LAWS OF MARYLAND.

1844.

CHAPTER 206.

CHAP. 206.

An act to Incorporate the Ashland Manufacturing Com-
pany of Maryland.

Passed Feb.
11, 1845.

Section 1. Be it enacted by the General Assembly of
Maryland, That Ligman in Fulton, Charles E. Wethered,
William G. Thomas, John Wethered, James S. Gary,
and Samuel Wethered, their associates, successors and
assigns, be and they are hereby created a corporation and
body politic, by the name and style of the Ashland Man-
ufacturing Company, and by that name may and shall

Incorporated.

be able and capable in law to sue and to be sued, plead
and be impleaded, answer and be answered, in any court
of law or equity, and to make and use a common seal, and
to ordain and establish such by-laws and regulations as
shall be necessary or convenient for conducting the affairs
of the corporation, not repugnant to law.

Corporate

powers.

SEC. 2. And be it enacted, That the objects of said
corporation are declared to be the manufacturing of and
trading in wool and cotton and other articles, tor which
purpose they are hereby authorised and empowered to
purchase, hold and sell land in fee simple or otherwise,
necessary to the conducting of the business, and to erect
thereon all needful or convenient buildings; that the cap-
ital stock of said corporation shall not be less than thirty
thousand dollars, nor more than two hundred thousand
dollars.

Objects of
said corpora-

tion.

SEC. 3. And be it enacted, That the said corpora-
tion shall at no time hold more than five hundred acres of
land, which shall be located in Baltimore county.

Shall not hold
more than five
hundred acres.

SEC. 4. And be it enacted, That for the manage-
ment of the affairs of the company, the stockholders shall
elect a president and not less than three directors, who
shall remain in office for one year, or until successors shall
be elected, a majority of whom shall form a quorum or
board; that a majority of stockholders shall at any time
call a meeting, upon advising all the stockholders by ad-
vertisement or otherwise, of the time and place of holding
said meeting.

Elect a presi-
dent and 3 di-
rectors.

SEC. 5. And be it enacted, That the stock of the said
company shall be deemed personal estate; that all the
property, estate and joint stock of the corporation shall be

Stock deemed
personal estate

bound and answerable for its debts and liabilities.
SEC. 6. And be it enacted, That nothing contained
herein shall be construed as granting banking privileges,
or to authorise the said corporation to issue any note, to-
ken, device, scrip, or other evidence of debt, to be used

Issues forbid.