The aegis & intelligencer. [volume] (Bel Air, Md.) 1864-1923, 1868-11-20
PUBLIC LOCAL LAWS.
PUBLISHED BY AUTHORITY.
CHAPTER Ia
AN ACT


fa'f sh' 81 AN ACT aai a. Hfs
EntiLed "An Ac, to incorporate the Ma
rine Railway and Manufacturing Com
pany of Havre de Grace, and to amend
the Act of 1867, Chapter gil"
Section ]. Be il enacted by the General
Assembly of Maryland, That Robert R.
vandiver, Israel Allen, ST., Joseph M. Sim
mons, John Duboise, John Thompson
Frieze, their associates, successors and as
signs, be and they hereby are created a
body corporate by the name and style of
the Marine Railway and Manufacturing
Company Of Havre de Gaace, and by that
name shall have perpetual succession, shall
be capable in law to hold and dispose of
property, real, personal and mixed, fee
simple or leasehold, to sue and be sued,
10 plead and be implicated, and answer and
defend, to be answered and defended in
any Court of law or equity andin any 9TH
er place whatsoever, TO receive and make
deeds and contracts, to make, have and
use common seal, and renew, alter and
change the same atpleasure, to ordain and
establish such by laws, ordinances and
regulations as may appear necessary for
regulating the concerns of said corpora
ton not being contrary to this Act, or to
the Constitution and laws Of this State or
of the United States, and to do all such
&C Is and things as shall be necessary and
proper for the building and repairing of
vesselsor steamboats,, manufacturing lum-
Der and building wharvts in the town of
Havre de Grace, Stale Of Maryland.
Sec.2 2. And be it enacted, That the cap
ital stock of this corporation be twenty
thousand dollars, divided into two hun
dred shares of one hundred dollars each,
and that the said corporation shall have
power, at any time TO increase its capital
stock to any sum not exceeding forty thou
sand dollars, by new subscription or by
converting portion of the net profits into
new stock and distributing the same among
the stockholders according to their respec-
live interest in said corporation, whenever
the same shall be determined by the Board
of Directors. sdrasr ....
Sec. 3. And be it enacted, That this cor,
poration shall not commence the business
for which it is incorporated until ten thou
sand dollars Of its capital stock shall have
been paid in or subscribed for.
See. A. And be it enacted, That the stock,
property, concern and business, shall
be managed and conducted by Board of
Directors, to consist of not less than
three and not more than five persons the
Directors shall be elected by the stock
holders from among their number, and
whenever Director ceases to be a stock
holder his Office shall be vacated the Di-
rectors shall appoint one Of their number
as President who shall be elected annually
at such times as the said corporation by
it's Bylaws may direct and that the first
election shall be held at the time of the
acc ptance of this Act of incorporation, or
as soon thereafter as may be convenient,
and in case of the death, resignation or
disqualification ola Director may be filled
by the vote ola majority of the remaining
Directors and in all cases the Direct
ors shall act until their successors are
chosen; IN III" election of Directors every
stockholder shall be entitled 10 give in per-
son or by proxy one vote for each share
of the capital stock standing in his, her or
their name on the books of the corpora
ton. beG sf ulaata lsf.e-ag tsa
7i Sec. g. And be il enacted, That the Dir
rectors shall from time to time declare
and pay to the stockholders dividends of
SO much Of the profits realized by this
corporation as they deem expedient, after
reserving such sums as they shall decide
to be reasonable to meet the expenses of
repairs, building or purchasing real estate
and articles for the use ofsaid corporation
and the prosecution of its business, and
that the vote declaring such dividends
be taken by yeas and nays aud recorded
upon the minutes, and that no dividends
shall be declared except out of the net pro-
its of the business OF the Company and the
Directors present, and voting for the de-
claring ofany dividend made contrary to
this provision, shall thereby become joint
ly and severally liable for all the debts of
the said corporation then existing, and
that shall thereafter be contracted so long
as they respectively continue in Office
provided, that if any Director shall be alb
sent at the time Of declaring such divi-
dend, or being present, shall vote against
tie declaring Of Inc saIne, ho shall be ex-
empt from the liability Of this clause.
Sec. 6. And be it enacted, That gen.
eral statement Of the affairs of the Company
shall be prepared and presented to the
stockholders az their annual meetings, and
remain open for their inspection for thirty
days.
Secs. And be it enacted, That this Com
pany shall not be permitted to issue any
token, note or device, or evidence Of debt
TO be used I'd currancy.
Sec. 8. And be it enacted, That this
Act shall take effect from the date Of its
passage, and that the General Assembly
reserves the right to alIGr, amend or aunul
this charter; provided, no injustice be
done the corporation,
Approved March 20, 1865
THOMAS SWAMI,
Governor.