|
Incorporated
— rights and
powers.
|
SECTION 1. Be it enacted by the General Assembly
of Maryland, That William Price, Nathaniel J.
Thayer, John V. L. Finlay, Benjamin Price and
John S. Tyson, of the city of Baltimore, 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 thought 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 capa-
ble in law, of purchasing, holding, selling, leas-
ing and conveying estates, real, personal and
mixed, so far as shall be necessary for the purposes
hereinafter 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 re-
peal the same at pleasure, and shall have and
exercise all the rights, powers and privileges which
corporate bodies may lawfully possess for the pur-
poses mentioned in this act.
|
|
Capital stock.
|
Sec. 2. And be it enacted, That the capital stock
of the said company shall be one million of dol-
lars, divided into shares of one hundred dollars
each, and the said William Price, Nathaniel J.
Thayer, John V. L. Finlay, Benjamin Price and
John S. Tyson, of the city of Baltimore, or- a
majority of them, shall be authorized 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 in eome 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 mem-
ber of said corporation, and at all meetings of the
|
