1843

FRANCIS THOMAS, ESQUIRE, GOVERNOR.

chap. 272.

manufacture of iron, and of all articles of which iron is a
component part, and for the vending of the products of the
same; and as such corporation shall have a common seal
and shall be empowered to sue and be sued, plead and be

May hold real
and personal
estate.

impleaded, in any court of law or equity.
Sec. 2. And be it enacted, That said corporation shall
have the power to hold and possess real and personal es-
tate to the amount of five hundred thousand dollars, for

Provisoes.

the purposes aforesaid; provided, that said corporation
shall at no time hold or possess in this state more than
five thousand acres of land exclusive of such lands as
may be used for the purpose of a road or roads, and said
corporation shall have the right to make by-laws and all
Such other rules and regulations as may be necessary for
the proper management of its concerns; provided, the
same are not repugnant to the laws of this state or of the
United States.

When capital
stock amounts
to $500,000,
it may be in-
creased.

Sec. 3, And be it enacted, That the capital stock of
said corporation, whether the same be real or personal, or
both, shall amount to the sum of five hundred thousand
dollars, which shall be divided into shares of one hun-
dred dollars each, and said corporation shall have power
to increase said capital stock if they should think it act-

Provisoes.

visable so to do; provided, said capital stock shall not be
increased so as to exceed at any time the sum of one mil-
lion of dollars, which additional stock shall be divided
into shares as aforesaid, and the lands and mines of said
Samuel B. Barrell, shall constitute a part of said capital
stock at such a price as may be agreed upon between
said Bariell and said corporation.

Authorised to
receive sub-
scriptions.

Sec. 4. And be it enacted, That said Samuel B. Bar-
rell, William Ridgely and John Pickell, or a majority of
them, shall be authorized to receive subscriptions to the
capital stock of said corporation, and shall designate the
times and places at which said subscriptions shall be re-
ceived, by giving notice in one. or more newspapers print-
ed in the city of Baltimore in this state, and each subscri-
ber shall pay at the time of subscribing as aforesaid, the
sum of twenty dollars upon each and every share so sub-
scribed for, and shall by virtue thereof, be taken and con-
sidered, and thereby become a member of said corpora-
tion, and at all meetings of the stockholders be entitled to
one vote for each and every share so held by him, and all
absent stockholders shall be allowed to vote by proxy, and
all shares in said corporate property shall be considered as

Concerns to
be managed
by a President
&c.

personal property and be transferrable as such.
Sec. 5. And be it enacted, That tire concerns of said
corporation shall be managed by a president who shall be