1837.

LAWS OF MARYLAND.

CHAP. 61.

common seal, which they shall have power to alter or
renew at pleasure, and generally to do every other act
or thing necessary to carry into effect the provisions,
objects and purposes of this act; provided, that nothing
herein contained shall authorise or empower said com-
pany to hold more than two hundred acres of land at
any one time; and provided also, that before any title
in law, equity or otherwise, in any land shall vest in
said company one-fourth part of the purchase money
thereof shall be paid in cash.

Commissioners
to receive sub-
scriptions.

SEC. 2. And be it enacted by the authority aforesaid,
That the said James Hepburn, John C. Boyd, James
Boyd, Charles H. Pitts, George W. Williamson and
James H. Carter, or such one. or more of them as the
others shall fur that purpose authorise and appoint, may
take and receive subscriptions to the capital stock of
said company in such manner, and on such terms as
they, or a majority of them may designate or choose,

Shares $100

each.

in shares of one hundred dollars each, to any amount
which they may deem necessary and proper, not ex-
ceeding five thousand shares, and every person or per-
sons who shall become a holder or holders entitled to
one or more shares of the said stock, shall thereupon

Membership.

become a member of the Baltimore Real Estate and
Manufacturing Company hereby incorporated; and
every person or persons on being divested of all shares
of the said slock, by transfer or otherwise, shall there-
upon cease to be a member of said company, and until
the number of stockholders shall amount to twenty, and
an election of officers shall have been made as herein-

Present officers.

after provided for, the said James Hepburn, John C.
Boyd, James Boyd, Charles H. Pitts, George W. Wil-
liamson and James B. Carter, or a majority of them.
shall have and may exercise all the corporate rights
and powers of the said Baltimore Real Estate and
Manufacturing Company, except in the contracting for
or purchase of any real estate, as the directors of the
said company when elected are hereinbefore authorised
and empowered to do.

Meeting to or-
ganize.

SEC. 3. And be it enacted by the authority aforesaid,
That the members of said company, as soon as they
shall be twenty in number or as soon thereafter as they
conveniently can, shall meet at such place as a majo-