1827

LAWS OF MARYLAND,

CHAP. 61.

pany, to authorise a subscription for its stock, by aliens, and
doubts have arisen, whether under said act, such stock
may he held by others than citizens of the United States, and
whether the stock of said company is to be regarded as real
or personal property,

Aliens may hold
stock.

SECTION I, Be it enacted by the General Assembly of Mary-
land, That it shall and maybe lawful for the commissioners
for the time being, and for the president and directors of said
company , whensoever the same shall be duly organized, a-
greeably to the provisions of the original act aforesaid, to re-
ceive subscriptions for any number of shares of the capital
stock of said company, from any alien or aliens, who are here-
by declared competent to hold the same, and if in their judg-
ment it he necessary, to appoint an agent or agents to visit
Europe for that purpose.

Shares declared
personal porperty.

SEC, 2 And be it enacted, That the shares of the capital
stock of said Chesapeke and Ohio canal company, shall
he deemed and taken to he personal estate and as such to be

Proviso.

liable to he assigned, and transferred, Provided, That it shall
not be lawful for any stockholder in baid company to asbign
any share or shares, by him or her held, unless it be in per-
son, or by attorney, upon the books of said company; And

Proviso.

provided also. That no transfer or assignment shall be made
except for one or more whole share or shares, and not for any
part of such share or shares; and that no share or shares
shall at any time be assigned or transferred, or held in trust
for the use and benefit, or in the name of another, whereby
the said president and directors, or stockholders of the said
company, or any of them, shall or may he challenged or made
to answer concerning any such trust; but that every person
appearing as aforesaid to be a stockholder,, shall, as to others
of the said company be to every intent taken absolutely as
such; hut sis between any trustee, and the person for whose
benefit any trust shall be created, the common remedy may
be pursued,

Proviso repealed.

SEC 3. And be it enacted, That the words, "Nor any payment
demanded within any vear from the commencement of the
work," inserted in the proviso to thtr fifth section of the origi-
nal art. incorporating the Chesapeake and Ohio canal compa-
ny, passed the twenty-seventh day of January, eighteen hun-
dred sncl twenty-four by the central assembly of Virginia and
subsequently confirmed by the general assembly of Maryland,
be, and the same are hereby repealed and expunged from the
aforesaid proviso; raid henceforth the said proviso shall be
construed in the same manner, and have the same effect, as
if the afore-recited words had never been inserted therein.

Assent of congress
and Virginia re-
quired

SEC. 4. And he it enacted, That this act shall commence
and be in force, as soon as it shall have received the assent
of the legislature of Virginia, of the congress of the United
States of the Potomac company, and of the stockholders of
said Chesapeake and Ohio canal company, to be given at.
their first general meeting after the passage of this act.