Sec. 2. And be it enacted, That the objects of
said Corporation are a Steam passenger and Freight
Company, the buying or building of Steamboats
and such other articles as may aid in carrying on
the said business in all its branches, and for which
purpose they are authorized to rent, purchase and
hold all necessary wharves, buildings, materials,
boats, &c., which may be required for the conduct-
ing the business of a new Steam passenger and
Freight Company.

Objects of in-
corporation.

Sec. 3. And be it enacted. That the capital stock
of said Corporation shall not exceed fifty thousand
dollars, and the shares shall be one hundred dol-
lars each.

Capital stock
limited.

Sec. 4. And be it enacted. That the stockholders
shall except as hereinafter stated, annually elect
three Directors, one of whom shall be President of the
Company, and to be selected by the Directors at
the first meeting after their election. The said
President and Directors shall manage the business
of said Corporation, shall make all necessary rules,
regulations and by-laws for the conducting of its
affairs, shall appoint all officers and agents neces-
sary for the proper management of its business
and fix the compensation of such agents and em-
ployees, shall make all contracts required in their
business, and also fix the compensation of the Pre-
sident of the Company.

Election of
Officers, man-
agament, and
compensation.

Sec. 5. And be it enacted. That the said Thomas
D. C. Ruth, George B. Wescott, William McKen-
ney and John C. Ruth, or any two of them, be and
they are hereby appointed Commissioners to re-
ceive subscriptions and payments for the shares of
capital stock of the said Corporation, and so soon
as two hundred and fifty shares shall have been
subscribed for, and three-fourths of said subscrip-
tion shall have been paid in, the said Corporation
may commence business, and the said Commission-
ers, Thomas D. C. Ruth, George B. Wescott, Wil-
liam McKenney and John C. Ruth, shall act as
Directors of said Company with George B. Wes-
cott as President for the space of four months,
when a general election shall be called for the se-
lection of Directors for twelve months from date of

Commission-
ers to receive
subscriptions.

said day of election; provided, it does not come on
Sunday; in which case it will take place the day

Proviso.