1852.

LAWS OF MARYLAND.

CHAP. 317.

Power of cor-
poration.

than are conferred and prescribed by this act, the bye-
laws, rules and regulations aforesaid excepted.

SEC. 2. And be it enacted, That said corporation,
be, and it is hereby empowered, to procure by mining,
therefor or otherwise, Cinnabar or Quicksilver and other
ores, and to smelt and prepare the same for manufac-
ture, and to manufacture the product thereof, and
vend said ores and products, and manufacture at any
place, or transport and export the same for sale or other
wise, as may seem expedient, in vessels or by oilier
means of said corporation, and to have and to hold and
improve for the purposes aforesaid of the corporation.
and to acquire and to sell, and dispose of any real estate
or personal property, from time to time, as may be judged

Proviso.

expedient; Provided, that said corporation shall not be
authorised to hold mere than fifty acres of laud within
the limits of the State of Maryland.

Capital stock.

SEC. 3. And be it enacted, That the capital stock of
said corporation, shall not exceed one million of dollars,
to be divided into such number of shares as the Presi-
dent and directors shall think proper, and to be subscrib-
ed for under the direction of the persons named in the
first section of this act, or any three of them, and any
person or persons, may subscribe lands or monies, or
mining rights or privileges in place of money sub-
scription to said stock, to be received in subscription
aforesaid, at such valuation as a majority of all the sub-
scribers shall fix such subscription; the said corporation
may be organized and go into operation aforesaid, on
having a subscription made to the amount of three hun-
dred thousand dollars of its stock aforesaid.

Affairs — how
managed.

SEC. 4. And be it enacted, That the affairs of the
corporation shall be managed, and all its powers afore-
paid, exercised by a president and nine directors, of
whom the president shall be one, and five of whom
shall constitute a quorum, the directors shall be chosen
by the stockholders on a day to be fixed by the persons,
under whose directions subscriptions to stock are to be
taken, which said directors shall serve one year from
their said election, or until others shall be chosen in
their stead; the president shall be chosen annually by
the directors from their own body, at such time and in
such manner us they shall appoint; the president, and
directors are hereby empowered to pass bye-laws fixing
the time and mode of their election, and to make all
regulations in regard thereto, they are likewise hereby
empowered to pass all necessary bye-laws relating to
meetings of the stockholder and the board, the ap-
pointment and employment of agents to manage their
business, to their duties and compensation, the transfer