1846.

LAWS OF MARYLAND.

CHAP. 241.

Passed March
4, 1847.

CHAPTER 241.
An act to incorporate the Ocean Company of Baltimore.

Incorporated

SECTION 1. Be it enacted by the General Assembly qf
Maryland, That Horace D. Forbes, and all such per-
sons as may hereafter associate with him, by becoming
stockholders in the manner hereinafter provided, their
successors and assigns shall be. and are hereby made and
constituted a body politic and corporate, by the name of

Name.

the Ocean Company of Baltimore, and by that name shall
have continual succession, and shall be capable in law
and equity to sue and be sued, plead and be impleaded,

Corporate
powers.

Establish by-
laws.

to make and use a common seal, and the same to alter or
renew, at their pleasure, to purchase, construct, hold or
sell vessels, to establish a line or lines of packets for
transporting freight and passengers, and generally to do
and perform all such things as are usual, or may be found
necessary for prosecuting the business of said company,
and to ordain, establish and enforce all such by-laws and
regulations as shall be necessary and proper for conduct-
ing the business of the said corporation, the same not
being contrary to law or the provisions of this act.

Capital stock
not to exceed
$500,000.

SEC. 2. And be it enacted, That the capital stock of
said company shall not exceed the sums of five hundred
thousand dollars, or five thousand shares of one hundred
dollars each, and every person who shall become the
owner of one or more shares of the said stock by pur-
chase, transfer, devise or distribution, shall thereupon
become and continue to be a stockholder of said com-
pany so long only as he or she shall hold said share or
shares, and as such, be entitled in all meetings, and at
all elections, to one vote by person, or by proxy, for
each and every share of said capital stock which shall
be held by such person, and the shares of said capital
stock shall be deemed personal estate, and be assigned
in such manner as shall be provided for by the by-laws.

Meeting of the
stockholders.

SEC. 3. And be it enacted, That as soon as a suffi-
ciency of stock be subscribed, to commence the opera-
tions of said company, a meeting of the stockholders
shall be held, and annually on the same day thereafter,
for the purpose of electing a president, who shall be ex-
officio a director, and four other directors, and also for
electing, not to exceed one agent for any one town or
city, which agent may be chosen from the aforesaid five
directors, and also for electing one or more trustees, to
receive and hold all monies that may he received for