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ed or invested as capital, as is hereinafter described and defined,
the number of shafts shall amount and be limited to eleven hun-
dred; of which number one hundred shares shall be set apart to be
assigned to the above named Rembrandt Peale, over and above his
proportion as a member of the company, as a compensation in full
for transferring to the Gas Light Company of Baltimore, so far
as respects the city and precincts of Baltimore, the patent right
assigned to him by Doctor Benjamin Kugler, of Philadelphia,
to use his improvements in the mode of manufacturing, collect-
ing and using, carburetted hydrogen Gas, and also for the right
to use in the said city and precincts, all improvements in the
mode of collecting, manufacturing, and using Gas, which have
been or shall be invented or discovered and published, or patented
by the said Rembrandt Peale, upon which one hundred shares no
payment shall be required; and the remaining one thousand
shares shall be and they are hereby equally divided and appor-
tioned to and among, and vested in the said Rembrandt Peale,
William Lorman, James Mosher, Robert Cary Long, and Wil-
liam Gwynn, two hundred shares to each of them in his own dis-
tinct and separate right, the amount thereof, or such part of the
amount of the proportion of each, as shall not have been advanc-
ed or paid to the use of the company before the passage of this
act, to he paid by them respectively to the treasurer of the com-
pany, at such times, and in such instalments, as a majority of
the board of directors hereinafter mentioned shall require; and
all dividends of profits, when made, shall he apportioned equally
on the said eleven hundred shares, and paid to the respective
owners thereof, until the number of shares shall be increased in
the manner authorised by this charter.
3. And be it enacted, That the affairs and business of the Gas
Light Company of Baltimore aforesaid, shall be conducted and
managed by a beard of live directors, and by such officers and
agents as they, or a majority of them shall appoint; and the said
Rembrandt Peale, William Lorman, James Mosher, Robert Cary
Long, and William Gwynn, are hereby appointed and constituted
directors of the said company, and authorised to act as such,
until, by transfers of the stock, or additional subscriptions
pursuant to this charter, the number of stockholders shall be
increased to ten, or upwards, and until the first Tuesday in June
thereafter, and the election of a board of directors by the stock-
holders.
4. And be it enacted, That on the first Tuesday in June next,
after the number of stockholders in the Gas Light Company of
Baltimore aforesaid shall amount to ten or upwards, and on the
first Tuesday in June annually thereafter, the said stockholders,
or so many of them as shall attend in person or by proxy, at the
place which shall have been appointed by the board of directors
for the purpose, shall elect, by ballot, from among the stockhold-
ers, five directors, to servo for one year and until the next elec-
tion; the ballots shall be received and counted by such two or
more judges of the election as shall have been appointed by the
board of directors: each stockholder shall he entitled to vote in
person or by proxy, one vote lor every share of stock he shall
hold at the time of the election; and the five stockholders who
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Dec. Ses. 1816
Affairs to be
managed by
five directors.
Election of di-
rectors.
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