GEORGE HOWARD, ESQ. GOVERNOR.

1831.

Lawson & Brice, Thorndick Chase,. Spreckelson & David
son, Walter Price, William Denny, D. K. Wilson, Lynch
& Craft, James Campbell, James Conner & Son, Mitchell
Henry & Co., their associates, successors, and assigns, he,
and they are hereby created a corporation, by the name of
The Baltimore and Chesapeake Steam Towing Company,
and by that name shall have perpetual succession, may sue
or be sued, in any court of Jaw or equity, and may make
ail purchases and contracts, or receive and take all gifts,
grants or conveyances to said corporation, which are au-
thorised by this act.

CHAP, 166.

Sec. 2. And be it enacted, That the capital stock of this
company shall be twenty-five thousand dollars, in shares of
one hundred dollars each, as already subscribed for the ob-
jects and purposes of this company, by the persons herein
before named.

Capital stuck—
Stares.

See. 3. And be it enacted, That Hugh M'Elderry, An-
drew Hall and William Meteer, be, and they are hereby
appointed commissioners to receive the. subscriptions of the
several persons named in the first section of this act, to the
capital stock of this company, in conformity to their pre-
vious agreement and association; and, that they, or a majority
of them, shall have power to take and receive such sub-
scriptions, and also, the instalments becoming due thereon,
as hereafter provided, at the lime of subscription, and shall
appoint by public notice, the time and place of receiving
the same.

Commissioners to
receive subscrip-
tions and instal-
ments.

Sec. 4. And be it enacted, That upon every such subscrip-
tion, there shall be paid at the time of subscribing, to the
said commissioners, or their agents for that purpose ap-
pointed, the sum of twenty dollais, upon each share of the
stock subscribed, to be paid over by the said commission-
ers, immediately after the first election of the president and
directors of said company, to the said president and direc-
tors, or to such officer of the said company, as the said
president and directors may authorise to receive the same;

Payment on sub-
scribing.

and, that the residue of money due upon such subscriptions
shall be paid in such instalments, and at such times aft it
may be required by the president and directors of said
company, who shall give at least twenty days public notice
by advertisement, in at least two newspapers, printed in
the city of Baltimore, of the time and place at which aucb
instalments are required to be paid.

Subsequent instal-
ments.

Sec. 5. And be it enacted, That if any of the persons named
in the first section of this act, shall fail to subscribe to the
capital stock of this company, according to their preview
agreement and association, at the time and place appointed

Case of failure to
subscribe.