206

LAWS OF MARYLAND.

ments, goods and chattels, aa may be necessary for
the manufacture of gas or inflammable air, and
preserving, using and distributing the same for
the lighting of the streets, squares, lanes and al-
leys, and the houses and other buildings and places
in the town and vicinity of Elkton, or for carrying
on any such manufacture as may be necessary for
converting to useful purposes the products of any
substance or substances which may be employed

Proviso.

in making gas, and for dispose of the same; pro-
vided, always, that the said company shall not at
any time hold or possess real and personal proper-
ty together, above the value of one hundred thou-
sand dollars, without the consent of the Legislature
being first attained .

Books to be
opened.

Sec. 2. And be it enacted, That the persons
named in the foregoing section of this act, or a
majority of them, may cause books to be opened
at such times and at such places as they may de-
termine, for the purpose of receiving subscriptions
to the capital stock of said company, and such books
to be kept open for as long a time as by the said
persons it may be deemed expedient or necessary.

Capital stock.

Sec. 3. And be it enacted, That the capital stock
of said company shall be divided into shares of
twenty dollars each, and the number of shares
shall be limited to one thousand; and all divi-
dends of profits, after deducting necessary outlays,

Proviso.

cost and expenditures, shall be apportioned equally
on said one thousand shares; provided, that said
corporation shall have full power aud authority to
make a portion of said stock, not exceeding in
amount five hundred shares, a preferred stock, and
to make such provisions for securing and guaran-
teeing a dividend of six per cent, per annum there-
for, in any manner, whether by pledge of the
incomes or capital stock, mortgage of the property
of said corporation, or in any other manner which
to them shall seem expedient.

Management.

Sec. 4. And be it enacted, That the affairs and
business of the Elkton Gas Light Company shall
be conducted and managed by a Board of eight
Directors, and by such officers as they, or a ma-
jority of them, shall appoint; and the said John
W. Baker, Lucius U. Maltby, James T. McCul-
lough, William Torbert, Francis A. Ellis, Wm.