PHILIP F. THOMAS, ESQUIRE, GOVERNOR.

1849.

proper and necessary for carrying on the manufacture of
iron, and of articles of which iron is a component part,
and for opening, working, transporting to market, and
vending the produce of their lands, mines, and manu-
factories, and shall have power to take, purchase, and
hold all such property, real, personal, or mixed, as they
may require for the purposes aforesaid, and shall have
power to make and enter into all manner of contracts,
in relation to the business and property aforesaid; pro-

CHAP. 153.

vided, that the said corporation shall at no time hold or
possess, in this State, more than five thousand acres of
land, exclusive of the quantity which may be occupied
as the bed of any road or roads, which it may be found
necessary to purchase or construct, and may, for the
purposes aforesaid, have and exercise, except as restrict-
ed by this act, 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, con-
trol and disposition of the property acquired by them,
and not repugnant to any law of this State, or of the
United States.

Proviso.

SBC. 2. And be it enacted, That the capital stock of
said corporation, whether the same be real or personal,
or both, shall amount to the sum of five hundred thou-
sand dollars, which shall be divided into shares of two
hundred dollars each, and the said corporation shall
have power to increase said capital stock, if they should

Capital stock,

&c.

think it advisable so to do; provided, said capital stock.
shall not be increased, so as to exceed at any time the
sum of one million of dollars, which additional stock
shall be divided into shares as aforesaid, and the lands
and mines, or any part thereof, of the said John Swan,
Charles F. B. Swan, Robert Swan, and William Price,
or either of them, may, at the option of said corpora-
tion, constitute a part of said capital stock, at such
price as may be agreed upon between the said corpora-
tion and said parties, or either of them.

Proviso.

SEC. 3. And be it enacted, That John Swan, Charles
F. B. Swan, Robert Swan, and William Price, or a
majority of them, shall be authorised to receive sub-
scriptions to the capital stock of said corporation, and
shall designate the times and places at which said sub-
scriptions shall be received, by giving notice in one or
more newspapers printed in the town of Cumberland
and the city of Baltimore, and each subscriber shall pay,
at the time of subscribing as aforesaid, the sum of five
dollars upon each and every share so subscribed for,
and shall, by virtue thereof, be taken and considered,
and thereby become a member of said corporation, and

To receive
subscriptions.