LEVIN WINDER, ESQ. GOVERNOR.

89

CHAPTER 78.
An act to incorporate "The Bellona Gun Powder Com-
pany of Maryland."
SEC. 1. BE IT ENACTED by the General Assembly
of Maryland, That Henry Payson, James Cox, Peter
Levering, Alexander Macdonald, Nicholas G. Ridgely,
Thomas Wilson, James Beatty, Aaron Levering and
George Maris, their associates, successors and assigns,
be and they are hereby created a corporation and body
politic, by the name and style of "the Bellona Gun Pow-
der Company of Maryland," and by that name may have
perpetual succession, and shall be able and capable in
law, to sue and be sued, implead and be impleaded, an-
swer and be answered, in any court of law or equity,
and to make and use a common seal, and the same to
change and alter at their pleasure, and to ordain and es-
tablish such by laws and regulations as shall be neces-
sary or convenient for conducting the affairs of this cor-
poration, and not repugnant to the laws and constitution
of this state or of the United States.

DEC. SESS.
1814.

Passed Jan.
16, 1815.
Succession—
capability, by-
laws &c.

9. AND BE IT ENACTED, That the objects of
this corporation are declared to be the manufacturing and
vending of gun powder and the carrying on of any other
branches of manufacture in their discretion; for which
purpose they are hereby authorised to purchase and
hold lands in fee simple or otherwise, not exceeding one
thousand acres at a time, and to erect thereon all needful
and convenient buildings.

Objects &c,

3. AND BE IT ENACTED, That the capital stock
of said corporation shall be one hundred and fifty thou-
sand dollars, and to consist of three hundred shares of
five hundred dollars each.

Capital—
shares.

4. AND BE IT ENACTED, That there shall be a
meeting of the stockholders of the said corporation on
the first Monday of January in every year, or within ten
days thereafter, for the purpose of choosing five direc-
tors, to manage all the concerns of the company, who
shall be elected by ballot, in person or by proxy, and
each share shall entitle the holder thereof to one vote.

Meeting—vote.

5. AND BE IT ENACTED, That the board of
directors, (three of whom shall be a quorum) at their
first meeting after each annual election shall appoint
one of their number president to continue for that year ;
and they shall fill up all vacancies which may happen
in their body during the year. They are also authorised
to employ, compensate, and dismiss at pleasure, all of-
ficers, agents, and superintendants which may be thought
needful or beneficial to the company. They shall esta-
blish regulations for the transfer of the stock thereof,
and for proof of the ownership therein. They shall
have power in behalf of the company, to eater into con-
19

Quorum--Pre-
sident— vacan-
cies — officers,
agents, &c.
powers and

privileges.