I839v

LAWS OF MARYLAND.

CHAP. 325.

Legal capacity.
Corporate pow-

ers.

and be answered, in any court of law or equity, and shall
be able and capable to make and use a common seal, the
same to change and alter at pleasure; also to have and use,
exercise and enjoy, as a corporate body, all the powers,
rights and privileges proper and necessary for the purpose
of manufacturing cotton, iron and other articles, and of
vending the same; and for the aforesaid purpose, to pur-
chase, hold and use estate, real, personal and mixed, and
to construct such buildings and improvements on their
land as may be deemed necessary, and the said estate, or
any part thereof, to sell and convey or otherwise dispose
of; and generally to do all such acts, and to ordain, estab-
lish and enforce all such by-laws and regulations as shall be
necessary and proper for conducting the business of said
corporation, the same not being contrary to law, or the
provisions of this act.

Capital stock—
shares, &c.

One share to
membership.

Votes rated.

Investment.

SEC. 2. And be it enacted, That the capital stock of
said company shall be divided into shares of one hundred
dollars each, and shall at no time exceed one hundred
thousand dollars; and every person who shall be the pro-
prietor of one share or more of said stock, shall in virtue
thereof be a member of the said corporation, and as such
entitled at all elections, and in all meetings of the stock-
holders to one vote, in person or by proxy, for each and
every share of said capital stock which shall be held by
such person; and the said capital stock may in whole or
part, consist of and be vested in land, buildings, machi-
nery, tools and materials, necessary or useful for promoting
the objects or carrying on the business of said corpora-
tion; and the shares of said capital stock shall be deemed
personal estate, and be assignable and transferable only
on the books of the corporation, and in such manner as
shall be provided by the by-laws.

Officers— when
elected.

SEC. 3. And be it enacted, That the affairs of said com-
pany shall be conducted by a president and four directors,
who shall be chosen by and from amongst the stockhol-
ders, by ballot, within thirty days after the passage of
this act, and annually thereafter, on the same day, or on
such other day as the by-laws may provide; and the pre-
sident and directors who shall be so chosen, shall be able.
and capable to act in their respective offices for the term
of one year, and until successors shall be chosen, and they

Duties, &c. of
officers.

or a majority of them shall have full power and authority
to appoint, employ, compensate, and at their pleasure to
remove all such officers, agents and servants, as they may
deem necessary in the business of said company, also to