1829.
LAWS OF MARYLAND.
CHAP. 54.
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share, the sum of two dollars, and the residue thereof
shall be
paid at such time, and in such manner as may be prescribed
by the president and directors of the company, to be by this
act incorporated.
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Corporate powers
conferred.
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Sec. 3. Be it enacted, That
whensoever one hundred shares
of the said stock shall be subscribed, then the said subscribers
shall be declared to be incorporated and made a body politic
and corporate, by the name of the Back Water and Parson's
Creek Canal Company, for the purpose of making a canal
from the head of Back Water River to the head of Parson's
Creek in Dorchester county; and by the aforesaid name to
have perpetual succession, and shall be capable in law to
have, purchase, receive, possess and enjoy, to them and
their successors, lands, tenements, hereditaments, goods, chattels,
and effects, of what kind, nature or quality soever, and
the same to grant, demise, convey, and dispose of; to sue and
be sued, plead and be implead, answer and be answered, defend
and be defended, in any court of record, or any place
whatsoever; and also make, have, and use, a common seal,
and the same to break, alter, and renew, at pleasure; and also
to ordain, establish, and put in execution, such by-laws, ordinances,
and regulations, as shall seem necessary and convenient
for the government of said corporation, and the management
and conduct of their affairs, provided the same be not
contrary to law and the constitution of the state.
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Meeting to organize.
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Sec. 4. And be it enacted,
That whensoever the said number
of one hundred shares shall have been subscribed, the said
company or a majority of them, shall call a general meeting
of the subscribers, to be held at Tobacco Stick, in Dorchester
county; and such of the said subscribers as shall be present
at a general meeting, or a majority of them, shall be empowered
to elect a president and seven directors, to manage
the affairs of the company for one year, and till a new election
of president and directors shall be had in the manner directed
by the by-laws of the company: Provided, that no subscriber
shall be entitled to vote at said meeting, unless owning five
shares, and for every five shares to be entitled to a vote.
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Future elections—
ownership—tolls.
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Sec. 5. And be it enacted,
That the said president and directors
shall have power to appoint the time and direct the
manner of holding the election for president and directors,
which election shall be annual; may provide for calling the
general meetings of the stockholders; may provide the mode
of transferring the stock of the company, and of furnishing evidence
of the ownership of shares in said company; may have
authority to fix the amount of toll to be paid by persons using
and passing along, and on said canal.
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Jury to make.
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Sec. 6. And be it enacted,
That the president and directors
who may be chosen in the manner hereinbefore provided for,
be, and they are hereby authorised and empowered to cut,
dig, and make the said canal from such point on the head of
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