122

LAWS OF MARYLAND.

be occupied as the bed of any road or roads, which it
may be found necessary to purchase or construct, and
may for the purposes aforesaid, have and exercise, ex-
cept as restricted by this act, the right to make by-laws,
rules and regulations, and all the rights, privileges and
powers necessary to the objects of this act, and to the
use, control and disposition of the property acquired by
them, and not repugnant to any law of this State, or of
the United States.

Capital stock.

SEC. 2. And be it enacted, That the capital stock
of said corporation whether the same be real or person-
al or both, shall amount to the sum, of three hundred
thousand dollars, which shall be divided into shares of
one hundred dollars each, and the said corporation shall
have power to increase said capital stock if they shall

Proviso.

think it advisable so to do; Provided, said capital stock
shall not be increased so as to exceed at any time the
sum of five hundred thousand dollars, which additional
stock shall be divided into shares as aforesaid, and the
lands and mines or any part thereof, of the said Fred-
erick A. Schley, James M. Schley, Thomas Ham-
mond, George Schley and John G. Lynn, or either of
them, may at the option of said corporation, constitute
a part of said capital stock, at such price as may be
agreed upon between the said corporation and the said
parties or either of them.

Authority to
receive sub-
scriptions.

SEC. 3. And be it enacted, That Frederick A.
Schley, James M. Schley, Thomas Hammond, George
Schley and John G. Lynn, or a majority of them, shall
be authorised to receive subscriptions to the capital
stock of said corporation, and shall designate 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 the city of Baltimore,
and each subscriber shall pay at the time of subscrib-
ing as aforesaid the sum of five dollars upon each and
every share so subscribed for, and shall in virtue thereof
be taken and considered, and thereby become a member
of said corporation, and at all meetings of the stock-
holders, be entitled to one vote for each and every share
held by him, and all absent stockholders shall be allow-
ed to vote by proxy, and all shares in said corporate
property shall be considered personal property, and
transferable as such.

Management.

SEC. 4, And be it enacted, That the concerns of
said corporation shall be managed by a President, who
shall be a director, and other directors to be chosen an-
nually by the stockholders, and to serve for one year,