FRANCIS THOMAS, ESQUIRE, GOVERNOR.

1841.

Company, and by that name shall have succession, and sue
and be sued, implead and be impleaded, in any court of law
or equity, and may have and make a common seal, and the
same break, alter and renew at their pleasure; and the pur-
pose, objects, business and privileges of said corporation,
shall be and so are declared to be, the erecting, having,
using and employing one or more steam or other boats in
the waters of the Chesapeake Bay and its tributaries, in the
sawing and preparing and transporting of plank and scant-
ling sawed by the operation of said corporation, with lull
power and authority to purchase, take and have and hold
all such estate and property, and to do and perform all
such acts and things as may be found necessary or useful
for the aforesaid object and purposes of said corporation.

CHAP. 261.

Sec. 2. And be it enacted, That William Harrison and
John N. Robb and John Watchman, or a majority of them,
be and they are hereby appointed commissioners to receive
subscriptions and payments for shares in the capital stock
of said corporation, which capital stock shall be of shares
of one hundred dollars each, and may consist of one thou-
sand shares, and to that extent may from time to time, be

Commission-
ers to receive
subscriptions.

increased by the directors of the corporation; provided how-
ever, that this corporation shall not go into operation until at
least two hundred shares shall have been subscribed, and
until twenty-live dollars on each of said subscribed shares,
shall have been paid or satisfied.

Proviso

Sec. 3. And be it enacted, That at the time of subscrip-
tion, there shall be paid on each share subscribed at least
ten dollars, and in three months thereafter the further sum
on each share of fifteen dollars, and the president and di-
rectors shall from time to time prescribe the instalments to
be called for and paid on said subscribed shares, giving. of
such required payments at least two months notice in each
instance, in some newspapers of the city of Baltimore, and
in default in payment of instalments, the share or shares on
which the default may occur, may be sold at public auction,
after thirty days notice of the sale by advertisement in two
newspapers of Baltimore, twice a week for said period of
thirty days; and the stock so sold shall be transferred by
the directors to the purchaser; and for any deficiency that
may be after applying the nett proceeds of said sale to the
credit of the subscribers on their liability for instalments,
they shall be deemed liable; and said corporation in place of
selling as aforesaid stock as aforesaid, may claim and reco-
ver from the subscribers aforesaid so in default, the amounts
of liabilities or claim on such unpaid instalments.

Ten dollars
on each share
to be paid