1846.

LAWS OF MARYLAND.

CHAP. 871.

each to any amount, not exceeding three thousand dollars,
and every person or corporation, who shall become a
holder, or entitled to one or more shares of the said stock
shall thereupon become a member of the Nottingham
Company hereby incorporated, and every person or cor-
poration on being divested of all shares of the said stock,
by transfer or otherwise, shall thereupon cease to be a
member of said company, and until an election of direc-
tors shall have been made, as is hereinafter provided, the
said Walter T. Allender, Charles W. Howard, John
Carroll Walch, Joshua Hutching, Robert Taylor, Lloyd
Norris, E. T. J. Woodward, James M. Buchanan, or a
majority of them, shall exercise all the corporate powers
of the Nottingham Company aforesaid.

Object of
company.

SEC. 3. And be it enacted, That the objects for which
the Nottingham Company aforesaid are incorporated, and
which the said company are hereby authorised to effect,
are the mining, smelting and manufacturing of iron and
other ores, and metals, erecting furnaces, factories, stoves,
dwellings, and such other buildings and improvements,
as may be formed or deemed necessary or convenient for
the declared objects of the said company.

Powers of Dir-

rectors.

SEC. 4. And be it enacted, That the directors of the
said company, or a majority of them, with or without the
president, when met as a board, shall have full power to
appoint and employ, and in their discretion to remove
from office, and dismiss, all such officers, clerks, agents,
mechanics, artizans, laborers and servants whatever, as
they may deem necessary to attend to, transact or exe-
cute the affairs and business of the company, fix their
compensation, and when deemed necessary require secu-
rity for the faithful discharge of their duties; to contract.,
agree for, purchase, rent, or hire all such lands, said
lands not to exceed in all three thousand acres as afore-
said, buildings, chattels, materials, rights, privileges and
effects whatever, as they shall deem necessary, or find
convenient for effecting the objects of the company, as
authorised by this act, and the same or any part thereof,
and all articles manufactured under their discretion; to
sell or otherwise dispose of, to call for monthly or other
instalments, from time to time, of the capital stock sub-
scribed, not exceeding five dollars on each share per
month, nor less than thirty days notice; to apply the said
instalments when received, and all other funds of the
company to effect the objects aforesaid, and in payment
of the necessary expenses of the company, to provide for
declaring and paying to the stockholders, dividends of