1846.

LAWS OF MARYLAND.

CHAP. 199.

advantageous by said corporation; and the same sell and
dispose of, when by them deemed necessary.

Capital stock
divided into
shares of $100.

SEC. 3. And be it enacted, That the capital stock of
said corporation shall not exceed the sum of thirty thou-
sand dollars, to be divided into shares of one hundred
dollars each, and may be subscribed for at any time after
the passage or this act.

Managed by a
president and
directors.

SEC. 4. And be it enacted, That the affairs of said
corporation shall be managed by a board consisting of a
president and directors, to be chosen on the first
Monday in January, in each and every year, by the
stockholders, voting in person or by proxy, each share
entitling its holder to one vote; the said president and
directors to serve until a new election takes place; and if,
from any cause, the election shall not be held on the day
appointed, the same may be held thereafter, upon ten
days notice of the time and place being given in two or
more of the daily newspapers printed in the city of Bal-
timore.

Appoint che-
mists, agents
factors, &c.

SEC. 5. And be it enacted, That the president and
directors so elected as aforesaid, or a majority of them,
shall have power to appoint and employ as many chem-
ists, agents, factors, clerks, mechanics, manufacturers
and other persons as may be necessary for the manage-
ment of the concerns of said company; to declare an-
nual or semi-annual dividends; to regulate the condition
and manner of receiving further subscriptions to the
capital stock and making transfers thereof, and the man-
ner of receiving votes at the elections of said company.

Until first
election.

SEC. 6. And be it enacted, That, until the first elec-
tion of officers shall be held, the said P. S. Chappell,
William H. Chappell, William L. Richardson, William
Leach, or a majority of them, shall and may receive, in
such manner as they think proper, subscriptions of,
and payment for, so many shares of the slock of said
company as they may deem necessary, and until such
first election, may conduct and manage the affairs of the
said corporation.

Issues forbid.

SEC. 7. And be it enacted, That nothing in this act
contained, shall be so construed as to authorise said
company to issue nny notf, token, certificate or
other evidence of debt, to be used as a currency.

Take effect.

SEC. 8. And be it enacted, That this act shall date
and take effect from the day of its passage, and shall
remain in force for thirty years thereafter, unless sooner
repealed by the General Assembly.