed upon by
those willing to subscribe such lands, and the Com-
missioners named in this act, or a majority of them,
and the stockholders shall be entitled, at all their
meetings, to one vote to each share of stock, in
person or by proxy; and the shares of said capi-
tal stock shall be assignable or transferable as may
be provided for by the by-laws of said company,
and shall be considered as personal property.

How man-
aged.

Sec. 4. And be it enacted, That the affairs, of the
said company shall be managed by a President
and five Directors, who shall be chosen annually
by the stockholders, to serve for one year, and un-
til others be elected, and until the first election of
Directors shall be held the said M. P. O. Hern,
Frank Mason, Godfrey Berhebile, John F. Ehlen,
W. M. F. Magraw and Thomas H. Frost shall
have full power and authority to exercise all cor-
porate powers of said company, and in case of any
vacancy occurring in the Presidency or Directors
of said company the remaining Directors shall
have power to fill such vacancy, to appoint some
other stockholder until the next general election
thereafter.

May estab-
lish line of
stages.

Sec. 5. And be it enacted, That the said com-
pany shall have the power to establish a line of
stages from any point on the line of any railroad
or town in the State of Maryland, Pennsylvania
or Virginia, to carry passengers or freight to and
from said Springs.

Banking priv-
ilege prohib-
ited.

Sec. 6. And be it enacted, That nothing in this
act be so construed as to authorize the said corpo-
ration to issue any scrip, token, device, or other
evidence of debt to be used as currency.