DANIEL MARTIN, ESQUIRE, GOVERNOR.

1838

The Maryland Iron Company, and as such, by that name,
have perpetual succession, And may sue and be sued, in
any court of law or equity, in this state, and shall be ca-
pable to have a common seal, which they may alter and re-
new at their pleasure; and to have and use, exercise and en-
joy, as a corporate body, the powers, rights and privileges,
proper and necessary for the purpose of manufacturing and
vending iron, with power, for the said purposes, to pur-
chase, hold and use, estate real, personal and mixtid; and to
construct such buildings and improvements on their land, as
may be deemed necessary, and the said estate, or any part
thereof, to sell or otherwise dispose of; and generally, to do
and perform all such other ads, in relation to the objects and
business of their incorporation, or which may be necessary
to the exercise of the rights, privileges and powers, granted
Fo the said company, by this act, that any other corporate
body may do, the same not being repugnant to any law of
this state, or of the United States.

CHAP 171,

Sec. 3. And be it enacted, That the capital stock of the
said company shall be one hundred thousand dollars, which
shall be divided into shares of one hundred dollars each; and
every person who is or shall become a proprietor of one or
more shares of the said stock, shall in virtue thereof be a
member of the said corporation, and shall be entitled, at all
meetings of the stockholders, to one vote, in person or by
proxy, for each and every share of the capital stock which
shall be held by snch person; and the said capital stock may
in whole or part consist, and be vested in land, buildings,
machinery, tools or materials, necessary or useful, for pro-
moting or carrying on the objects and purposes of the said
corporation; and the shares of the said capital stock shall be
assignable and transferrable, and be considered as personal
property.

Capital

Sec. 4. And be it enacted, That the affairs of the said
company shall be managed by a president and six directors,
who shall be chosen as aforesaid, to serve until others shall
be elected, as may be hereafter provided by the stockholders
in the by-laws of the said corporation; and the said presi-
dent and directors, and their successors, or a majority oi
them, shall have full power and authority to appoint, employ,
compensate, and at their pleasure to remove, all such officers,
agents or servants, as they may deem necessary in the busi-
ness of the said company; also to contract, agree and pur-
chase, such lands, chattels; materials, rights and privileges,
and cause all such buildings, machinery and other improve-
ments, to be made, as they shall think necessary for effect-
ing the objects of the company, and the same, or any part
thereof, to sell and convey, or otherwise dispose of, in their
discretion; also to prescribe the mode of issuing and trans-
26

Powers of presi-
dent and directors