1844.

THOMAS G. PRATT, ESQUIRE, GOVERNOR.

CHAP. 193.

capital stock of the company hereby incorporated, in shares
of one hundred dollars each, the whole number of shares
not to exceed one thousand; the said books to be opened
at such times and in such manner as said commissioners,
or a majority of them shall direct.

Corporate
powers.

SEC. 2. And be it enacted, That persons subscribing un-
der the preceding section, shall be and are hereby incor-
porated as a body politic, under the name of the Chesa-
peake and Liberia Trading Company, and by that name
shall have succession, and shall have and use a common
seal, and shall exercise all the rights and privileges of a
corporation for the purpose of establishing, carrying on,
and maintaining a line of packets between Baltimore and
Liberia, and for carrying on lawful commerce on the west

Officers of said
corporation, to
be a president
three directors
and a agent.

coast of Africa.
Sec 3. And be it enacted, That the officers of said cor-
poration shall be a president, three directors, and a man-
aging agent, who shall be also the secretary and treasurer,
and who shall be entitled to a seat and vote at all meet-
ings of the president and directors, and who shall give
bonds for the faithful performance of his duties, in the pe-
nal sum often thousand dollars; the said officers or a ma-
jority of them, shall have power to make all by-laws for
the management of the affairs of said corporation, not in-
consistent with the powers of this act, and shall determine
the form of certificate of stock, and the mode of transfer-
ing the same; they shall be elected at a special meeting
of the stockholders, to be called for that purpose by said
commissioners, within one month after the subscription

In the event of
capital stack
not being tak-
en.

book shall be closed.
SEC. 4. And be it enacted, That in the event of the
whole of the capital stock not being taken, when the books
shall be opened prior to the organization of the said cor-
poration, by the commissioners aforesaid, the officers of
the said corporation or a majority of them, may thereafter,
as they may deem advisable, increase the amount of the

Proviso.

capital stock already subscribed, from time to time; pro-
vided, that in no event the whole of the capital stock shall
exceed the limit herein before prescribed.

Annual meet-
ings of the
stockholders.

SEC. 5. And be it enacted, That there shall be an annu-
al meeting of the stockholders of the said corporation on
the first Monday in January, of each and every year, for
the election of officers, and for the enaction of such other
business as may be brought before them, and in the event
of a failure to hold such meeting, or to have an election of
officers at the time aforesaid, then the officers for the time
beings shall continue in office until a new election is held;