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Dec. Sess.
1815.
Deed being
executed shall
be invested
with shares.
May receive
subscriptions.
Annual meet-
ing— vote.
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be assignable in such manner and under such restrictions as the
by laws and ordinances to be made by the president and direc-
tors or a majority of them shall direct.
AND WHEREAS, The said Edward Gray, Joseph Ta-
gert, William Rogers and Robert Taylor, are joint owners of
sundry tracts of land, lying in Anne Arundel and Baltimore
counties, on which the cotton factory aforesaid and other
buildings are erected; and it is contemplated and in ended that
the said lands, factory and improvements shall constitute a part
of the capital stock of said company, at the estimated rate and
value of one hundred and twenty nine thousand dollars,
3. BE IT ENACTED, That on the execution of a suffici-
ent deed by the said Edward Gray, Joseph Tagert, William
Rogers and Robert Taylor, agreeably to the laws of this state,
conveying to the Patapsco Manufacturing Company the lands,
factory and improvements aforesaid, with the privileges
and appurtenances thereunto belonging, in pursuance of
this act they shall thereupon be entitled to and invested with
shares or stock in the said company, to the amount of the said
sum of one hundred and twenty nine thousand dollars, in the
following proportions and numbers in severally, that is to say,
the said Edward Gray two hundred and twenty six shares; the
paid Joseph Tagert four hundred and fifteen shares; the said
Robert Taylor two hundred and twenty six shares; and the
said William Rogers four hundred and twenty three shares ;
and each of the said persons shall have full power as any other
stockholder, to sell, devise or otherwise dispose of, all or any
of the shares with which he shall be so invested, and on being
divested by transfer or otherwise, of all his shares of stock,
shall in like manner cease to be a stockholder.
, 4. AND BE IT ENACTED, That the said Edward Gray,
Joseph Tagert, William Rogers and Robert Taylor, or such
one of them as the others shall authorise for that purpose, shall
or may receive subscriptions and payment for so many shares
of the stock of the said company, in addition to the number
to which they shall be entitled as aforesaid, as they may
deem necessary, not exceeding the limited amount of capital
aforesaid, and the amount so subscribed for and received shall
be applied as part of the capital to the use of the said company.
. 5. AND BE IT ENACTED, That there shall be a meet-
ing of the stockholders of said company annually on the first
Monday in March, for the purpose of electing a president and
four directors, to manage all the concerns of the company, and
the stockholders for the time being shall vote by ballot in per-
son, or by proxy, each share shall be entitled to one vote, and
the majority of the whole number of votes given shall be ne-
cessary and sufficient to elect the president; and any two disin-
terested persons appointed by the board of directors or a majo-
rity of them shall receive the votes and be judges of the elec-
tion; and if from any cause an election shall not take place on
the day appointed, the said judges may appoint another day
within thirty days thereafter, for an election of which and of all
other, days appointed for elections, the stockholders shall be
notified, in such manner as the by laws of said company shall
provide; and until an election of president and directors shall
be made as herein provided the business of the said compa-
ny shall be conducted and directed by the above named Ed-
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