JAS. BLACK GROOME, ESQUIRE, GOVERNOR. 533
ledges and franchises now held and enjoyed by the
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Chesapeake and Ohio Canal Company, under its
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charter passed by the Legislature of the State of
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Virginia, at the December session, eighteen hundred
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and twenty-three, and ratified by the State of Mary-
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land, at the December session, eighteen hundred
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and twenty-four, and the several supplements thereto
so far as the same may be applicable for the purpose
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May construct
canal
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of constructing a canal and all the dams, locks,
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feeders and other works, and devices of every sort or
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description appertaining thereto, in constructing a
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canal from such point on the Patapsco River, at or
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near the City of Baltimore, by the most available
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route to the eastern branch of the Potomac River, as
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the President and Directors may select, and in the
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same manner and to as large an extent as if said
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rights, powers, exemptions, privileges and franchises
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had been particularly granted to the Maryland Canal
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Company by this act.
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SEC. 2. And be it enacted, That the capital stock of
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the said Maryland Canal Company shall consist of
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Capital stock
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four millions of dollars, divided into forty thousand
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shares of the par value of one hundred dollars each,
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which shall be considered as personal property, and
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shall be transferable in such manner as'may be pro-
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vided by the by-laws of said company ; and each
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share thereof shall entitle the holder thereof to one
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vote in all meetings of the stockholders of said com-
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pany, to be given either in person or by proxy, duly
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appointed by an instrument in writing properly exe-
cuted before some officer authorized to take acknow-
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Subscription
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ledgements of deeds ; and for the purpose of obtain-
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ing subscriptions to the said capital stock, books shall
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be opened under the direction of A. P. Gorman, R.
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H. Baldwin, M. Bannon, W. H. Tuck, and James
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G. Berret, or a majority of them, at such time, in
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such place and under such regulations, as to the
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mode, manner and time of payment and otherwise, as
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they, or a majority of them, shall decree expedient
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SEC. 3. And be it enacted, That whenever subscri-p
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tions to the amount of one million of dollars shall
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Meet and or-
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have been obtained, the subscribers or a majority in
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ganize
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value thereof, shall have authority to meet and organ-
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ize said company by the election of one of their num-
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ber to the office of President of said company, and
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