114
LAWS OF MARYLAND.
Passed March
23, 1853.
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CHAPTER
108.
AN ACT to incorporate the North Branch Company.
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Commissioners
appointed.
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SECTION 1. Be it enacted
by the General Assembly
of Maryland, That William Price, Henry Bruce,
Normand Bruce, William Shaw and Patrick Hamill, of
Allegany county, be, and they are hereby incorporated
into a company, for the purpose of constructing a rail
road or a lock and dam improvement of the Potomac
river, or a work consisting of part lock and dam, part
canal and part rail road, as may be though best by said
company, from some point at or near the town of Cumberland,
to some point at or near the town of Westernport,
by the name and style of the North Branch company,
and by that name shall be capable in law of purchasing,
holding, selling, leasing and conveying estates,
real, personal and mixed, so far as shall be necessary for
the purposes hereafter mentioned and no further, and
shall have perpetual succession, and by said corporate
name may sue and be sued, and have and use a common
seal, with power to alter or renew the same at pleasure,
and shall have power to pass all such by-laws as may
be necessary and proper, for the purpose of regulating
the proceedings and concerns of said company, and to
change and repeal the same at pleasure, and shall have
and exercise all the rights, powers and privileges which
corporate bodies may lawfully possess, for the purposes
mentioned in this act.
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Capital stock.
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SEC. 2. And be it enacted,
That the capital stock of
the said company shall be one million of dollars, divided
into shares of one hundred dollars each, and the said
William Price, Henry Bruce, Normand Bruce, William
Shaw and Patrick Hamill, or a majority of them, shall
be authorised to receive subscriptions to said capital
stock, which shall be at such times and places as they
shall appoint, and of which they shall give at least
three weeks notice, by advertisement inserted in some
newspaper printed in Cumberland, and such other notice
as they shall think proper, and each subscriber shall
pay at the time of subscribing the sum of five dollars
upon every share by him subscribed, and shall by virtue
of such subscription and payment become a member of
said corporation, and at all meetings of the stockholders
thereof, shall be entitled to one vote for every share
owned by him, and every stockholder may depute any
other person to vote and act for him as his proxy.
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General
meeting to be
called.
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SEC. 3. And be it enacted,
That as soon as five
thousand shares of the said capital stock shall be subscribed
as aforesaid, the said stockholders shall proceed
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