T. WATKINS LIGON, ESQUIRE, GOVERNOR.

193

SEC. 2. And be it enacted, That the management
of the said company, shall be vested in a board of five
directors, one of whom shall be president, to be elected
by the stockholders in such manner us the by-laws may
proscribe, and the said board shall have full power and
authority in the name of the company, to do all things
which may be necessary and proper to be done by them
as a company incorporated for the purpose of owning
mines and lands in Allegany county, for improving,
opening and working the same, for erecting and carry-
ing on mills and manufactories and to transport the pro-
duels of the same and the products of their mines to
market, and to execute and carry into effect the powers
and privileges herein granted.

Management.

SEC. 3. And be it enacted, That the capital stock
of said company, shall consist of twenty thousand shares,
the par value of which shall be twenty-five dollars per
share, of which the lands of the said Philip Pendle-
ton, shall constitute a part at such price as may bo
agreed upon by the said Philip Pendleton and the sub-
scriber or subscribers for the shares of stock, and the
president and directors may from time to time, increase
the capital stock as such increase may, in their opinion

Capital stock.

become necessary; Provided, the same shall at no time
exceed twenty thousand shares over and above the es-
timated value of the lands of the company, and the
shares of the said company shall be deemed and held
to be personal property, and assignable on the books of
the company or transferred in such manner as the by-
laws may direct; and provided further, that the lands
held by said company in payment for subscriptions or
by purchase as aforesaid shall at no time exceed five
thousand acres.

Provisoes.

SEC. 4. And be it enacted, That the said company
shall have power to construct a rail road or canal
through and from the lands which may be held by
them, to connect with any other rail road or canal
necessary to transport their coal and other products to
market, and to continue said rail road or canal by such
route or routes as the said company may find conve-
nient, so far as may be necessary to form a connection
with the Baltimore and Ohio Rail Road or the Chesa-
peake and Ohio Canal, and shall have power to charge
such rates of toll thereon, as the Baltimore and Ohio
Rail Road or Chesapeake and Ohio Canal may re-
spectively charge by virtue of their several charters,
and in case the said company should find it convenient

Power to con-
nect with
other roads.