1849.

LAWS OF MARYLAND.

CHAP. 326.

to sell, add dispose of any real estate or personal pro-
perty, from lane to time, as may be judged expe-
dient.

Capital stock.

SEC. 3. And be it enacted, That the capital stock
of said corporation shall not exceed three hundred
thousand dollars, to be divided into shares of one
hundred dollars each, and to be subscribed for under
directions of the persons named in this act, and any
person or persons may subscribe lands, or mines, or
mining rights, or privileges, in place of a money sub-
scription to said slock, to be received in subscription
as aforesaid, at such valuation as a majority of all the
subscribers shall fix such subscriptions.

When to go in-
to operation.

Sec. 4. And be it enacted, That said corporation may
be organised and go into its operations aforesaid, on
having subscriptions made to its capital stock of ten
thousand dollars, the persons under whose direction
subscriptions as aforesaid shall be received, fixing the
payments of such subscription monies.

Affairs — how
managed.

SEC. 5. And be it enacted, That the affairs of the
corporation shall be managed, and all its powers afore-
said be exercised by a president and five directors, to
be chosen by the stockholders on a day to be fixed,
and on notice given by the persons, or a majority of
them, under whose direction subscription of stock
shall be made as aforesaid, which president and di-
rectors shall serve for one year from their said erec-
tion, or until others shall be chosen, the president and
directors of the corporation being hereby empowered
to pass bye-laws, fixing the period of elections, and
to make all regulations in regard to them, and for any
omission to elect at the period appointed, and no omis-
sion of that kind to operate as a dissolution of said
corporation.

Duties of pres-
ident and direc-
tors.

SEC. 6. And be it enacted, That said president and
directors, or a majority of them, may do all acts ne-
cessary for the conducting of the business and carry-
ing out the objects of the corporation, and may ap-
point and employ any agents or other persons by them
deemed necessary for accomplishing said objects, may
declare annual or semi-annual dividends of profits as
ascertained by them, may pass all bye-laws and regu-
lations aforesaid, may fix and regulate the time or
times, and manner, and terms, and conditions of re-
ceiving further subscriptions, within the limits afore-
said, to the capital stock, and of all transfers of stock,
and also the manner of receiving votes at, and of con-
ducting any election for president and directors.