1860.

LAWS OF MARYLAND.

CHAP. 53.

occupy and enjoy by and with the consent of the
Mayor and City Council of Baltimore, so much as
they may deem necessary of the extent of water
front in said city, at the end of West Falls avenue
and Great Hughes street, and at the end or ends of
any other street or streets terminating at any point
or points on the harbor of said city, and power also
is given said corporation to engage in towing up
vessels sailing to and from the port of Baltimore,
and to afford facilities to owners of stranded or
wrecked vessels or others interested in securing such
vessels or other, their cargoes, and to make valid
contracts therefor.

Capital stock.

SEC. 3. And be it enacted, That the capital stock
of said corporation shall not exceed one hundred
thousand dollars, divided into shares of one hun-
dred dollars each.

Election of
president and
directors.

SEC. 4. And be it enacted, That for the manage-
ment of the affairs of said company, the sharehol-
ders shall elect a president and not less than four
directors, who shall remain in office for one year
or until successors shall be elected, a majority of
whom shall form a quorum for business, that a ma-
jority of shareholders shall at any time call a meet-
ing thereof, upon advising the stockholders by ad-
vertisement or otherwise of the time and place of
holding such meeting.

Property of
corporation
liable for
debts.

SEC. 5. And be it enacted, That the stock of said
company shall be deemed personal estate, and that
all the property of the corporation shall be bound
and answerable for its debts or liabilities.

Construction.

SEC. 6. And be it enacted, That nothing con-
tained herein shall be construed as granting bank-
ing privileges to said corporation, or exempting
their property and effects from general taxation,
and the Legislature reserves to itself the right to
alter or annul this act whenever public interest
may require it.