46

LAWS OF MARYLAND.

Passed Feb.
7, 1866.

CHAPTER 32.

AN ACT to amend an act entitled, an act to in-
corporate a company for the purpose of cutting
and making a Canal between the river Delaware
and the Chesapeake Bay, passed at November
session one thousand seven hundred and ninety-
nine, chapter sixteen, and also to amend a sup-
plement thereto.

Repealed.

SECTION 1. Be it enacted by the General Assembly
of Maryland, That so much of the second section
of the said original act as makes or fixes the value
of the shares of the capital stock of the Chesapeake
and Delaware Canal Company, at two hundred
dollars each, be and the same is hereby repealed.

Authority to
issue shares.

Sec. 2. And be it enacted, That the Chesapeake
and Delaware Canal Company shall have full pow-
er and authority to issue to the stockholders of
said company four shares of the capital stock of the
said company at the par value of fifty dollars each,
in lieu of each share of said stock now held by the
said stockholders upon, the surrender of the certifi-
cate thereof.

Repealed.

Sec. 3. And be it enacted, That the eleventh and
twelfth sections of the aforesaid supplement, passed
at December session eighteen hundred and thirty-
five, chapter three hundred and seventy-nine, be
and the same are hereby repealed, and that the
next following two sections herein be and the same
are hereby substituted therefor:

Six Direc-
tors to be
chosen.

Sec. 4. And be it further enacted, That at all
elections for President and Directors of said com-
pany to be held hereafter, there shall be chosen six
Directors, who together, with the President, shall
constitute the Board of President and Directors,
any four of whom shall constitute a quorum, and if
at any time hereafter, a vacancy shall occur in the
board, by death or otherwise, it shall be lawful for
the remaining members to fill the same by electing
a person to serve until the next meeting of stock-
holders.

To take ef-
fect.

Sec. 5. And be it enacted, That this act shall
take effect from the date of its acceptance by the
stockholders of the Chesapeake and Delaware Ca-