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or to 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 for the
building and repairing of vessels or steamboats,
manufacturing lumber and building wharves in
the town of Havre de Grace, State of Maryland.
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Sec. 2. And be 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 dis-
tributing the same among the stockholders accord-
ing to their respective interest in said corporation,
whenever the same shall be determined by the
Board of Directors.
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Capital stock.
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Sec. 3. And be it enacted, That this corporation
shall not commence the business for which it is
incorporated until ten thousand dollars of its capi-
tal stock shall have been paid in or subscribed for.
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Ten thousand
dollars paid in
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Sec. 4. And be it enacted, That the stock, pro-
perty, concerns and business, shall be managed
and conducted by a Board of Directors, to consist
of not less than three and not more than five per-
sons ; the Directors shall be elected by the stock-
holders from among their number, and whenever
a Director ceases to be a stockholder his office
shall he vacated ; the Directors shall appoint, one
of their number as President, who shall be elected
annually at such times as the said corporation by
its By-Laws may direct, and that the first election
shall be held at the time of the acceptance of this
Act of incorporation, or as soon thereafter as may
be convenient, and in case of the death, resigna-
tion or disqualification of a Director, the place of
said Director may be filled by the vote of a
majority of the remaining Directors, and in all
cases the Directors shall act until their successors
are chosen ; in the election of Directors every
stockholder shall be entitled to give in person or
by proxy one vote for each share of the capital
stock standing in his, her or their name on the
books of the corporation.
2
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Directors
elected annu-
ally.
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