183!.

LAWS OP MARYLAND.

CHAP. 148.

steam-boats, vessels, stages, or other carriages, for the con.
veyance of passengers and transportation of merchandise,
and other things, between the cities of Philadelphia and
Baltimore.

Capital stock.

Sec. 2. And be it enacted, That the capital stock of said
corporation shall be divided into shares of twenty dollars
each, and shall not exceed ten thousand shares, including
the shares already subscribed for by the persons hereinbe-
fore incorporated; the residue of said number of shares, or
so many of them as from time to time, by the directors shall
be deemed necessary, may be subscribed for, or disposed
of in such manner as the by-laws of said corporation shall
provide; and each subscriber for one or more shares, who
hath paid, or shall pay, five dollars on every such share, to
the use of said corporation; and every person who shall ob-
tain, by transfer, or in whom shall be vested, by law, one
or more shares of the capital stock aforesaid, shall be deem-

Stockholders.

ed a stockholder, and, in virtue thereof, a member of the
corporation hereby created, and shall so continue until he
or she shall cease to be a stockholder, by transfering all his
or her shares of stock, or by forfeiting the same in the man-
ner hereinafter mentioned; and every person on so ceasing
to be a stockholder, shall cease to be a member of said cor-
poration.

Annual meeting.

Sec. 3. And be it enacted, That there shall be a general
meeting of the stockholders of said corporation, on the first
Tuesday of May, in each and every year, or on such day
within sixty days thereafter, and at such place in the city

Election or direc-
tors

of Baltimore, as shall be appointed by the president and di-
rectors, for the purpose of choosing, by ballot, nine mem-
bers of said corporation, to be directors, to manage the af-
fairs thereof tor twelve months, and until successors shall
be chosen; and in all meetings and elections, every stock-

Votes regulated.

holder shall be entitled to give, in person or by proxy, one
vote for each share of the capital stock standing in his or
her name on the books of said corporation; and the judges of
elections shall be appointed in such manner as the by-laws
shall provide; and, until the first annual election of directors
shall be made, Joseph W. Patterson, Philip Laurenson,
Jesse Hunt, James P, Erskine, John Caulk, Thomas Mor-

Nine directors.

ris, George W. South, Charles Alexander, and Alexander
B. McAlpin, heretofore chosen by their associates, shall be
directors of said corporation, and have full power to act as
such.

Election of presi-

dent.

Sec. 4. And be it enacted, That the president and direc-
tors for the time being, or a majority of them, shall have
powr to elect a president from their own body, to fill all