686

LAWS OF MARYLAND.

L. Williams, James B. Dereckson and James
Bishop, and all other persons who may associate
with them by becoming stockholders, in the man-
ner hereinafter provided, their successors and as-
signs, are hereby made and constituted a body po-
litic and corporate, by the name, style and title of
the St. Martin's Inlet and Navigation Company,
and by that name shall have perpetual succession,
and shall be capable in law to sue and be sued, to
plead and be impleaded, to answer and be an-
swered, in any Court of Law or Equity, to make
and use a common seal, and to alter the same, and
generally to do and perform all such acts, and
make all such agreements and contracts, and to
purchase, lease, hold and possess such lands, wa-

Possess lands.

ters, water-rights, powers and privileges, goods
and chatties, as may be necessary to wharf or dam
Sinepuxent Bay in Worcester County, at or near
the Haw Hammocks, (a point of land on said bay,)
so as to obstruct the waters of said bay in such
manner as to cut and maintain an Inlet above said
dam ; provided, said Company shall not hold at
any one time personal property above the value of
twenty thousand dollars.

Books to be
opened.

Sec. 2. And be it enacted, That the seven per-
sons named above, or a majority of them, may
cause books to be opened at such times and places
as they may direct, giving at least twenty days'
public notice thereof, for the purpose of receiving
subscriptions to the capital stock of said Company,
which shall be divided into shares of ten dollars
each, and be limited to two thousand shares in the
whole ; one dollar for every share of stock sub-
scribed shall be paid in at the time of making the
subscription, but if not paid at that time, the fail-
ure to do so shall not release the subscriber from
the obligation to pay the whole of his subscription
when called upon to do so by the President and
Directors, as hereinafter provided.

General
meeting.

Sec. 3. And be it enacted, That so soon as one
thousand shares of said stock shall be subscribed,
and one thousand dollars shall be paid in, the said
seven persons above named, or a majority of them,
shall call a general meeting of the stockholders at
such time and place as they shall appoint, giving
at least twenty days' notice by public advertise-