1835.

LAWS OF MARYLAND

CHAP 244.

Benjamine I. Cohen and George C. Morton, their as-

sociates, successors and assigns, be, and they are here-

Style

by created and made a body corporate, by the name

and style of the Baltimore and New Orleans Packet

Company, and by that name shall have perpetual suc-

General powers

cession, and shall be capable in law to hold and dis-

pose of property, to sue and be sued, to plead and be

impleaded, answer and defend, and be answered and

defended, in any court of law or equity, and in any

other place whatsoever to receive and make deeds and

contracts, to make, have, and use a common seal, and the

same to change alter or renew at pleasure, to ordain and

establish such by-laws, ordinances and regulations, as

may appear necessary for regulating the concerns of

said corporation, not being contrary to this act; to pur-

chase freight, or build vessels; and to purchase and dis-

pose of cargoes for the same, and generally to do all such

Objects expressed

acts, as shall be proper and necessary for the purpose

of conducting a line or lines of packets or vessels for

the conveyance of passengers and transportation of

merchandize and other things, between the cities of

Baltimore, and New Orleans or elsewhere, and also

to engage in any lawful business, calculated to give

employment to the same.

Capital stock

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

of said corporation shall be two hundred thousand dol-

Shares

lars, divided into four thousand shares of fifty dollars

each, five dollars on each share shall be paid at the

time of subscribing, and the remainder in instalments

of five dollars each, at regular intervals of thirty days

Increase of capital

from the time of subscribing, privilege is hereby gran-

ted to the company to increase its capital stock to

three hundred thousand dollars, by new subscriptions,

or by adding to the said capital semi-annually a por-

tion of its nett profits, not otherwise appropriated,

whenever it shall he so determined by the board of di-

rectors.

Open books of sub-

SEC. 3. And be it enacted. That the persons named

scription

in the first section of this act, be and they are hereby

appointed commissioners to receive subscriptions to

the capital stock of said company, and they or a ma-

jority of them, may cause books to be opened at such