394

LAWS OF MARYLAND.

Object of in-
corporation.

SEC. 2. And be it enacted, That the purpose of
this act, is to enable practical Engineers and con-
tractors, to associate as an incorporated Company,
and to obtain by subscriptions,- a capital to enable
the Company as such, advantageously to contract
for the building and equipment of rail-ways, pub-
lic works and internal improvements; and to au-
thorise them as a Company, to construct railways,
public works and internal improvements; and to
manufacture iron and machinery and rolling stock ;
and to make the requisite contracts; and for the
purpose aforesaid, to receive and hold on deposit
and in trust, in as full and ample manner as any
individual may or might do, property and estate ;
and with full power and authority to sell and dis-
pose of any property or estate which may be placed
with them, in trust, including the bonds and obli-
gations of States, and of individuals and of com-
panies, and of corporations, without proceeding in
law or in equity, and in any market in the United
States or elsewhere; and for such price, and on
such terms as may be agreed on by contract be-
tween them and the parties contracting with them ;
and also to endorse and guarantee the payment
of the bonds and obligations of individuals, and
of States, and of corporations, and of Companies.

Capital stock.

SEC. 3. And be it enacted, That the capital stock
of the said Company, shall consist of shares of
five hundred dollars each, and that George W.
Hughes, Duff Green and Silas Semour, or a ma-
jority of them, may in person or by proxy, open
books of subscription, at such time and places as
they deem expedient; and when two thousand
shares shall have been subscribed, and ten per
cent, thereon shall be paid in, the share holders
may elect five or more directors, whose term of
service, mode of election, and powers and duties,
shall be prescribed by the by-laws of the Com-
pany; and the said directors shall have power, in
the name of the Company, to exercise the powers
and enjoy the privileges intended to be herein
given; and the directors for the time being, may
from time to time, as it may be deemed expedient,
enlarge their resources, by loans on a pledge of their
property and estate, or without such pledge, or by

Proviso.

new subscriptions; Provided, the whole subscrip-
tion to their capital stock, shall not exceed ten thous-