|
Incorporated
—power and
privileges. |
SECTION 1. Be it enacted by the General Assembly
of Maryland, That Robert R. Vandiver, Israel
Allen, Sr., Joseph M. Simmons, John Duboise,
John Thompson Frieze, their associates, successors
and assigns, be and they hereby are created a body
corporate by the name and style of the Marine
Railway and Manufacturing Company of Havre
de-Grace, and by that name shall have perpetual
succession, shall be capable in law to hold and dis-
pose of property, real, personal and mixed, fee
simple or leasehold, to sue and be sued, to plead
and be impleaded, and answer and defend, to be
answered and defended in any Court of law or
equity, and in any other place whatsoever, to re-
ceive and make deeds and contracts, to make,
have and use a common seal, and renew, alter and
change the same at pleasure, to ordain and es-tablish
such by-laws, ordinances and regulations
as may appear necessary for regulating the con-
cerns of said corporation, not being contrary to
this Act, or to the Constitution and laws of this
State or of the United Slates, and to do all such acts
and things as shall be necessary and proper for the
building and repairing of vessels or steamboats,
manufacturing lumber and building wharves in the
town of Havre-de-Grace, State of Maryland. |
|
Capital stock
limited. |
Sec. 2. And ie it enacted, That the capital stock
of this corporation be twenty thousand dollars,
divided into two hundred 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 thousand dollars, by
new subscription or by converting a portion of the
net profits into new stock and distributing the
same among the stock holders according to their
respective interest in said corporation, whenever
the same shall be determined by the board of Di-
rectors. |
