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LAWS OF MARYLAND.

Dec. Ses. 1821.

er Company of Baltimore; and by that name and under that style
shall have succession during the continuance of the present incor-
poration, and be authorised to sue and be sued, plead and be im-
pleaded, as well in law as in equity; also to fix upon, make, have
and use a common seal, liable to be changed or altered at pleasure;
and to ordain, constitute and establish such by-laws rules and ref-
lations from time to time, as shall seem advisable and necessary for
the better management and promotion of the said company, not in-
consistent with or contrary to this act, or the constitution and laws
of this state, or of the United States.

Capital—com-
missioners.

2. And be it enacted, That a subscription book shall be open-
ed in the city of Baltimore, for a capital stock of twenty thousand
dollars, in shares of one hundred dollars each, under the direction
of Joseph Jamison, James L. Hawkins, Charles Diffenderffer,
James Martin, Philip Uhler, David Burke, George Maris, Robert
Armstrong, William G. Hands, William H. Wood, Robert Fisher
and John K. Rowe who are hereby appointed commissioners for
that purpose.

Installments.

3. And be it enacted, That every subscriber shall pay to the
commissioners at the time of subscribing, five dollars on each share,
and not exceeding ten per cent every sixty days thereafter on the
amount subscribed, until the whole capital or such part thereof as
the president and directors may deem sufficient to accomplish the
object intended, is paid in.

Elections.

4. And be it enacted, That after the stock shall have been
taken as aforesaid, the commissioners shall convene the stock-holders,
for the purpose of electing one of them as president, and eight as
directors, to be repeated annually thereafter, at such time and place
in the city of Baltimore, as the commissioners in the first instance,
and the president for the time being thereafter, shall name and ap-
point.

Stock-holders
to vote.

Proviso.

5. And be it enacted, That as well in choice of president and
directors from time to time, as in all other cases, each stock-holder
shall be entitled to one vote only, to be given in such manner as the
president and directors shall prescribe: Provided nevertheless, that
none shall be stock-holders but citizens of the United States residing
in the state of Maryland.

May rent, lease
or purchase
houses, &c.

6. And be it enacted, That the president and directors shall
have power to rent, lease or purchase such ground and suitable
houses within or adjacent to the city of Baltimore, for the erection
of works, a depot or ware-rooms for the reception and sale of shot,
transacting the business of the company, and generally for the full
accomplishment of their object, as they shall from time to time
deem necessary and proper.

Dividends.

7. And be it enacted, That at least once a year, dividends of
the profits on the stock of the said company shall be declared and
paid to the stock-holders, their attorney, or legal representatives, at
stated periods.

Meetings.

8. And be it enacted, That in order the more effectually to
call the attention of the president and directors to the interests of
the company, stated meetings shall be convened and held monthly
at least, and special meetings whenever it shall be deemed advisable
by the president; and at every such meeting the names of the at-