1837.

LAWS OF MARYLAND.

CHAP. 221

Objects defined.

SEC. 2. And be it enacted, That the objects of the
said corporation are hereby declared to be the pur-
chase of a farm or farms in the State of Maryland,
for the purpose of establishing thereon, the mulberry
culture, the raising of silk-worms, and the manufacture
of raw silk, silk thread, twist and other silk goods,
and for the prosecution of all such other operations as
may be growing out of, or connected with the said
business.

Block $20,000.

SEC. 5. And be it enacted, That the capital stock of
said company or corporation shall not exceed twenty
thousand dollars, and to consist of shares of one hun-
dred dollars each, and not more than one-fourth of the
whole number of shares shall be owned by any stock-
holder.

Increase of ca-
pital.

SEC. 4. And be it enacted, That should the said corpo-
ration hereafter, during the continuance of this act of in-
corporation, find it to their interest to extend or increase
the amount of their capital stock, that it shall be com-
petent for a majority in amount, of the said stockhold-
ers for the time being, and they are hereby authorised
and empowered, to increase the same, to any sum not
exceeding fifty thousand dollars; which said increased
amount may be raised by the creation of shares, or-
fraction parts of shares of stock.

Annual meet-
ings.

SEC. 5. And be it enacted, That that there shall be a
meeting of the stockholders of the company on the
first Monday of September annually, or within ten
days thereafter, to be calico by the directors lor the

Election of di-
rectors.

time being, for the purpose of electing seven directors,
who shall be elected by ballot, in person or by proxy,
and each share shall entitle the holder thereof to one
vote; other meetings of the stockholders may be held

Other meetings.

when called by the directors or any number of stock-
holders, who shall be proprietors of not less than thir-
ty shares, and, at all such meetings the number present
shall be a quorum.

President.

SEC. 6. And be it enacted, That the board of di-
rectors, a majority of whom shall be a quorum, shall
appoint one of their number to be president, and they

Vacancies.

may fill up all vacancies which may happen in, their
body during the rear; and the said directors are au-

Regulations.

thorised and empowered to establish regulations for