1846.

LAWS OF MARYLAND.

CHAP. 320.

law or equity; and may make and use a common seal,
and alter the same at pleasure; and may have and use
all the rights, powers and privileges necessary or proper
for making and manufactuiing of, or trading and dealing
in iron and other articles; and to purchase, hold and
use real and personal estate, and to construct such build-
ings and improvements on their lands as may be necessa-
ry to carry on such business; and the said estate, or any
part thereof, to sell and convey, or otherwise dispose of,
as they may deem proper; and generally to do all such
acts, and to pass and enforce such by-laws and regula-
tions as may be proper and necessary for conducting
the business of said corporation, the same not being con-
trary to law, or to the provisions of this act.

Capital stock
to be divided
into shares of

$100 each.

SEC. 2. And be it enacted, That the capital stock of
said company shall be divided into shares of one hun-
dred dollars each, and shall at no time exceed three hun-
dred thousand dollars; and every person who shall be
the proprietor of one share or more of said stock shall
be a member of said corporation, and as such shall be
entitled at all elections, and in all meetings of the stock-
holders, to one vote, in person or by attorney, for each
and every share of said capital stock which is held by
such person; and said capital stock may, in whole or in
part, consist of, and be vested in lands, buildings, ma-
chinery, tools and materials necessary or useful for car-
rying on the business of said corporation; and the shares
of said capital stock shall be deemed personal estate,
and be transferable only on the books of the corporation,
and in such manner as may be provided and directed by
the by-laws, and that all the property, estate, effects and
joint stock of the corporation shall be bound and an-
swerable for its debts and liabilities.

Conducted by
a President &
three Directors.

SEC. 3. And be it enacted, That the affairs of said
company shall be conducted by a president and three di-
rectors, who shall be chosen by the stockholders from
amongst themselves, to serve until the first Monday of
the next succeeding July, or until their successors shall be
chosen annually thereafter on the same day, or on
such other day as the by-laws may provide, and in case
such election shall not be held, the said corporation may,
nevertheless, hold an election at any time within twenty
days after the time fixed by this act, or the by-laws of
said corporation; and the president and directors who
shall be chosen, shall act in their respective offices
until their successors shall be chosen, and they, or a ma-
jority of them, shall form a quorum or board for the