1849.

LAWS OF MARYLAND.

CHAP. 121.

Legal capac-
ty.

and be impleaded, to make and use a common seal, and
the same to alter and renew at their pleasure, and to pur-
chase, hold, improve, and dispose of and convey any
lands, hereditaments, goods and chatties, and generally
to do and perform all such acts as may be necessary for
carrying on the manufacturing of cotton and woolen

Proviso.

goods, or other manufactures in their discretion; pro-
vided, however, that the said company shall not possess
at any time more than five hundred acres of land, nor
hold nor possess real or personal estate, more than the
value of ten hundred thousand dollars, above the amount
of debts the may owe.

Capital stock
not to exceed
$200, 000.

SEC. 2. And be it enacted, That the capital stock of
said company shall not exceed the sum of two hundred
thousand dollars, which shall be divided into shares of
one hundred dollars each, and every person who shall
become the owner of one or more shares of said stock,
by purchase, transfer, devise, distribution or otherwise,
shall thereupon become and continue to be a stockholder
of said company, so long only as he or she shall hold
said share or shares, which said stock shall be deemed
and held as personal estate, and shall be assigned in such
manner and under such restrictions as the by-laws and
ordinances made by the president and directors of said
company, or a majority of them shall direct.

Meeting of the
stockholders—
election of offi-
cers.

SEC. 3. And be it enacted, That there shall be a meet-
ing of the stockholders of said company, on the first
Monday of January in each year, for the purpose of elect-
ing a president and five directors to manage the business
and concerns of said company, and stockholders for the
time being shall be entitled to one vote, by ballot in per-
son, or by proxy, for every share held by him or her,
and a majority of the whole number of votes given, shall
be necessary and sufficient to elect a president and di-
rectors, any two disinterested persons appointed by the
board of directors, shall be judges of the election, to re-
ceive, count, and certify the votes so given, and if from
any cause an election shall not take place on the day ap-
pointed, the said judges may appoint another day for
such election, of which, and of all days of election, the
stockholders shall have notice in such manner as the by-
laws of said company shall provide, and the president
and directors for the time being, shall continue to act until
a new election shall be held.

Fix salaries.

SEC. 4. And be it enacted, That the president and di-
rectors so elected, or a majority of them, shall have power
to fix salaries, of all the officers and agents of said com-