THOMAS G. PRATT, ESQUIRE, GOVERNOR.

1846.

of Cumberland, after having given ten days notice in any
newspaper published in the county of Allegany, of the
object and purposes for which the books are opened, and
that the time the said books shall continue open, shall be
until one-fourth of the capital stock shall be subscribed,
and that the said commissioners shall have power to
transfer the books to any other place or places that to
them may seem meet and proper for the purpose of re-
ceiving subscriptions.

CHAP. 315.

SEC. 3. And be it enacted, That the persons who shall
subscribe to the capital stock aforesaid, under the direc-
tion of the commissioners aforesaid, to the amount of
forty thousand dollars, shall be, and are hereby constitu-
ted a body politic, by the name, style and title of the
Cumberland Nail and Wire Company, and by that name
shall be, and are hereby made able and capable in law to
sue and be sued, plead and be impleaded, answer and be
answered, defend and be defended, in courts of record
or any other place whatsoever; also to make, have and
use a common seal, and the same to break, renew and
alter at pleasure, and to put into execution such by-laws,
ordinances and regulations, as shall seem necessary and
convenient for the government of said corporation, the
same not being contrary to law and the provisions of this
act, and generally to do and execute all and singular such
acts, matters and things as a corporation and body poli-
tic may and can lawfully execute.

Corporate
powers.

SEC. 4. And be it enacted, That the capital stock of
the said company shall be forty thousand dollars, divided
into four hundred shares of one hundred dollars each,
and that on every subscription there shall be paid at the
time of subscribing, to the persons authorised to open
the said books, the sum of one dollar per share.

Capital stock
$40,000.

SEC. 5. And be it enacted, That the affairs of said
company shall be managed by a president and three
directors, to be elected by a majority of the stockholders
voting in person or by proxy; the election shall be held
after the total number of four hundred shares shall have
been subscribed by the stockholders, under the direction
and superintendence of the commissioners aforesaid, or a
majority of them, who shall be judges of the said elec-
tion; when the election shall be completed, the said com-
missioners shall make and inscribe upon the book of sub-
scription to the capital stock, a certificate and record of
the votes given, and for whom, declaring who are elected
to be the president and directors for the first year next

Managed by
a president and
three directors.