534
Capital stock.
Proviso
Constituted
Commiss'nrs
to receive
subscriptions
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LAWS OF MARYLAND.
convenient for the purpose aforesaid and hereinafter
mentioned, and no further; and shall have perpetual
succession, and by said corporate name may sue and
be sued, and have and use a common seal, and the
same alter and renew at pleasure, and also to ordain,
establish and put in execution such by-laws, ordi-
nances and regulations as shall seem necessary for
the government and management of said corpora-
tion, and to alter and repeal the same at pleasure,
and shall have and. exercise all the rights, powers and
privileges which corporate bodies may lawfully pos-
sess for the purposes mentioned in tills Act.
SEC. 2. Be it further enacted, That the capital stock:
of said corporation shall be two millions of dollars;
to be divided into shares of one hundred dollars
each, which said capital stock shall be personal
property, and shall be transferable in such manner
as the by-laws of said corporation may prescribe;
and the said corporation, whenever it shall seem to
the directors thereof necessary or expedient for the
purposes contemplated by this Act, shall have power
also to Issue and sell on the best terms that can he*
obtained for the same, the bonds of the said com-
pany in such sums as may he convenient, payable
after such a number of years as may he deemed
proper, and bearing in the meantime interest at the
fate of six per centum per annum; provided, that the
gross amount of said bonds so issued by said com-
pany shall not exceed the sum of four millions of
dollars, and for the purpose of securing the payment
of the principal and interest of said bonds, the said
company may execute and deliver a mortgage or
mortgages of the said canal, and of all other estate
that may belong to it, or may convey the same by
deed to such Trustees as may be appointed, upon
such trusts as may be reasonably advised or devised
for said purpose of securing the payment of princi-
pal and interest of said bonds.
SEC. 3. And be it enacted. That the said Horace B.
Tebbetts, George Vickers, C. Bainbridge Smith,
Thales A. Linthicum, Julian J. Alexander, James
T. Briscoe, James T. Earle, Phillip W. Downs, E.
L. F. Hardcastle, Levin Woolford and John W.
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