474

LAWS OF MARYLAND.

and use a common seal and the same alter and
renew at pleasure, and the said company shall
have all the privileges and rights necessary for
carrying on the mining of coal and transporting
the same, to market, and shall also have power
to purchase and hold lands, mines, railroads and
train roads and all other kinds of property, real,
personal and mixed, and the same to lease or sell

Proviso.

again at pleasure; Provided, however, that the
said company shall at no time own more than
five hundred acres of land in Allegany county.

Capital stock.

SEC. 2. And be it enacted, That the capital
stock of said company shall he two hundred and
fifty thousand dollars, divided into shares of the
par value of one hundred dollars each, and when-
ever one hundred thousand dollars of said stock
shall be subscribed, the said company shall be
organised and authorised to act as a body cor-
porate.

Stock trans-
ferable.

SEC. 3. And be it enacted, That the shares of
said capital stock shall be considered as personal
property, and shall he assignable and transfer-
able in such manner as the by-laws of said com-
pany may prescribe; and subscriptions to the
said capital stock shall be made and received at
such time and places, and in such manner as the
persons named in the first section of this act,
or a majority of them, may designate and ap-
point, and such subscriptions may be paid either
in lands or other property, at a valuation to be
fixed and agreed upon between those making
such subscriptions and the persons receiving the
same, as hereby authorised, in money, and the
stockholders shall be entitled to one vote, in per-
son or by proxy, for each share of stock held by
them.

Management.

SEC. 4. And be it enacted, That the affairs of
said company shall be managed by a president
and six directors who shall be chosen annually
by the stockholders, to serve for one year and un-
til others shall be elected, and in case of any va-
cancy occurring in the president and directors of
said company, the remaining directors shall have
power to fill such vacancy until the next general
meeting of the Stockholders shall be held, and
until the first election for directors shall be had
and held by the stockholders, the said persons