1847.

LAWS OF MARYLAND.

CHAP. 99.

sirous of obtaining a charter of incorporation; and
whereas, it is politic and expedient that manufacturing
should be encouraged in this State, by the grant of
charters under suitable restrictions — Therefore,

Incorporated.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That P. Fraser Smith, John D. Perkins,
Mason Kindell, Abraham Martin, John H. Shultz,
George Teakle, Henry Bell and Adam Wever, their as-
sociates, and all others who may hereafter subscribe for
or become owners of stock in said company, be and they
hereby are constituted a body politic and corporate, for
the purpose of manufacturing cotton, wool, flax, hemp,
paper, machinery, iron and other metals, by the name

Name and
style.

Corporate
powers, &c.

Proviso.

and style of the Potomac Manufacturing Company,
and that by the said name, they and their successors shall
and may have perpetual succession, and have and use a
common seal and alter or change the same at pleasure,
with capacity to purchase, take and hold goods and
chattels, lands and tenements, and the same to grant,
sell, let or assign; and by the name and style aforesaid,
they may sue and be sued, plead and be impleaded, in all
manner of actions, suits, complaints, matters and causes
whatsoever, and shall have power to enter into all man-
ner of contracts necessary for manufacturing operations
and general business of the company, and to make such
bye-laws, rules and regulations, not contrary to the laws
of the United States or of this State, as they may deem
expedient and proper for the government of said cor-
poration; provided, that the said company shall not, at
any one time, hold more than one thousand acres of land,
purchased for the necessary manufacturing operations
of the said company.

Capital stock
limited to five
hundred thou-
sand dollars.

SEC. 2. And be it enacted, That the capital stock
of said company shall not be less than twenty-five
thousand dollars nor more than five hundred thousand
dollars, and shall be divided into shares of one hundred
dollars each, to be raised by subscription, for which
purpose the within named persons or any three of them
shall have power and authority to open books, when,
where and under whom they may appoint for that pur-
pose, and shall act as directors until the first Monday in
June next, or until successors be chosen, and as such,
shall exercise the powers and perform the duties con-
ferred and required by the next section of this act, after
having taken the oath therein prescribed.

Officers— how
& when elec-
ted— their du-
ties.

SEC. 3. And be it enacted, That for managing the
affairs of said company, there shall be chosen at a
general meeting of the stockholders, subscribers and