St. Mary's gazette., 1866-08-02

n Il.
said company, and they or niajorig OF
them, may cause books to be opened At laeh
TINA and place in Baltimore or elsewhere
as they may direct. for the purpose d re-
cciviDg snch subscriptions, and may Aeep
the samo opcn until the whole nalnbd Of
shares shall have been taken or subscribed
for; il shall be lawful for said company
to proceed aud net in all things ACCORDING
to this charter when two hundred and for
ty shares are subscribed for
4 Sec. 4 And be il enacted. That If lny
subscriber or his assigns shall refuA Dr.
neglect to pay the instalmcnt before isen-
toned, or any part thereof for the spacl Of
ten days next after the same shall beclIne
due aud payable. the stock on whichahe
same = denanded shah not DO foFfeitk to
thc said company. but the original abb
srriber shall and may be held liable for gbe
I full amount due OF such stock
See s. And be il enacted, ThatAhe
persons named IT, the first section Of slln
Act shalt be directors 81 said corporatDn,
and shall have fall power 10 act as fhch
for the term Of twelve months from ind
after the organisation Of said company.
which organisation shah take place ason
as two hundred aud forty sharcs - ge
been subscribed for as aforesaid. Izi1on
the expiration Of such twelve months. on
such day as the 9aid Directors shall name.
the stockholders Of said company shall
choose by ballot Eve members OF saie cor,
poration 10 be Directors 10 manage tho af-
fairs thereof for twelve months. and until
successors be- choeen; and on the same day
in each succeeding year shall The like eiee-
ton be made, and ia all general meetings
Of said company aud election Of Directors,
every stakeholder shall be enlisted 10 give
10 person or BY proxy one vote for every
share Of the capital stock staining IN bis
or her name, on the books Of said corpora
alton; aud at their first meeting after said
election, said Directors ball choose Pres
ileui. and should il At any time happen that
an election Of directors shall not be made
upon the day when pursuant to this Act ii
ought 10 have oxen made, the said corpor-
alton shall not for that reason be deemed
TO be dissolved, but i, shall be lawfnl on
any other day within ten days thereafter
TO hold aud make an election Of Directors,
10 such msnasr ~ shall have been rcgula-
ted by the bylaws aud ordinances If said
corporate n. ADD in case Of death. rcsigna-
ton or disqualification % = Director. the
place Of such Director. for the remainder Of
the year. shall be hlled up by the Board
OF Directors for the time beng
Sec. 6 Aud be il enacted. That the
President aud Directors for the time being
or a majority. Of tAem, shall have pswcr
to appoint all such officers, clerks, agerss.
mechanics. engineers aud IS they nay
deem necessary TO conduct or crecu he
business Of said corporation, and iiG their
compensation AID 10 their discretion 10 dis.
miss them; 10 contract. agree for the par.
chase. rrnt OF hire ali such vessels. lands.
cha,tles, fixtures, materials, rights. pfivl-
.sass ~s.A sa.sta whntfOtvCr ~aA - -.ssAs.
own, use have aud repair All such
wharycs boats, yesscls. carriages and osh-
er conycuicnccs as may be necessary for
sifccting tho objects Of sa,d corporations; 70
prescribe the fO1n Il certificates to be issu-
si W stockholders. and o. regulate the
mode u ,rpnsbpiag their capital stock: TO
apply the funds % raid corporation. so Ear
as MAY b. necessary. 70 effect the OBI cts
aforesaid ApJ payment Of the necessars
expenses Of tho company to call genersl
meetings Of tie stockholders. and general
~ TO pass such bylaws a. may b. neces-
rary for the exercise u the aforesaid F5~-
ers vested 10 the said corporation. and the
same bylaws, from time 10 time TO altar
aud repeal such by-lAws, beIns snbjecs y
he approval Of majority Of Tbs stock
holders
Sec. 7 Aud be il enacted. That Tire
President and Di ectors shall. from time
to time. declare and pay 10 the stockhol-
dcrs dividends Of so much u the profits re-
a.iIcd by ihe company a. they shall deem
cxpcdient, after rcserviug uucb sum as
they shall decide 10 DO reasonable to meet
the expenses Of repairs, or the purchase
of any articles accessory for the u-e Of
said company, scmi-aanually and also at
the paying OF each dividend Of profits. a
general statement Of the affairs Of this COM
psny shall be prepared by the Directors.
aud kept open for the inspection Of the
stockholders or any Of them. for the space
Of ten days after the same shall have been
presented to them.
Sec s. Aud be Il enacted. That this
ACT Of Incorporation shall coniinas aud be
10 force for the term u twenty-five years;
prorietsd. ulsays, shat the General AS
scuibly reserve. 10 itself ihs power o. Al.
teriag amending or repeating the same.
aud all the provisions thereof. - any
time hereafter.
Sec. 0. Aud be il enacted. That this
corpuraiou shall not be permitted TO Is
sac any note. token. device. OF other evil
dsnce Of debt, to be used as currency
Sec. 10. And DO it enacted, That this
act o. Incorporation shall be subject 70 the
Provisions sod restrictions Of any general
Inw that may be passed 10 this stare for
the Incorporation Of steamboat compan-
les.
Sec. II And be il enacted. That this
act shall take effect from aud after its pas
sage.