1828

LAWS OF MARYLAND.

CHAP. 183

son, William Hayman, George Entler. John Litle, Willi-
am S. Nicols, Gottleb C. Grammer. Seth Hyath, Peter
Lenox, Archibald Cheshire, Joseph Ratcliffe, James Wal-
ker, Archibald Henderson, Jeremiah Elkins, Samuel P.
Waker, John M'Cobb, Thomas Irwin, John Hollins, James
Mitchell, Charles Chafrin, Silas Reed, Henry Dangerfield,
Thomas towson, Frederick Foote, William Stanton, Leo-
nard Marbury, their associates, successors and assigns, be
and they are hereby created and made a corporation and bo-
dy politic, by the name, style and title of The Baltimore and
Potomac Steam Packet Company, and by that name shall
have perpetual succession, and shall be capable in law to sue
and be sued, to plead, answer and defend, in any court of
law or equity; and the said corporation shall have power

break, alter and renew; and generally to do all such acts as
may or shall be necessary for the purpose of establishing
and conducting a steam-boat, or a line of boats, to pass be-
tween, and to and from, the several ports in the District of
Columbia and the city of Baltimore, for the conveyance of
passengers, and the transportation of merchandize, and
other articles.

Capital

Sec. 2. And be it enacted, That the capital stock of the
said corporation shall be divided into shares of one hun-
dred dollars each, and shall not exceed one thousand such
shares. including the shares already subscribed for, and held
by the persons hereinbefore named and incorporated, the
residue of the said number of shares, or so many of them
as from time to time shall be necessary, shall be subscribed
for, or disposed of, from time to time, in such manner as the
resolutions or by-laws, made in pursuance of this charter,
shall provide or direct; and every person who shall obtain
by transfer, or in whom shall be vested by law one or more

the thereof, a member of the corporation hereby created,
and shall so continue until he shall cease to be a stockholder,
by transferring, or being otherwise divested of, all his or
her shares of stock; and every person, on so ceasing to be
a stockholder, shall cease to be a member of this corporati-
on: each stockholder, at every election or general meeting
of the stockholders, shall he entitled to vote in person one
vote for every share of stock which he shall hold in the
company, on which all the instalments due shall have been
paid.

Annual meeitngs

Directors. Presi-

dent

Sec. 3. And be it enacted, That the stockholders of the
said corporation shall meet annually on the first Monday in
January, or on such day within sixty days thereafter, and at
such place in the city of Baltimore as the directors shall ap-
point, for the purpose of electing from amongst the stock-
holders ten directors, who shall choose a president from a-