1846;

LAWS OF MARYLAND.

CHAP. 297.

position of the property acquired by them and not repug-
nant to any law of this State, or of the United States.

Capital stock
$500,000.

SEC. 2. And be it enacted, That the capital stock of
said corporation, whether the same be real or personal,
or both, shall amount to the sum of five hundred thousand
dollars, which shall be divided into shares of one hun-
dred dollars each, and said corporation shall have power
to increase said capital stock, if they should think it

Proviso.

advisable so to do; provided, said capital slock shall not
be increased so as to exceed at any time the sum of one
million of dollars, which additional stock shall be divided
into shares as aforesaid, and the lands and mines, or any
part thereof of the said Samuel M. Semmes, John G.
Lynn, Henry Thomas Weld, Jonathan Guest and Robert
Samuel Palmer, or of either of them may, at the option
of said corporation, constitute a part of said capital stock
at such a price as may be agreed upon between the said
corporation and the said Samuel M. Semmes, John G.
Lynn, Henry Thomas Weld, Jonathan Guest and Robert
Samuel Palmer, or either of them.

Authorised to
receive sub-
scriptions.

SEC. 3. And be it enacted, That Samuel M. Semmes,
John G. Lynn, Henry Thomas Weld, Jonathan Guest
and Robert Samuel Palmer, or a majority of them, shall
be authorised to receive subscriptions to the capital stock
of said corporation, and shall designate the times and
places at which said subscription shall be received, by
giving riolice in one or more newspapers printed in the
town of Cumberland and in the city of Baltimore, and
elsewhere, if they deem it expedient; and each subscri-
ber shall pay, at the time of subscribing as aforesaid, the
sum of fire dollars upon each and every share so sub-
scribed for; and shall, by virtue thereof, be taken and
considered, and thereby become a member of said corpo-
lalion, and at all meetings of the stockholders 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 property shall be con-
sidered as personal properly, and be transferable as
such.

Managed by a
president and
four directors.

SEC. 4. 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 annu-
ally 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 disrcctors, the said Samuel M.
Semmes, John G. Lynn, Henry Thomas Weld, Jonathan