1860.

LAWS OF MARYLAND.

CHAP. 327.

CHAPTER 327.

Passed Feb.
29, 1860.

AN ACT to incorporate the Patuxent Express
Steam Navigation company.

Incorporated.

SECTION 1. Be it enacted by the General Assembly
of Maryland, That Anthony Reybold, John Key-
bold, Barney Reybold and John Stewart, and such
other persons as shall hereafter become stockholders
in the company created by this act, be and they are
hereby constituted a corporation and body politic,
under the name and style of the Patuxent Express
Steam Navigation company, and by that name,
they, their successors and assigns, shall have per-
petual succession, and shall be capable to sue and
be sued in all courts of law or equity; and shall
have power and authority to purchase, build, rent,
hire, hold and use any steamboat or boats, lands,
tenements and property, real or personal of every
kind whatsoever which may be necessary to carry
into effect the objects of said corporation, and shall
be at liberty to ordain by-laws for their own gov-
ernment, and shall have a common seal, which
they may change at pleasure, and generally may
exercise all the rights, powers and privileges neces-
sary or incident to a corporation having for its
object the general freighting business, the convey-
ance of passengers and the navigation of the Chesa-
peake bay and its tributaries, by way of the Chesa-
peake and Delaware Canal.

Capital stock.

SEC. 2. And be it enacted, That the capital stock
of the said corporation shall be divided into shares
of one hundred dollars each, and shall not exceed
one thousand five hundred shares, that the above
named Anthony Reybold, John Reybold, Barney
Reybold and John Stewart, are hereby authorised
to receive subscriptions to said stock, and whenever
three hundred shares shall be taken, they the said
Anthony Reybold, John Reybold, Barney Reybold
and John Stewart, (provided each shall become a
stockholder, ) are hereby authorised to organize as
a board of directors, and shall manage the business
of said corporation until the next annual meeting
of the stockholders, or until their successors shall
be duly chosen as hereinafter provided for.

Subscriptions.

SEC. 3. And be it enacted, That whenever it shall
become necessary that the residue of the afore-
mentioned shares of stock shall be taken, the same