310

LAWS OF MARYLAND.

cultivating, improving, using and for selling or
otherwise disposing of, any and all property j real or
personal, and any interest or estate, in any proper-
ty, real or personal which said corporate body may
deem it expedient or profitable to acquire, hold,

Proviso.

manage, work, cultivate, improve, use, sell, or
otherwise dispose of: provided nevertheless, that
said corporation shall not hold in fee, at the same
time any quantity of land in Allegany county, be-
yond the quantity of fifty thousand acres, nor any
land in other parts of the State, exceeding the ad-
ditional quantity of one hundred acres of land.

Powers of
corporation.

Sec. 2. And be it enacted, That said corporation
shall have all necessary powers for excavating ores,
coal and other minerals; for erecting saw mills
and other mills of any kind, factories, workshops,
steam engines and machinery of every kind, and
buildings, bridges, and structures of every descrip-
tion, which may be deemed necessary, convenient
or useful by said corporation for the management,
enjoyment, or use of its property, or for the pro-
curement, manufacture, use, or preparation for
sale of any of the products or proceeds of its pro-
perty; also, all necessary powers, for opening and
constructing rail roads, train roads, plank roads
and other roads, canals, dams and other improve-
ments for water transportation in and over its own
property, or on or through the property of any
other persons or corporations, with their consent,
and to hold, and maintain, and use the same for
all lawful purposes in such manner as said corpo-
ration may deem expedient, and shall have all the
rights, faculties and powers, which an individual
has, by law to transport the products and proceeds
of its property to market, and shall also have all
other rights, as to its real estate, live stock, and
other personal property, which an individual own-
er of like property may lawfully exercise.

Capital stock.

Sec. 3. And be it enacted, That the capital of
said company shall be two hundred and fifty thou-
sand dollars, divided into ten thousand shares of
the par value, each of twenty-five dollars, and
whenever two thousand shares shall have been ac-
tually subscribed, the subscribers shall be author-
ized to act as a corporate body.