1846.

LAWS OF MARYLAND.

CHAP. 325.

E. Lain, and such other persons as with them or in their
place shall become stockholders in said company, their
successors and assigns be, and they are created a corpo-
ration and body politic, by the name and style of the
North East Manufacturing Company, and by that name
may sue and be sued, answer and defend in any court of
law or of equity, and may ordain and establish such by-
laws, rules and regulations, as shall appear necessary for
conducting the concerns of said corporation, not contrary
to the laws of this State, or of the United States, and the
same to change, alter and amend as may appear proper;
and may make, have and use, and at pleasure change or
renew a common seal, and generally may do any act or
thing necessary to carry into effect the provisions of this
act, and to promote the design of the corporation, it being
however understood, that said corporation shall have no
other powers, nnd shall be subject to no other regulations
or restrictions, than are conferred and prescibed by this
act, the by-laws, rules and reglations aforesaid excepted.

Have power
to procure ne-
cessary mate-
rial.

SEC. 2. And be it enacted, That said corporation shall
have the power to procure the material necessary, and
manufacture and prepare fire bricks, nnd all other arti-
cles or wares of which clay is a component part, and to
vend the same at any place or places, or transport and
export the same for sale or otherwise, as may at any
time or times seem expedient, in vessels or by other
means of said corpotation, and to have and hold, and im-
prove for the purposes aforesaid of the corporation, and
to acquire and to sell and dispose of, any real estate or
personal property, from time to time, as may be judged
expedient.

Capital not to
exceed $100,-
000.

SEC. 3. And be it enacted, That the capital stock of
said corporation shall not exceed one hundred thousand
dollars, to be divided into shares of ten dollars each, and
to be subscribed for under the direction of the persons
named in this act, and any person or persons may sub-
scribe lands in place of a money subscription to said
stock, to be received in subscription as aforesaid, at such
valuation as a majority of all the subscribers shall fix.

To go into
operation on
having in mo-
ney $10,000.

SEC. 4. And be it enacted, That said corporation may
be organized and go into operation, on having subscrip-
tion made to its capital stock of ten thousand dollars in
money, the person under whose direction subscriptions
as aforesaid shall be received, fixing the payment of such
subscription monies.

President and
five directors.

SEC. 5. And be it enacted, That the affairs of the
corporation shall be managed, and all its powers afore-