CHAPTER 76.

Passed Mar.
11, 1867.

AN ACT to incorporate the Maryland and New
York Steam Transportation Company.

Incorporated
—power and
privileges.

SECTION 1. Be it enacted by the General Assembly
of Maryland, That Horace Abbott, Silas M. Ham-
ilton, John R. Gilman, Thomas J. McKaig, and
Samuel A. Sloan and others, their successors and
assigns be and they are hereby created and made
a corporation and body politic, by the name and
title of the Maryland and New York Steam Trans-
portation Company and by that name and title,
shall have succession and shall be capable in law
to sue and be sued in any court of law or equity,
to have and use a common seal, and at pleasure to
alter the same, and generally to do all such acts
as shall be proper and necessary for establishing a
line or lines of steamboats, barges, canal boats or
other vessels for the transportation of coal or other
merchandize.

Capital stock
limited.

Sec. 2. And be it enacted, That the capital stock
of said company shall be divided into shares of
twenty dollars each, and shall not exceed fifteen
thousand shares, to be subscribed for or disposed
of from time to time, in such manner as the reso-
lutions or by-laws made in pursuance of this char-
ter, shall provide.

Affairs—how
managed.

Sec. 3. And be it enacted, That the affairs of
the Company shall be managed by a president and
Directors, consisting of five persons to be chosen
from among the Stockholders of said Company,
the President to be a member of said Board of Di-
rectors, and the said Board of Directors shall be
elected on the first Monday of April in each and
every year, or within sixty days thereafter, to con-
tinue in office until a new election. A majority
of said Directors shall have power to act at all
meetings as if all were present, and to fill any va-
cancy that may occur in their body by death, re-
signation or otherwise: each Stockholder shall
vote in person or by proxy, and be entitled to one
vote for every share he, she, or they may own.