1849.

LAWS OF MARYLAND.

CHAP. 316.

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

Commissioners
to receive sub-
scriptions.

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
persons, or a majority of them, named in the first sec-
tion of this act, and each subscriber, save where lands
and mines aforesaid shall be accepted as subscription,
shall pay the sum of fifty dollars on each share of
stock by him subscribed, and the subscribers to the
said stock, and the 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— how
managed.

SEC. 4. And be it enacted, That the affairs of the
company 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 pre-
sident, the first election of whom to be by the stock-
holders, 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 regulations in relation thereto,
shall be established by such bye-laws as from time to
time shall be passed by the president and directors,
and the said president and directors may pass all bye-
laws in relation to any vacancies occurring in the pre-
sidency or directory, or any absence of the president
or any director, and in general may ordain any bye-
laws defining or declaring the duties or powers of said
president and directors, and in anywise 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 majori-
ty and one director besides, shall constitute a quorum
for the transaction of business.

Authorised to
construct rail
roads.

SEC. 5. And be it enacted, That for the purpose of
enabling the said company to transport the produce of
the mines and manufactories, in the cheapest and
most expeditions manner, the said company and the
president and directors thereof, shall be and they are
hereby invested with all and singular, the rights,
powers, privileges, authority, and advantages for the
surveying, locating, establishing, constructing, and
making a rail road, or rail roads, and all necessary ap-
purtenances from any of the mines or property, or
from any point or place of the property or land of said