THOMAS SWANN, ESQUIRE, GOVERNOR.

251

the same to change, alter or renew at pleasure; to
ordain and establish such by-laws, ordinances,
and regulations as may appear necessary for re-
gulating the concerns of said corporation, not be-

By-Laws.

ing contrary to this act; to purchase, own, possess,:
freight, hire, charter, and build vessels, and the
same to sell and dispose of and to purchase and
dispose of cargoes for the same, and to charge and
receive commission, pay or hire on all merchandise
and other things owned by others and freighted
in such vessels, and for passenger conveyed therein,
and generally to do all such acts and things as
shall be proper and necessary for the purpose of
conducting a line or lines of packets or vessels by
steam or otherwise for the transportation of mer-
chandise and other things and for the conveyance
of passengers between the cities of Baltimore,
Maryland, and Newbern, North Carolina, or else--
where, and also to engage in any lawful business
calculated to give employment to the said packets
or vessels.

Power to pur-
chase ves-
sels, &c.

Sec. 2. And be it enacted, That the capital stock
of said corporation shall be one hundred thousand
dollars, divided into one thousand shares, of one
hundred dollars each, ten dollars shall be paid on
each share at the time of subscribing and the re-
mainder instalments as the Board of Directors may
require, and privilege is hereby given to the said
company to increase its capital stock to three hun-
dred thousand dollars, by new subscriptions, or
by adding to the said capital semi-annually a por-
tion of its net profits not otherwise appropriated,
whenever it shall bo so determined by the Board
of Directors.

Capital stock.

Sec. 3. And be it enacted, That the persons
named in the first section of this act, or a majority
of them, be and they are hereby appointed commis-
sioners to receive subscriptions to the capital stock
of said company, and they or a majority of them,
may cause books to be opened at such time and
place in Baltimore or elsewhere as they may direct,
for the purpose of receiving such subscriptions,
and may keep the same open until the whole num-
ber of shares shall have been taken or subscribed
for; it shall be lawful for said company to proceed
and act in all things according to this charter

Commission-
er! appointed.