1846.

LAWS OF MARYLAND.

CHAP 318.

and mines of the one part, and the rest of said persons
named, or the majority of those remaining persons, and

those associating with them as subscribers, for stock
payable in money, and the president and directors may
from time to time increase said capital stock, to be taken

or vested in land' or other property, for the said objects of
the corporation, but so that the extreme capital shall not
pxceed ten thousand shares of one hundred dollars each
as aforesaid.

Subscriptions
regulated, &c.

SEC. 3. And be it enacted, That subscriptions to said
stock be taken at such times and places, and in such
manner as shall be determined and regulated by the per-
sons, or a majority of them, named in the first section of
this act, and each subscriber save where hinds mid mines
as aforesaid shall be accepted as a subscription, shall
pay the sum of fifty dollars on each share of stock by him
subscribed, and the subscribers to the said stock, and

holders of stock, shall be members of said corporation,
and be entitled to one vote, in person or by proxy, at all
meetings of stockholders for each share of stock held
by them.

Affairs mana-
ged by Direc-
tors.

SEC. 4. And be it enacted, That the affairs of the com-
pany shall be managed, and the powers and rights of the
corporation exercised, by six persons chosen as directors,
who shall from their number appoint a president, the first
election of whom to be by the stockholders, shall take
place at such time as shall be fixed by the persons named
in the first section of this act, or a majority thereof; and
the time and manner of all future elections, and all regu-
lations in, relation thereto, shall be established by such
by-laws as from time to time shall be passed by the pre-
sident and directors, and said president and directors may
pass all by-laws in relation to any vacancies occuring in,
the presidency or directory, or any absence of the presi-
dent or any director, and in general may ordain any by-
laws defining or declaring the duties or powers of said
president and. directors, and in any wise relating to the
stock aforesaid, or to the interest and concerns of said
corporation, and the president, or the person acting in his
place, and a majority of the directors, or a majority and
one director besides, shall constitute a quorum for the
transaction of business.

The 5th & 6th
sections of the
Clifton Coal
Company to
apply to this.

SEC. 5. And be it enacted, That all the provisions
contained in the fifth and sixth sections of the act passed
at December session, eighteen hundred and thirty-five,
chapter three hundred and sixty-five, enlitled, an act to

incorporate the Clifton Coal Company, shall apply to the