1860.

LAWS OF MARYLAND.

CHAP. 270.

The company
—its objects,
&c.

SEC. 2. And be it enacted, That the objects and
purposes of the said corporation are declared to be
the manufacture of machinery and other articles of
any description whatever at the pleasure of the cor-
poration and the carrying on the business of an iron
foundry in all its branches and adjuncts, and for
these objects and purposes the said corporation is
hereby authorised and empowered to purchase and
hold, alien and dispose of lands and factories in fee
simple or for any other estate and to erect buildings
and other improvements on such lands as may be
deemed convenient, and to procure by purchase or
other lawful means, all kinds of necessary ma-
terials, goods and chattels, and the same to use,
lease, sell or otherwise dispose of as fully and free-
ly as any individual may lawfully do.

Capital stock.

SEC. 3. And be it enacted, That the capital
stock of the said corporation shall not exceed five
hundred thousand dollars, and shall be divided into
shares of one hundred dollars each, and every per-
son becoming the proprietor of one or more shares
of the said stock, shall in virtue thereof be a mem-
ber of the said corporation, and the said capital
stock may in whole or in part consist of or be vest-
ed in lands, buildings, machinery, tools or mate-
rials necessary or useful for carrying on the manu-
facturing aforesaid.

Commission-
ers, to receive
subscriptions,
&c.

SEC. 4. And be it enacted, That the said Robert
Poole, German H. Hunt, Thomas M. Smith, John
Curlett and John M. Smith or any two of them, be
and they are hereby appointed commissioners to
receive subscriptions and payments for shares in
the capital stock of the said corporation, and when
in their opinion a sufficient amount of the said
capital stock shall have been subscribed to enable
the said corporation to commence operations, they
shall convene a general meeting of the stockholders
who shall at such meetings, or at such time as they
shall then and there determine, elect by ballot in
person or by proxy, three directors who shall hold
their office for one year from the clay of their elec-
tion and until their successors shall be elected and
enter upon the duties of their office, and the said
directors shall select from their own number a presi-
dent who shall hold his office for one year or until
the election of a new board of directors, of whom
he is not one.