LAWS OF MARYLAND.

49

from the time of such notification, at the place which may be de-
signated for holding their elections, who shall then and there pro-
ceed to fill such vacancy or vacancies.

Dec. Ses. 1824

CHAPTER. 71.
An act to incorporate the President and Directors of the Baltimore Gun
Powder Company.
Sec. 1. Be it enacted by the General Assembly of Maryland,
That a company be incorporated to erect a Gun powder factory
adjacent to the city of Baltimore, and that said company be, and
is hereby created and declared to be a body politic and corporate,
by the name and style of the Baltimore Gun powder company, and
by that name, and under that style, shall have succession during
the continuance of the present incorporation, and be authorised to
sue and be sued, plead and be impleaded, as well in law as in equi-
ty; 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 regulations from time to time as
shall seem advisable and necessary for the belter management and
promotion of the company.

Passed Jan.
26, 1825.
Corporate
powers gran-
ted.

2. And be it enacted, That a subscription book shall be opened
in the city of Baltimore, for a capital stock of twenty thousand
dollars, in shares of one thousand dollars each, under the direc-
tion of Joseph Jamison, George W. Burke, Joshua Turner, C. C.
Jamison, Robert Armstrong, Benjamin C. Ross, Joshua Wall.
James Carnyhan, John Morgan and William G. Hands.

Capital
$20,000—
commission-
ers.

3. And be it enacted, That the stock or capital shall not exceed
twenty thousand dollars, to consist of twenty shares of one thou-
sand dollars each.

Capital lim-
ited.

4. And be it enacted, That all the stockholders shall be directors,
and be convened on the first Monday in January in each year, at
such time and place in the city of Baltimore, as the president for
the time being may appoint, except in the first organization of the
stockholders, when they shall elect a president to serve until the
regular annual meeting.

Directors--
President.

5. And be it enacted. That as well in the choice of a president
from time to time, as in all other cases, each stockholder shall
have one vote on each share he may hold in the company.

Votes.

6. And be it enacted, That the president shall have power to rent,
lease or purchase such ground and suitable houses for the erection
of works, a depot or wart rooms for the reception and sale of

powder, and transacting the business of the company.

President's
power.

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

periods.

Dividends.

8. And be it enacted, That in order the more effectualy to call the
attention of the president and directors to the interest of the com-
pany, stated meetings shall be convened and held quarterly at least,
and as much more frequent as shall be deemed advisable, and at
every such meeting, the names of the attending members shall he
recorded in a book of minutes and proceedings to be kept for the
purpose.

Quarterly
meetings.