1845.

LAWS OF MARYLAND.

CHAP. 255.
Proviso.

Hold property.

Proviso.

may be necessary for the proper management of its af-
fairs; provided, the same be not repugnant to the laws of
this State or of the United States.
SEC. 2. And be it enacted, That the said corporation
shall have the power to hold and possess, real and per-
sonal property to the amount of one hundred thousand
dollars; provided, that said corporation shall at no time,
hold more than five hundred acres of land.

Capital stock
$100, 000.

SEC. 3. And be it enacted, That the capital stock of
the said corporation, whether the same be real or perso-
nal, or both, shall amount to the sum of one hundred
thousand dollars, which shall be divided into shares of
one hundred dollars each, and that the lands and mines
of the said Roger C. Weightman, William A. Bradley
and John H. Saunders, shall constitute such part of said
capital stock, at such a price as may be agreed upon be-
tween them and the said corporation.

Receive sub-
scriptions.

SEC. 4. And be it enacted, That the said Roger C.
Weightman, William A. Bradley and John H. Saunders,
or any two of them, shall be authorised to receive sub-
scriptions to the capital stock of said corporation, and
shall designate the times and places at which said sub-
scriptions shall be received, by giving notice in one or
more newspapers printed in the town of Cumberland, in
this State, and in Washington city; and each subscriber
shall pay, at the time of subscribing as aforesaid, such
sum per share, as shall be determined upon by the said
Weightman, Bradley and Saunders, upon each and every
share so subscribed for, and shall, by virtue thereof, be
taken and considered, and thereby become a member
of said corporation, and at all meetings of the stockhold-
ers, be entitled to one vote for each and every share so
held by him, and all absent stockholders shall be allowed
to vote by proxy; and all shares in said corporate pro-
perty, shall be considered as personal property, and be
transferable as such.

Managed by a
president; four
directors cho-
sen annually.

SEC. 5. And be it enacted, That the concerns of said
corporation shall be managed by a president, who shall
be a director, and four other directors, to be chosen an-
nually by the stockholders, and to serve for the term of
one year, and until others are chosen; and that until such
choice of a president and directors, the said Roger C.
Weightman, William A. Bradley and John H. Saunders,
or a majority of them, shall have the same power and
authority as the said president and directors would have,

Majority to
transact busi-
ness.

if chosen as aforesaid; and a majority of said directory
shall constitute a quorum fur the transaction of business,