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Subscriptions au-
thorised. Presi-
dent and directors
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Sec. 1. Be it enacted by the General Assembly of Ma-
ryland, That Beale Randall, Thomas Finley, Hugh Boyle,
Joseph W. Patterson, Shepard C. Leakin, John S. Shriver,
Talbot Jones, William H. Freeman, and Alexander C. Bul-
litt, or any three of them, shall be and they are hereby con-
stituted and appointed commissioners, with power to open a
Subscription book, at some suitable place in the city of Bal-
timore, first giving ten days notice thereof in two daily
newspapers published in the said city; and whose duty it shall
be to insert in the said book the names of all persons who
have associated under the name and style of The Maryland
Iron Company, or who shall offer to subscribe and join in
the said association, together with the number of shares by
such persons respectively taken or subscribed; which sub-
scriptions to the capital stock of the said company shall be
received, subject to such rules, limitations and terms, as
shall be prescribed by the said commissioners; and as soon
as the said capital stock, or so much thereof as the commis-
sioners shall deem necessary to commence the business of
the said corporation, shall be taken and subscribed, the com-
missioners shall give ten days public notice, in like manner,
for a meeting of the stockholders, to choose a president and
six directors, to manage the affairs of the company; and the
said commissioners shall hold the said election according to
sueh appointment, and certify the names of the persons duly-
elected, and deliver over the aforesaid subscription book to
the president and directors, who shall be so chosen; and if
any subscriber to the capital stock of the said company, shall
afterwards fail to pay any instalment, or part of his or her
subscription, for the space of thirty days subsequent to the
time at which the same shall be demanded by the president
and directors of the said company, the stock on which it is
demanded, shall be and become thereby forfeited to the said
company, and may be sold by the president and directors
thereof, for the benefit of the said corporation; but the pre-
sident and directors may remit such forfeiture, on such terms
as they may deem proper.
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Subscribers incor-
porotcd
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Sec. 2. And be it enacted, That the persons whose names
shall be so inserted in the aforesaid subscription book, the
successors and assigns, shall be and they are hereby created
and constituted a body corporate, by the name and style of
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