1834,

LAWS OF MARYLAND.

CHAP 242.

Coporation credi

ted

Sec. 3 Be it enacted, That whensoever one thousand
shares of the said stock shall be subscribed, and twelve
thousand five hundred dollars shall have been pard thereon,
then the said subscribers shall be and constitute a body
politic by the name of the Principle Company, of Cecil
county, and by the aforesaid name shall have perpetual suc-

cession, and shall be capable in law to have, purchase, re-
ceive and possess for them and their successors, lands, tene-
ments, hereditaments, goods chatties and effects of every
kind, nature and quantity whatsoever, and the same to grant,
demise, convey and dispose of, as any natural person may do,
to sue and be sued, plead and be unpleaded, defend and be
defended, in any court of record, of any place whatsoever,
and also to have and use a common seal, and the same to
break, alter, and renew at pleasure, and also to ordain and
establish such by law, from time to time, for the govern-
ment of said corporation, and the management of its affairs,
as shall seem convenient. Provided, the same be not contra-
ry to law and the constitution of this State

Objects defined

Sec 4 And be it enacted, That the objects and purposes
of this corporation are delared to be the establishment of
Cotton Factory or other manufacturing works on the Prin-
cipio Creek, in Cecil county, in this State, and that the
corporate powers hereby conferred, shall not be extended
beyond the object and purpose above described, and such
other objects and purposes as are necessary to promote the
object and design oi this corporation

Organize, officers

&c

Sec 5 And be it enacted, That whensoever the said
number of one thousand shares shall have been subscrrbed,
the said subscribers or a majority of them, shall call a gene-
ral meeting of the subscriber, to be held at Charlestown, in
Cecil county, and such of the subscribers as shall be present
at the said meeting, or a majority of them, shall be empow-
ered to elect a president and five directors to manage the
affairs of the company for one year, and until a new elec-
tion of president and directors shall be had, in the manner
directed by the by laws of the company

Powers of direc-
tors

Sec 6 And be it enacted, That the said president and
directors shall have power to call in the amount of said
capital stock, in such instalments as they may deem expedi-
ent, to appoint the time and manner of holding the annual
election, (which is hereby directed to take place) for presi-
dent and directors, to provide for general meetings of the
stockholders, to provide the form of the certificates of stock