The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1866-05-19

iccts and purposes ofthis act, and not incon-
Sistent with the laws of this State or of the
United States.
Sec =. And be it enacted, That the pur-
poses and sheets for which the Maryland
Land and Emigration Company aforesaid, is
incorporated. or the purchasing of large
tracts of land in one or more of the counties
of the the State. and the same to servey, lay
off into smaller tracts for the purpose Of es
teblishing colony or colonies of American
! or foreign born citizens, the locating and
| laying Oft into streets Il town or towns IN the
vicinity Of the said colony or colonies, the
Identifying or improving Of said town or
towns by erecting thereon stores, dwellings,
workshops, factories, buildings, mills, fur
naces, schoolhouses, churches, and such
other improvements as may be found or
deemed necessary to give effect to the object
and purposes of this act, and to sell, rent,
lease convey, grant on condition. or other.
wise dispose of. or use for manufacturing,
mining or agricultural purposes any part or
parcel of the lands or water powers that shall
or may become the property ofthe said com
pany, together with the buildings and i'm
provemcnts thereon erected, and the building
and eQuiping of steamboat or steamboats,
to ply on the waiter of the Chesapeake aud
its tributaries, between the said colonies and
the city of Baltimore or any other point
deemed necessary to carry ont the provi-
sons of this act, for the purpose of conveying
freight and passengers, and charging tolls
thereon.
Sec 3. And be it enacted, That the said
Christopher G. Cox. Robert Fowler, John
Coats, Jacob Tome and Adnah Anderson,
or such one or more of them, or their agent
or agents. as the others, or a majority of
tbpn hal f,r hat
appoint, may take and receive subscriptions
to the capital stock of the said company, in
such manner, on such terms as they or -
majority ofthcm. shall choose and designate,
in shares of twenty-five dollars each to such
amount as they may deem necessary, not
exceeding forty thousand shares: and any
persons who shall become holders, or cnti-
tied to one share or more shares of said
stock, shall thereupon become a member of
said Maryland Land and Emigration Company
hereby incorporated, and rs such shall be
entitled to one vote in person. or by proxy.
at all meetings of the stockholders for each
which all instruments due shall have been
paid and until two thousand shares of said
stock shall have been subscribed, or twenty
five thousand dollars in cash shall have been
paid thereon, the said Christopher G. Cox,
Robert Fowler, John Coats, Jacob Tome
and Adnah Anderson, or a aiority ofthem.
shall have and may exercise all the corporate
rights Of the said Maryland Land and Emf
grafton Company; and on receiving the sub
scrptions and payments above provided,
they or a majority of them, shall call meet
ing Of the stockholders, who when so met in
person or by proxy, shall choose from
among themselves by ballot a President and
seven Directors. who shall serve for one
year from their said election, or until others
are appointed, and at all such elections the
persons being stockholders, having n major
ity ofall the votes cast shall be elected and
and the said President and Directors SO
organized, and their successors, shall by
their by laws regulate the time aud manner
OF holding elections. provide for filling vacan-
cies by death, resignation or otherwise: but
no omission to elect at the period appointed
shall operate as dissolution Of the cofpo-
ration
Sec 4. And be it enacted, That the said
President and Directors, or IA majority of
them, may do all acts necessary for the con
Quoting Of the business, aud carrying out
the objects and intentions of this act, may
appoint agents or other persons necessary
for accomplishing said objects, may make
all necessary bylaws and regulations may
revise, alter and annul the same may de
may fix and regulate the time or times,
manner, terms and conditions Of receiving
further subscriptions (wthin the limits
;ioresad) to the capital stock, and of all
transfers of stock; may call in all install
ments on stock agrecably to the terms of
subscription, and enforce payment thereof;
may prescribe the conditions of forfeiture in
eases of non-payment and dispose Of all or
every such forfeited stock as they may, in
their discretion, deem proper and expedient
prorided, that nothing herein contained shall
be so construed as to authorize them TO for
felt the stock of subscriber until ninety
days notice is first given; and generally may
do all things necessary to carry out the OBJ
iects and intentions of this act according to
the true intent and meaning thereof
Sec. B. And be it enacted, That nothing
herein contained shall be taken or construed
to authorize the said company either direct
ly or indirectly to exercise or use the bank
privilege.
See. 6. And be it enacted, That the Cen
eral Assembly reserves the right to alter or
anul this act at pleasure.
Sec. 7. And be it enacted, That this act
shall take effect from the date of its passage