1860.

LAWS OF MARYLAND.

CHAP. 216.

CHAPTER 216.

Passed Feb.
24, 1860.

AN ACT to incorporate the Monumental Steam
Towing Company of Baltimore.

Incorporated.

SECTION 1. Be it enacted by the General Assembly
of Maryland, That Oliver P. Price, James C.
Wheeden, William H. Vickery, William H. Bol-
ton, their successors, associates and assigns, be,
and they are hereby created a corporation and body
politic, by the name and style of the Monumental
Steam Towing company, of Baltimore, and by that
name may have perpetual succession, and shall be
able and capable, in law, to sue and be sued, im-
plead and be impleaded, answer and be answered,
in any court of law or equity, and to make and
use a common seal, and the same to change and al-
ter at pleasure, and establish such by-laws and
regulations as shall be necessary or convenient for
conducting the affairs of the corporation.

Capital stock.

SEC. 2. And be it enacted, That the capital stock
of said company shall consist of five hundred shares
of one hundred dollars each, and the president and
directors shall have power, from time to time, to
increase the capital stock to such an amount as may
be found necessary to accomplish the object of this

Proviso.

corporation; Provided, that the same does not ex-
ceed one thousand shares.

Corporate
powers.

SEC. 3. And be it enacted, That the president
and directors of the said company shall, and they
are hereby invested, with all the rights and powers
necessary for chartering, purchasing, building, con-
structing and repairing boats propelled by steam or
otherwise, for navigating the Chesapeake bay and
its tributaries, and for the purpose of towing ships,
steamers, vessels, canal boats, barges, arks and
rafts, and to hold lands in fee simple or otherwise,
hot exceeding one hundred acres at a time, and to
erect thereon all needful or convenient buildings,
wharves and other conveniencies as shall be ne-

Proviso.

cessary for the objects of this company; Provided,
that in no case shall the navigation of any river be
impeded by the erection of such wharf or other con-
venience.

Business —
how managed

SEC. 4. And be it enacted, That the management
of the business and concerns of said company shall
be vested in five directors, to be elected annually,