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Sec. 1. BE IT ENACTED by the General Assembly of
Maryland, That the subscribers for the said stock, consisting
of one hundred thousand dollars, divided into shares of one hun-
dred dollars, their legal representatives succesors or assignees,
shall be and they are hereby made and created a body politic
and corporate, by the name and style of The President and
Managers of the Somerset Manufacturing Company, and by
the same name and style shall have succession, and be able to
sue and be sued, implead and be impleaded in any court of law
or equity, and to make have and use a common seal, and the
same to change and alter when and so often as they shall think
fit, and do and suffer all acts, matters and things which a body
politic or corporate may lawfully do and suffer.
2. AND BE IT ENACTED, That the affairs of said
company shall be managed by a president and five managers,
to be chosen by the stockholders, by ballot, each stockholder
having as many votes as he has shares, voting either in person
or by proxy.
3. AND BE IT ENACTED, That the persons now act-
ing as president and managers shall continue to act until after
a new election of managers, which shall take place in the town
of Princess Anne on some day in April next, and on some day
in the same month annually, after giving ten days notice there-
of.
4. AND BE IT ENACTED, That no person shall be
chosen a manager unless he is a stockholder at the time of his
election.
5. AND BE IT ENACTED, That the president and man-
agers now acting, and those from time to time elected, shall
and may make and adopt all by-laws, rules and ordinances,
for the government and direction of said company, and the
affairs thereof, as the said board may judge necessary for the
carrying into effect the provisions of this law, provided the
same be not repugnant to the laws of this state or of the Unit-
ed States.
6. AND BE IT ENACTED, That all contract* for the
purchase or sale of property under the hand of the president
and seal of the company shall be obligatory upon the corpora-
tion.
7. AND BE IT ENACTED, That whenever a vacancy
shall happen in the office of managers, by death, resignation,
removal from the county, or ceasing to be a stockholder, it
shall immediately be filled up by ballot, by the directors, from
among the stockholders until the next election in course.
8. AND BE IT ENACTED, That the president and
managers shall have power,
1st. To purchase and hold on behalf of the said company in
fee simple or otherwise, lands and real estate suitable for the
erection of the necessary works, and for the accomplishment
of their undertaking, as they shall judge proper, not exceeding
fifty acres.
Secondly. To prepare or procure, adopt and execute, such
plan or plans as they shall think most advantageous and effec-
tual for establishing, carrying on, and encouraging manufacto-
ries, agreeably to the provisions of this act.
Thirdly, To appoint and remove, at their pleasure, the secre-
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Dec. Sess.
1815.
Shares-— capi-
tal—style.
Management.
Persons now
acting.
Managers
must be stock-
holders.
By laws &c.
Contracts.
Vacancies.
Powers.
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