A. W. BRADFORD, ESQUIRE, GOVERNOR.

shall pay, in thirty days after the time of subscri-
bing, twenty-five dollars per share for every share
by him subscribed, and the said Commissioners, or
a majority of them, if they deem it expedient, may
take the notes or obligations of the subscribers for
stock for such subscriptions, payable at the time
prescribed aforesaid in the name of company.

159

Sec. 4. And be it enacted, That the management
of the business and concerns of said company shall
be vested in seven Directors, to be elected annu-
ally, and who shall be stockholders and citizens
of the United States, any four of whom shall be a
quorum for the transaction of business; that the
first Board of Directors shall be elected in the fol-
lowing manner, viz: As soon as the Commissioners
shall have ascertained that one hundred shares or
upwards have been taken or subscribed, they or a
majority of them, shall call a general meeting of
the stockholders by giving ten clays notice in one
newspaper printed or published in the city of Bal-
timore, and one or more in Cecil and in Kent
counties, convening them for the purpose of elect-
ing seven Directors, who shall hold their office for
one year or until a new election is made, and that
in all elections each share shall be entitled to one
vote, and votes may be given by proxies.

Relating to
Commissioners
and Directors.

Sec. 5. And be it enacted, That every Board of
Directors of said company shall, at their first meet-
ing after their election or as soon thereafter as
practicable, appoint one of their own body to be
President of said company, and shall, in the same
manner, appoint all such officers, agents and em-
ployees as they may deem necessary for managing
the affairs of the said company, who shall bold
their offices or appointment at the pleasure of the
President and Directors.

Officers tob
elected and ap-
pointed.

Sec. 5. And be it enacted, That the President
and Directors of the said company shall be and
they are hereby invested with all the rights and
powers necessaryfor purchasing, hiring, charter-
ing, building, constructing and repairing boats or
vessels propelled by steam, aud others, wharves,
houses, structures, warehouses and appurtenances
tor conducting and carrying on the passenger and
freighting business aforesaid in the waters of the
Chesapeake Bay and its tributaries, and shall have

Powers of
President and
Directors.