THOMAS SWANN, ESQUIRE, GOVERNOR.

201

give effect to the object and purposes of this act,
and to sell, rent, lease, convey, grant on condition,
or otherwise dispose of, or use for manufacturing,
mining or agricultural purposes any part or parcel
of the lands or water-powers that shall or may be-
come the property of the said company, together
with the buildings and improvements thereon
erected, and the building and equipping of a steam-
boat or steamboats to ply on the waters of the
Chesapeake and its tributaries, between the said
colonies and the city of Baltimore, or any other
point deemed necessary to carry out the provisions
of this act, for the purpose of conveying freight
and passengers, and charging tolls thereon.

Sec. 3. And be it enacted, That the said Christo-
pher C. Cox, Robert Fowler, John Coats, Jacob
Tome and Adnah Anderson, or such one or more
of them, or their agent or agents, as the others, or
a majority of them, shall for that purpose author-
ise and appoint, may take and receive subscriptions
to the capital stock of the said company, in such
manner, on such terms as they, or a majority of
them, shall choose and designate, in shares of
twenty-five dollars each, to such amount as they
may deem necessary, not exceeding forty thousand

Subscription

shares; and any person or persons who shall be-
come holders, or entitled to one share or more
shares of said stock, shall thereupon become a
member of the Maryland Land and Emigration
Company hereby incorporated, and as such shall
be entitled to one vote in person, or by proxy, at
all meetings of the stockholders for each share of
stock so held by him or them, on which all instal-

Membership.

ments due shall have been paid; and until two
thousand shares of said stock shall have been sub-
scribed, or twenty-five thousand dollars in cash
shall have been paid thereon, the said Christopher
C. Cox, Robert Fowler, John Coats, Jacob Tome
and Adnah Anderson, or a majority of them, shall
have and may exercise all the corporate rights of

Corporate

rights.

the said Maryland Land and Emigration Company;
and on receiving the subscriptions and payments
above provided, they, or a majority of them, shall
call a meeting of the stockholders, who when so
met, in person or by proxy, shall choose from
among themselves by ballot a President and seven
Directors, who shall serve for one year from their
said election, or until others are appointed, and

Election of
President and
Director.