630

LAWS OF MARYLAND.

twenty-four, and the several supplements thereto, so

far as the same may be applicable for the purpose of

constructing a canal, and all the dams, locks, feeders

and other works and devices of every sort or de-

scription appertaining thereto, in continuation of the

Chesapeake and Ohio Canal, from its present termi-

nus in the city of Cumberland in this State, to some

point on the Ohio River, either by the Will's Creek

route, or up the north branch of the Potomac to the

mouth of the Savage River, or by such other route,

as the president and directors may select, in the same

manner and to as large extent as if said rights,

powers, exemptions, privileges and franchises had

been granted to the Cumberland and Ohio Canal

Company by this act.

SEC. 2. And be it enacted, That the capital stock of

the said Cumberland and Ohio Canal Company, shall

Capital stock

consist of twenty millions of dollars, divided into two

hundred thousand shares of the par value of one

hundred dollars each, which shall be considered as

personal property, and shall be transferable in such

manner as may be provided by the by-laws of said

company, and each share thereof shall entitle the

holder thereof to one vote in all meetings of the

stockholders of said company, to be given either in

person or by proxy, duly appointed by an instrument

in writing properly executed before some officer au-

thorized to take the acknowledgment of deeds; and

Open books of
subscription.

for the purpose of obtaining subscriptions to said

capital stock, books shall be opened under the di-

rection of James G. Berrett, A. P. German, M. Ban-

non, H. G. Davis, and Thomas Moore, or a majority

of them at such time, in such place and under such

regulations as to the mode, manner and time of pay-

ment aud otherwise as they, or a majority of them,

shall deem expedient.

SEC. 3. And be it enacted, That whenever subscrip-

tions to the amount of one million of dollars shall

Meet and or-

have been obtained, the said subscribers, or a major-

ganize

ity in value thereof, shall have authority to meet

and organize said company, by the election of one

of their number to the office of president of said

company, and six others, also from amongst their

number, to the office of directors of said company,

who shall hold their respective offices for the term