1849.

LAWS OF MARYLAND.

CHAP. 89.

Robbins, their associates, successors and assigns, be and
they are hereby created a corporation and body politic,
by the name and style of trie Maryland Soap Stone
Company, and by that name may sue and be sued, an-
swer and defend, in any court of law or of equity, and
may ordain and establish such bye-laws, rules and regu-
lations as shall appear necessary for conducting the con-
cerns of said corporation, not contrary to law, and the
same change, alter and amend as may appear proper,
and may make and use, and at pleasure change or re-
new, a common seal, and in general may do any act or
thing necessary to carry into effect the provisions of this
act, and promote the design of the company.

May hold land
and erect build-
ings.

SEC. 2. And be it enacted, That the objects of said
corporation are the quarrying, manufacturing and trading
in soap stone and other minerals, for which purpose they
are hereby authorized and empowered to purchase, hold
and sell land or other property in fee simple, or other-
wise, and erect thereon all needful or convenient build-
ings.

Capital.

SEC. 3. And be it enacted, That, the capital stock of
said corporation shall be one hundred thousand dollars,
with liberty to increase the amount to one hundred and
twenty-five thousand dollars, to be divided into shares of
one hundred dollars each, and every person who shall
be a holder of one or more shares, shall be entitled to
vote either in person or by proxy, having one vote for
each share as aforesaid, and it shall be lawful for said
corporation to grant certificates of full stock in whole or
part payment for the consideration of quairies, lands,
buildings, machinery, mining rights or privileges in
place of a money subscription to said slock, at such
valuation as a majority of all the subscribers shall fix,
said subscriptions to become void, if satisfactory titles or
conveyances to the corporation be not made at such a
period as said corporation may direct, after its organiza-
tion.

Affairs — how
managed.

SEC. 4. And be it enacted, That the affairs of said
corporation shall be managed by a president, who shall
also be a director, and not less than four other direc-
tors, to be elected by the stockholders, who shall re-
main in office one year, or until successors shall be
elected, the president and directors being hereby em-
powered to pass bye-laws, fixing the period of elec-
tions, and to make all regulations in regard to them,
and for any omission to elect at the time appointed,
no such omission to operate as a dissolution of said
corporation.