1847.

LAWS OF MARYLAND.

CHAP. 314.

clusive of the quantity which may be occupied as the
bed of any road or roads which it may be found neces-
sary to purchase or construct, and may for the purposes
aforesaid have and exercise the right to make bye-
laws, rules and regulations, and all the rights, privileges
and powers necessary to the objects of this act, and to
the use, control and disposition of the property acquired
by them, and not repugnant to any law of this State, or
of the United States.

Capital stock.

SEC. 2. And be it enacted, That the capital slock of the
said corporation, whether the same be real and personal,
or both, shall amount to the sum of five hundred thou-
sand 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 ad-

Proviso.

visable so to do; provided, said capital stock shall not
be increased so as to exceed at any time the sum of six
hundred thousand dollars.

$5 to be paid
on each share
at the time of
subscribing.

SEC. 3. And be it enacted, That Matthew Topham
Evans, William M. F. Magraw, Thomas Johnson
Evans and Thomas J. Johnson, or a majority of
them, shall be authorised, to receive subscriptions to
the capital slock of the said corporation, and shall de-
signate the times and places at which said subscriptions
shall be received, by giving notice in one or more news-
papers printed in the town of Cumberland and the city
of Baltimore and elsewhere, if they deem it expedient,
and each subscriber shall pay at the time of subscribing
as aforesaid the sum of five dollars upon each and eve-
ry share so subscribed for, and shall by virtue thereof
be taken and considered and thereby become a member
of said corporation, and at all meetings of the stockhold-
ers be entitled to one vote for each and every share so
held by him, and all absent stockholders shall be allow-
ed to vote by proxy, and all shares in said corporate
body shall he considered as personal property, and as
such shall be transferable.

Duty of Di-
rectors.

SEC. 4. And be it enacted, That the concerns of said
corporation shall be managed by a president who shall
be a director and two other directors, to be chosen an-
nually 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 directors the said
Matthew Topham Evans, William M. F. Magraw,
Thomas Johnson Evans and Thomas Johnson,
or any two of them, shall have full power and authori-
ty to exercise all the corporate powers of the said corpo-
ration, and the said president and directors or their suc-