212

LAWS OF MARYLAND.

Soon as fifty

SEC. 2. And be it enacted, That as soon as fifty

shares.

shares of said capital stock shall have been subscribed,

the said commissioners, or a majority of them, shall

Public notice.

give thirty days' public notice by setting up the

same at two prominent public places in the town of

East New Market, in Dorchester county, of the time

Election.

and place of holding an election for president and

six directors of the said company, and that in said

election the subscribers to stock may vote in person

or by written proxy, according to the number of

shares taken, but at all subsequent elections, or pro-

ceedings, according to the amount paid for, and the

commissioners aforesaid, or any three or more of

Judges of

whom, shall be judges of the first election of presi-

first election

dent a.nd directors, and any stockholder may be elect-

ed president or director, and the said commissioners,

Shall deliver.

after said election, shall deliver over the original sub-

scriptions to the president and directors.

Capital stock.

SEC. 3. And be it enacted, That the capital stock

of the East New Market Navigation and Wharf

Company shall be five thousand dollars in shares, of

twenty-five dollars each, which capital stock may be

increased at the discretion of the directors herein-

after provided to be appointed, to any amount not

exceeding ten thousand dollars; and as soon as fifty

shares of the capital stock shall be subscribed, the

subscribers of said stock, their successors and as-

signs, shall be and they are hereby declared to be

incorporated into a company, by the name of the

East New Market Navigation and Wharf Company,

Have per-

and by that name may have perpetual succession,

petual succes-
sion.

and may sue and be sued, plead and be impleaded,

answer and defend in any court of this State, and

shall be capable in law of purchasing, holding, sell-
ing, leasing and conveying estates both real and per-

sonal, so far as shall be necessary for the purpose

hereinafter mentioned, and may have and use a com-

mon seal, which they shall have power to alter or

Shall have

renew at their pleasure, and shall have, enjoy and

all rights.

may exercise all the rights and privileges which are

necessary for the purposes mentioned in this act.

SEC. 4. And be it enacted, That upon every such

Paid at time

subscription there shall be paid to the said commis-

of subscribing

sioners at the time of subscribing, one dollar per

share, and to the president and directors such instal-