1849.

LAWS OF MARYLAND,

CHAP. 55.

ure; and the said company shall have all the rights and
privileges necessary for the manufacture of all kinds of
woolen and cotton goods; and to hold all such property
as may be necessary for carrying on said business,

Proviso.

whether it be real, personal, or mixed; provided, the
company shall hold at no time more than one thousand
acres of land; and the said company shall have power,
for the purposes above, to make such bye-laws, rules,
and regulations as may be necessary, the same not be-
ing contrary to any taws of this State, or the United
States,

Capital stock.

SEC. 2. Be it enacted. That the capital stock of said
company shall consist of six thousand shares, at twen-
ty-five dollars each.

To receive
subscriptions.

SEC. 3. Be it enacted, That the said Hugh Gelston,
George Mattingly, Christian Conradt, and James W.
Smith, shall have power to open books for subscription
to the said capital stock, and receive the same until the
company is organized, and the officers appointed, agree-
able to section fourth.

Officers — how
and when cho-
sen.

SEC. 4. Be it enacted, That the affairs of said com-
pany shall be managed by a president and five directors,
who shall be chosen annually by vote of the stockhold-
ers; all meetings to be held in the city of Baltimore;
every stockholder shall be entitled to one vote for each
share of stock, in person or by proxy.

When to go in-
to operation.

SEC. 5. Be it enacted, That when thirty thousand
dollars is subscribed to the said capital stock, agreeable to
the provisions in section tenth, the company shall go
into operation; the shares of said stock shall be assigna-
ble and transferable as may be provided for by the bye-
laws of said company, and shall be considered personal
property.

Liabilities not
to exceed actu-
al capital.

SEC 6. Be it enacted, That the liabilities of said
company shall not at any time exceed the amount of
capital actually paid in.

Dividends, &c.

SEC. 7. Be it enacted, That the president and direc-
tors of said company shall, as often as once in every
year, prepare a full report of the state of affairs of said
company, for the benefit of the stockholders and others
interested therein, and declare such dividends as they

Proviso.

may think proper of the profits, said dividends to be de-
clared semi-annually: provided, no dividend shall be
made of any part of the capital stock, under pretence of
making a dividend of the profits, and the surplus only
of the property, effects, and separate debts due to the
company, above the capital stock, responsibilities, and
debts due by it, shall be regarded as profits.