PHILIP, P. THOMAS, ESQUIRE, GOVERNOR.

1849.

E. McMurtrie, William White and J. C. Manning,
their associates, successors and assigns, be and they
are hereby created corporation and body politic,
by the name and style of the Frederick County Iron
Company, and by that name may have succession,
and shall be able and capable in law, to sue and be
sued, plead and be impleaded, answer and be answer-
ed in any court of law or equity, and to make and
use a common seal, and to ordain and, establish such
bye-laws and regulations as shall be necessary or con-
venient for conducting the affairs of the corporation,
not repugnant to law.

CHAP. 512.

SEC. 2. Be it enacted, That the objects of
said corporation are declared to the making and
manufacturing of iron, in all its branches, and
other articles, for which purpose they are hereby
authorised to purchase, hold and sell land, in fee sim-
ple or otherwise, necessary to the conducting of the
business, and to erect thereon all needful or conveni-
ent buildings, that the capital stock of the said com-
pany shall not be less than two hundred, and fifty
thousand dollars, nor more than five hundred thous-
and dollars.

Objects of cor-
poration.

SEC. 3. Be it enacted, That for the management
of the affairs of the company, the stockholders shall

elect a president and not less than three directors,
who shall remain in office for one year, or until suc-
cessors shall be elected, a majority of whom shall
form a quorum or board, that a majority of stockholders
shall at any time call a meeting upon advising all the
stockholders, by advertisement or otherwise, of the

time and place of holding said meeting.

Affairs — how

managed.

SEC. 4. Be it enacted, That the stock of said com-
pany shall be deemed personal estate, that all the pro-
perty, estate, and joint stock of the corporation shall
be bound and answerable for its debts or liabilities.

Capital stock
to be personal
estate.

SEC. 5. Be it enacted, That nothing contained
herein, shall be construed as granting banking privile-
ges to said corporation, or exempting their property
and effects from general taxation.

Banking forbid.

SEC. 6. Be it enacted, That this act shall endure
for the space of twenty years, and that the General
Assembly hereby reserves the right to alter, amend or
repeal this act at pleasure.

Reservation.