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enable them the more effectually to accomplish their purposes ;
Therefore,
Sec. 1. Be it enacted by the General Assembly of Maryland,
That S. Smith and Buchanan, Andrew Clopper, Price and Wat-
son, George Warner, George Harryman, Micajah Merryman, and
James A. Buchanan and Co. and all such other persons as shall
associate with them by becoming stockholders in the manner
hereinafter provided, their successors and assigns, shall be, and
they are hereby made and constituted a body politic and corporate,
by the name, style and title, of The Warren Manufacturing Com-
pany, and by the same name, style and title, shall have continual
succession, and shall be capable in law to sue and be sued, plead
and be impleaded, and to make and use a common seal, and the
same at their pleasure to alter or renew, and to purchase, hold,
enjoy, improve, or dispose of and convey, any lands, tenements,
hereditaments, goods, chattels, and all manner of estates, real,
personal or mixed, and generally to do and perform all such acts
as may be necessary for carrying on the manufacturing of cotton,
and any other manufacture in their discretion; Provided, that the
said company shall not at any one time possess more than one
thousand acres of land, or hold or possess real and personal estate
together above the value of one million of dollars.
2. And be it enacted, That the capital stock of said company
shall not exceed the sum of one million of dollars, and shall be
divided into shares of one hundred dollars each; and every per-
son who shall become the owner of one or more shares of the
said stock, by purchase, transfer, devise, or in a course of distri-
bution, shall thereupon become a stockholder in the said company;
and every person who shall be divested of all his stock in the said
company, by sale and transfer, or by operation of law, shall there-
upon cease to be a stockholder; and the said shares of stock, as
to all legal purposes, shall be deemed and considered as personal
estate, and shall be assignable in such manner, and under such re-
strictions, as the by-laws and ordinances to be made by the pre-
sident and directors, or a majority of them, shall direct.
3. And, whereas the said S. Smith and Buchanan, Andrew Clop-
per, Price and Watson, George Warner, George Harryman, Mica-
jah Merryman, and James A. Buchanan and Co. are joint owners of
sundry tracts of land in Baltimore county, on which the cotton fac-
tory aforesaid, and other buildings, are erected, and it is contempla-
ted and intended that the said lands, factory and improvements shall
constitute a part of the capital stock of said company, at the es-
timated value of one hundred and fifty thousand dollars; therefore,
Be it enacted, that on the execution of a sufficient deed by the
said S. Smith & Buchanan, Andrew Clopper, Price and Watson,
George Warner, George Harryman, Micajah Merryman, and
James A. Buchanan & Co. agreeably to the laws of this state,
conveying to the Warren Manufacturing Company, the lands,
factory, and improvements aforesaid, with the privileges and ap-
purtenances thereunto belonging, in pursuance of this act, they
shall thereupon be entitled to, and invested with, shares of stock
in the said company to the amount of the said sum of one hun-
dred and fifty thousand dollars, in the following proportions and
numbers in severalty, that is to say, the said S. Smith and Bu-
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Dec Ses. 1816
Company in-
corporated.
Capital
Upon convey-
ance of lands,
certain persons
to be entitled
to shares.
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