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ordain and establish such by-laws, ordinances and regulations
as shall appear necessary for conducting the concerns of said
company, not acting contrary to, this act, or to the constitution
of the United States, or of the state of Maryland.
Article 2. And be it enacted, That the capital stock of the compa-
ny shall consist of twenty thousand dollars, divided into shares
of ten dollars each, for the purpose of manufacturing cotton and
woollen goods; one fourth, or two dollars and fifty cents, shall
he paid to the directors for the time bring, at the time of sub-
scribing for stock, and the remainder at such times as the direc-
tors may think proper to appoint, not giving less than ten days
notice thereof in some of the newspapers printed in the city of
Baltimore.
Article 3. The capital stock of the company may be increased
from time to time by receiving subscriptions for additional shares,
not exceeding in the whole one hundred thousand dollars, to be
employed as herein before provided, including the amount already
subscribed for; and on every such increase of stock, the stock-
holders of (ho company shall have a preference in subscribing for
such additional stock, to be apportioned among those who subscribe,
in case of an excess, in such manner as the directors by resolu-
tion to be passed and notified at least thirty days before the day
of subscription, shall prescribe.
Article 4. If any stockholder or stockholders shall fail to pay
his. her, or their instalments, to the amount often dollars on each
share, at the time or times, and in the manner herein before pre-
scribed, such stockholders shall forfeit to the use of the company
all monies paid in antecedent to such failure or default; Provided
however, that no forfeiture shall take place until six months af-
ter the full instalments of stock have been called in.
Article 5. That Joshua Stevenson, Thomas Owen, John
M'Kinley, David Polk, John Jordan, Thomas Nelson, James
Blundin, Robert Thompson, Edward Charsty, Richard Burnet,
Andrew Ray. William Boelhoevener and William West, shall be
the directors of the said institution or establishment until the first
Monday in January one thousand eight hundred and seventeen,
who shall, from among themselves, choose or appoint a president
and treasurer; and on the first Monday in January next, and in
each year thereafter, there shall be a general meeting of the
stockholders, at such place in the city of Baltimore as the presi-
dent and directors, for the time being, shall appoint, for the pur-
pose of choosing thirteen directors, nine of whom must be, or
have been, practical manufacturers, who shall appoint a presi-
dent and treasurer, in manner aforesaid, to serve until the next
annual election.
Article 6. In the choice of directors, and in all cases, the num-
ber of votes to which each stockholder shall be entitled shall be
in proportion to the stock he may hold, as follows, viz. one vote
to each share.; Provided, that no person or persons, body poli-
tic, or otherwise, shall be entitled to a greater number than twen-
ty-five votes; no share or shares shall confer a right of suffrage,
which shall not have been held three months previous to the day
of election: all stockholders who shall have paid up their instal-
ments, and none other, may vote at elections by ballot, cither in
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, Dec. Ses. 1816.
Capital 20,000
dolls—how to
be paid.
—may be in-
creased to 100,
000 dolls.
Forfeitures,
Proviso.
Directors ap-
pointed.
Votes.
Proviso.
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