LAWS OF MARYLAND.

1844.

A. H. Tuttle, Erastus Edgerton, James Smith, Henry S.
Stevens, and George R. C. Price, their associates, suc-
cessors and assigns, be and they are hereby created and
made a body corporate, by the name and style of the Cum-
berland, Baltimore and New York Steam Packet Compa-
ny; and by that name shall have perpetual succession,
and shall be capable in law to hold and dispose of proper-
ty, to sue and be sued, to plead and be impleaded, answer

CHAP. 295.

and defend, and to be answered and defended in any courts
of law or equity, and in any other place whatsoever; to
receive and make deeds and contracts; to make, have and
use a common seal, and the same to change, alter or re-
new at pleasure; to ordain and establish such by-laws,
ordinances and regulations, as may appear necessary for
regulating the concerns of said corporations, not being con-
trary to this act; to purchase, own, possess, freight, char-
ter, hire and build vessels, and the same to sell and dis-
pose of; and to purchase and dispose of cargoes for the
same; and to charge and receive commission, pay or hire
on all merchandise and other things owned by others and
freighted in such vessels, and for passengers conveyed
therein; and generally to do all such acts and things as
shall be proper and necessary for the purpose of conduct-
ing a line or lines of packets or vessels, for the transporta-
tion of merchandise and other things, and the convey-
ance of passengers between the cities of Baltimore and
New York, or elsewhere; and also to engage in any law-
ful business calculated to give employment to the said

Corporate
powers.

packets or vessels; provided, that nothing in this act con-
tained, shall be construed to authorise the company here-
by incorporated to establish a line of wagons, stages or
other vehicles, for the transportation of passengers, goods,
wares or merchandise, on the National road west of the
town of Cumberland.

Proviso.

SEC. 2. And be it enacted, That the capital stock of
said corporation shall be one hundred thousand dollars,
divided into one thousand shares of one hundred dollars
each; ten dollars shall be paid on each share at the time
of subscribing, and the remainder in instalments of ten
dollars each, at regular intervals of thirty days from the
time of subscribing; and privilege is hereby given to the
said company to increase its capital stock to one hundred
and fifty thousand dollars, by new subscriptions or by add-
ing to the said capital semi-annually, a portion of its nett
profits, not otherwise appropriated, whenever it shall be
so determined by the board of directors.

Capital stock

$100, 000.

SEC. 3. And be it enacted, That the persons named in
the first section of this act, or a majority of them, be and
34

Commission-
ers appointed.