1834.

LAWS OF MARYLAND.

CHAP. 144.

a majority of them, one to be appointed by the president
and directors of said company, one by the said Casper W.
Wever, or his legal representatives, and the third by these
two, all of whom shall be the owners in part or in the whole

Valuation directed

of some improved water power, in the State of Ma-
ryland, and which appraisement shall also be binding upon
said company: and provided, moreover, that unless the said

Conveyance

Casper W. Wever shall, when thereto required by the
president and directors, convey to the said company, after
the price shall have been so ascertained, the land and water

Penally

power, according to the specification or description thereof
entered on the books aforesaid, and also deliver possession
of the same when demanded, the said company may, upon
such failure, either enforce a specific performance of the
contract on the part of the said Casper W. Wever, or at
the election of any stockholder, said stockholder may regard
his subscription as void: Provided however, that, nothing

May hold stock

herein contained shall be so construed as to prevent the
said Casper W. Wever from subscribing for, or owning as
many more shares of the stock of said company, over and
above such as may be taken in payment for the said land and
water power, as he may think proper, on the same terms

Vacancy

and conditions as other subscribers and stockholders, nor in
case any vacancy shall occur in said board of appraisers, to
prevent the same being filled by the selection and appoint-
ment of another appraiser, by or on behalf of the party or

Enlarge the capi-

tal

authority that made the appointment to the place vacated.
Sec. 5. Be it enacted, That the stockholders, or a ma-
jority of them, in interest, may from time to time enlarge
the capital slock of the company by selling or ordering their
president and directors to sell shares therein, at such times
and in such manner, to such amount and at such price or
prices as they in general meeting may direct, until the said
capital stock reaches the amount of one hundred thousand
dollars, and upon such additional stock being taken, the
owners thereof shall, to all intents and purposes, be members
of the company hereby incorporated, and have equal privi-
leges and powers with the original stockholders, and any
premium or premiums obtained on such stock, shall be the
common property of all the stockholders, in proportion to
the capital stock owned by them respectively.

Stock, personal es-

tate

Sec. 6 And be it enacted, That the stock of the said
company shall be deemed personal estate, and pass as such
to the representative or representatives of each stockholder,
and may be transferred, and certificates thereof issued la