1860.

LAWS OF MARYLAND.

CHAP. 342.

ducts of its mines, mills and manufactories, and
property to market and shall have power and au-
thority to purchase, lease and hold any property,
real, personal and mixed, which may be deemed

Proviso.

by said company, necessary for its purposes; Pro-
vided, however, that said company shall not at any
time actually hold as owner thereof, more than one
thousand acres of land.

Capital stock.

SEC. 2. And be it enacted, That the capital stock
of said company, shall be two hundred thousand
dollars divided in shares of the par value of one
hundred dollars each, and that whenever the sum
of fifty thousand dollars of said stock shall be sub-
scribed the said company shall be organized and
authorised to act as a body corporate.

Subscriptions.

SEC. 3. And be it enacted, That for the purpose
of obtaining subscriptions to the capital stock of
said company, books shall be opened under the di-
rection of the said William W. McKaig, John J.
Bruce, Thomas J. McKaig, Aza Beall and William
M. F. Magraw or a majority of them, at such time
or times and at such place or places as the persons
who may act in that behalf shall deem expedient,
and payment may be made of the whole or any
part of the subscriptions obtained or received as
aforesaid, in lands or other property or money as
may be agreed on in case of subscriptions obtained
whilst the books are open between the respective
subscribers and the persons under whose direction
the said books may be opened, and in case of sub-
scriptions received by the president and directors
between the respective subscribers and the said
president and directors.

Stock trans-
ferable.

SEC. 4. And be it enacted, That in all meetings
of the stockholders of said company each share of
stock shall entitle the holder thereof, to one vote to
be given in person or by proxy, and said shares
shall be considered as personal property, and shall
be transferable in such manner as may be provided
by the by-laws of said company.

Business —
by whom con-
ducted.

SEC. 5. And be it enacted, That the affairs of
said company shall be managed by the persons
named in the first section of this act, and who are
hereby constituted directors of said company until
directors shall be elected as hereinafter provided,
and in the case of the decease of any one, or more of
said persons, or in case of the refusal of any one,