PHILIP F. THOMAS, ESQUIRE, GOVERNOR.

1849.

port or ports on the Potomac river, or in the State of
Maryland, to any port or ports in the State of New
York, or to and from any port or ports within or with-
out the boundaries and limits of the United States,
and for these purposes make, take and hold all pro-
perly and estate, real and personal, make contracts in
relation to the same, and have all the rights and
powers incident to corporations, and proper for the
control of its business.

CHAP. 278.

SEC. 3. And be it enacted, That the capital stock
of said corporation shall be one hundred thousand dol-
lars, which shall be divided into one hundred shares of
one thousand dollars each, but said corporation shall
have power to increase from time to time, said capital
stock to the sum of five hundred thousand dollars, which
additional stock shall be divided into shares as before
provided, and said corporation shall have power to hold
and possess real and personal property to the amount of
one hundred thousand dollars for the purposes aforesaid ;

Capital stock.

provided, that said corporation shall at no time hold and
possess real and personal estate to an amount exceeding
five hundred thousand dollars.

Proviso.

SEC 4. And be it enacted, That the capital stock
of this corporation shall be subscribed for and taken at
such times and places and in such manner as shall be c
determined and regulated by the persons, or a majority
of them, named in the first section of this act, and each
subscriber shall pay at the time of subscribing the sum
of ten dollars upon each and every share so subscribed
for, and shall by virtue thereof, be taken and thereby
become a member of said corporation, and at all meet-
ings be entitled to one vote for each and every share so
held by him, and all absent stockholders may vote by
proxy, and no stockholder shall become personally or
individually liable for any contract or debt of the cor-
poration over and beyond the amount of stock subscrib-
ed for, and owned by him; all shares in said corporation
shall be considered as personal properly, and shall be as-
signed and transferred, in such manner as may be pro-
vided for in the bye-laws of said company.

Capital— how
and when and
by whom re-
ceived.

SEC. 5. And be it enacted, That the affairs of the
company shall be managed by a president, who shall be
a director, and four other directors, to be chosen annu-
ally by the stockholders, and to serve for the term of
one year and until others are chosen, and that until
such choice of a president and directors, the persons
named in the first section of this act, or a majority of
them, shall have and exercise the same authority and

Affaire — how
managed.