1846.

LAWS OF MARYLAND.

CHAP. 265.

mine, such instalments not to be made payable upon
shorter notice than sixty days, and as soon as shall have
been subscribed fifteen thousand dollars, shall have been
paid on account of said capital, and certified to the Trea-
surer pf the Western Shore, and said company organized
as hereinafter mentioned, the saidcompany shall be com-
petent to transact all business which this act authorises.

Objects of the
company.

Sec. 3. And be it entitled. That the objects and
purposes of this corporation are declared to be manu-
facturing and vending of cotton goods, and for these ob-
jects and purposes, the said eorpoiation is hereby autho-
rised and empowered to purchase and hold a factory
and lands, not exceeding one hundred acres, in fee sim-
ple, or for any other estate, and to erect buildings and
other improvements on such lands as may be convenient;
to procure by purchase, or other lawful means, all kinds
of necessary materials, goods and chattels, and the same
to use, sell or otherwise dispose of, as fully as indivi-
duals may lawfully do; provided, that the land which it
shall be lawful for said company to purchase or hold,
shall be only such as shall be necessary for the opera-
rations thereof, as set forth and declared by this act.

Commission-
ers.

Sec. 4. And be it enacted, That John Nichodemus,
James Brown, Otho I. Smith, Samuel Bentze and David
H. Reidy, or a majority of them, are hereby appointed
commissioners for receiving such subscriptions for said
stock, and that they, or a majority of them, shall open
books for receiving such subscriptions, in such places in
Washington county, as they may judge expedient, on or
before the first day of July next, and shall keep said
books opened for such subscriptions for the space of at
least ten days, and in case the full amount of the stock
authorised by this act shall not have been subscribed at
the period of the organizntion of said corporation, the
president and directors thereof shall be authorised, at
any time or times thereafter, to take subscriptions for the
residue thereof, and the stock of any stockholder who
shall neglect or refuse to pay any instalment which may
be required by this act, within sixty days after the time
appointed and limited for the payment thereof, shall, if
the president and directors do not give a further exten-
sion, shall be forfeited for the use of said corporation.

Board of ma-
nagers.

SEC. 5. And be it enacted, That the affairs of said
corporation shall be managed by a president and seven
directors, any five of whom shall constitute a board for
the transaction of business, to be chosen on the first
Monday in January, in each and every year, except the