1849.

LAWS OF MARYLAND.

CHAP. 56.

Proviso.

make bye-laws, and all such other rules and regula-
tions as may be necessary for the proper management
of its affairs; provided, the same he not repugnant to
the laws of this State, or of the United States.

May hold prop-
erty.

SEC. 2. And be it enacted, That the said corpora-
tion shall have power to hold and possess real and
personal property to the amount of five hundred thou-

Proviso.

sand dollars; provided, that said corporation shall, at
no time, hold more than three thousand acres of
land.

Capital stock.

SEC. 3. 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
thousand dollars, which shall be divided into shares
of one hundred dollars each, and the lands and mines
of said E. W. Moore, William M. Jackson, F. L.
Richardson, and William II. Pomeroy, shall constitute
such part of said capital stock, at such a price as may
be agreed upon between them and the said corpora-
tion.

Commissioner
to receive sub-
scriptions.

SEC. 4. And be it enacted, That the said Moore,
Jackson, Richardson, and Pomeroy, or any two of
them, shall be authorised to receive subscriptions to
the capital stock of said corporation, and shall desig-
nate the times and places at which said subscription
shall be received, by giving notice in one or more
newspapers printed in the town of Cumberland, and
in the city of Baltimore, and each subscriber shall pay,
at the time of subscribing as aforesaid, such sum per
share, as shall be determined upon by said Moore,

Jackson, Richardson, and Pomeroy 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 at all meetings of
the stockholders be entitled to one vote for each and
every share so held by him, and all absent stock hold-
ers shall be allowed to vote by proxy, and all shares
in said corporation shall be considered as personal
property, and he transferred as such.

President and
Directors.

SEC. 5. And be it enacted, That the concerns of said
corporation shall be managed by a president, who shall
be a director, and four other directors, to be chosen
annually by the stockholders, and to serve for the
term of one year, and until others are chosen, and that
until such choice of president and directors, the said
Pomeroy, Jackson, Richardson, and Moore, or a ma-
jority of them, shall have power and authority as the
said president and directors would have, if chosen as