464

LAWS OF MARYLAND.

agement of its property, and for the transporta-
tion and vending of its coal and other proceeds,
issues and products of its mines and property to
market, and shall have power and authority to
purchase, lease and hold any property, real, per-
sonal and mixed, which may be deemed by said

Proviso.

company necessary for its purposes; provided, how-
ever, that said company shall not at any time ac-
tually hold, as owners thereof, more than five thou-
sand acres of land.

Capital stock.

Sec. 2. And be it enacted, That that the capital
of the said company shall be fifteen hundred thou-
sand dollars, divided into fifteen thousand shares,
of the par value of one hundred dollars each, and
whenever five thousand shares shall have been ac-
tually subscribed the said company shall be au-
thorized to organize and act as a body corporate.

Books to be
opened.

Sec. 3. And be it further enacted, That for the
purpose of obtaining subscriptions to the capital
stock of said company books shall be opened, under
the direction of the said George W. McCulloh, F.
A. Mason, C. M. Graham, John Neff and Thomas
H. Frost, or a majority of them, at such time or
times, and at such place or places, and upon such
notice as they may deem expedient, and in case
said company shall organize and proceed to act as
a corporate body, before the full number of shares
shall have been subscribed, the President and Di-
rectors of said company shall have power and au-
thority, at any time thereafter, and without open-
ing 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 or received as aforesaid,
in lands or other property, or money, as may be
agreed on, in case of subscriptions received by the
said McCulloh, Mason, Frost, Graham and Neff,
or a majority of them, between the respective sub-
scribers and the said McCulloh, Mason, Frost,
Graham and Neff, and in case of subscriptions re-
ceived by the President and Directors between the
respective subscribers and the said President and
Directors.

Relating to
personal estate

Sec. 4. And be it further enacted, That in all
meetings of the stockholders of the said company