94

LAW'S OF MARYLAND.

DEC. SESS.

1814.

The Powhatan Manufacturing Company of Maryland,,
and by that name may have perpetual succession, and
shall be able and capable in law, to sue and be sued, im-
plead and be impleaded, answer 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 establish such by laws and regulations
as shall be necessary or convenient for conducting the
affairs of this corporation, not repugnant to the laws or
constitution of this state or of the United States.

Objects of the
corporation.

2. AND BE IT ENACTED, That the objects of the
paid corporation are declared to be the manufacturing and
vending of cotton yarn and of cotton goods, and the
carrying on of any other branches of manufacture in
their discretion; for which purposes, they are authorised
to purchase and hold lauds in fee simple or otherwise not
exceeding one thousand acres at a time, and to erect
thereon all needful or convenient buildings.

Capital—
shares.

3. AND BE IT ENACTED, That the capital stock
of said corporation shall be four hundred thousand dol-
lars and to consist of four hundred shares of one thousand
dollars each.

Election of

directors.

4. AND BE IT ENACTED, That there shall be it
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 directors
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.

President —
vacancies ——
powers and
privilege; ——
by-laws &c.

5. AND BE IT ENACTED, That the board of di-
rectors, (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 officers, agents
and superintendants, which may be thought needful or be-
neficiul to the company. They shall establish 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 enter into contracts, to make purchases of real
estate, and to make purchases and sales of personal
property, and to use therefor the name and seal of the
corporation. They may call for payments by instal-
ments of the capital stock, and shall from time to
time declare dividends of the profits of the concern, and
report to the stockholders the state of their funds. They
are also authorised to make such by-laws and regulations,
and the same to repeal at pleasure, as shall be necessary
tor the well conducting of the business of the company,
not inconsistent with the provisions of this act; and shall
generally have authority to exercise all the powers and pri-