The aegis & intelligencer. [volume] (Bel Air, Md.) 1864-1923, 1868-12-04
! PUBLIC: h0GAE;hAW!S.
s'Hsso' fvslIsaTp 2 ~ Ae4asolsE Nom ss.3y
CHAPTER ID STg,frilt
CHAPTER l4.' ~ Il
] voANE ACT ~

:
CHAPTER ID farsfmiI
II Ia xcAN ACT waT
Enialed sAnsAct htolncofparats The Ma
isq sihS Railway and Manufacturing Com
j np&ny Of f]aSrc de Grace, aud to amend
'5isths Al. pf 1857, Chapter "a ~ el ~,
NJ sertipf A BE it enacted by The General
AssdmbIy Of Mary land, That Robert R !.
vandivef, Israel Allen, Sr., Joseph n Sim
mep88JQlmR Duboise, John Thompson
FTiexe, their associates, successors and as
signs, be and. they lhersby are created IA
body, corporate by the name and style 81
The Marine Railway and Manufacturing
Company lof HaSre de Gaace, and by that
name shall have perpetual succession, shall
bescapable IN law 70 hold aud dispose Of
property, Feal personal and mixed, fee
. simple OF leasehold, to sue and be sued,
to plead andbe impleaded, and answer and
ldefendc 10 be answered and defended in
any Courtoflaw or equity and in any 9th
) e. plaee whatsoever, 10 receive and make
deeds end contacts, to make, have and
use 4 common seal, and renew, alter and
change the same atpleasure, 10 ordain and
establish such by laws, ordinances and
regulationsa 90 may appear necessary Tor
regulating the concerns of said corpora
ton not being contrary to this Act, or 10
the Constitution and laws Of this, State or
Of the, United States, and to DO all such
acts and things as shall be necessary and
proper fof the building and repairing Of
yesselsor steamboats,, manufacturing lum-
Der and building wharvls in the town Of
tHavre de Grace, State Of Msrylanl. n.
! Sec. 2. And be it enacted, That The cap
ital stock of this corporation be twenty
thousand dollars, divided into two hum
bred shares Of one hundred dollars each,
and that lief said corporation shall have
power, at any time TO increase its capital
siock1o any sum not exceeding forty thou
sanddollars, by new subscription or by
convcrtinQ portion Of the netprofifs into
newistoek and distributing the same among
tha stockholders according TO thor respec-
tive inasF6st Id said corporation, wlieneyor
the sajiie shall be determined by the Board
Of Directors. ' = ~ ~. : - ~,
Sec. 3. And be ii enacted, That this cor,
pcration shall notcommence the business
for which il is incorporated until ten thou
sand dollars Of lis capital stock shall have
been paid in or subscribed for.
.sshees 4aAna be il enacted, That the stock,
property, concern and business, shall
be managed and conducted by Board of
Directors, 10 consists Of not less than
three and not mere than five persons the
Directors shall be elected by the stock
holteq fr0m among their number, and
whenever Director ceases TO be stock
holder his Office shall be vacated the Di-
recsors shall appnint one of their number
90 Prssidsbtwho shall be elected annually
at such simss a. che said corporation by
is By Laws may direct !. and that the .frs.
election shall BE- held at the time OF the
acc ptance'of dis Act or incorporation, or
as soon thereafter as NAV be convenient,
and in case Of thea deathy resignation or
disouali|icalion of Director may be filed
by the vote ofa majority of the remaining
Directors and in an cases the Direct
ors shall act untii their successors are
chosen; in the election Of Directors every
stockholdcr shall be entitled to give in per-
son or b, proxy one vote for each share
Of the ;sapilal stock standing ID his, her or
their name on the books of the corpora
ton. ,SElld ~ assyN
Sec. s.. Anaibesif enacted, That the Di-1
rectorszshallo fr6snptime 10 time declare
and payt % tboEstoekholders dividends of
SO much ofnthe profits realized by ,his
corporation as they deem expedient, alter
reserving such sums as they shall decide |
70 be reasonable 70 meet the expenses Of
repairs, building or purchasing real estate
and articles for the use ofsaid corporationj
and the prcseculiou Of its business, and
that the vote declaring such. dividends
be takep4by yeas and nays and recorded
upon the minutes, and that no dividends
shall bedecIared except out of the net pro-
ito Of the business Of the Company aud the
Directors present, and voting for the de-
claring Of any dividend made contrary 10
this proyisiQusshall thereby beconejrint.
ly and severally liable for all the debtsso
thesailIx ,corpcrati6ny then existing, and
that hallIthereaflef Be contracted 50 long
AZ they respectively continue in Office
provided, that Il any Director shall BE-. abb
sent at the ssims Of declaring such divi-
dent, or being present, shall vote against
the declaring Of the same. he shall be ex-
empi zen a. liabilll ef !his eIaoss.
Sec, 8. And be II enacted, That, q gem
eIal statement n the affairs 6fthe Company