PHILIP F. THOMAS, ESQUIRE, GOVERNOR.

1849.

CHAPTER 300.

CHAP. 300.

An act to incorporate the Northeast Steamboat Com-
pany.

Passed March
1, 1850.

SECTION 1. Be it enacted by the General Assembly

of Maryland, That John Simpers, John Mauldin,
Johnson Simpers, John Ford, Thomas S. Thomas,
John Conard, Washington W. Black, Bennet F. Bus-
sey, John Owens, Alexander Wilson, Jethro J. Mc-
Cullough, James Crawford, Joseph Jost, and Stephen
B. Ford, and others, their successors and assigns, be
and are hereby created and made a corporate and body
politic, by the name and title of the Northeast Steam-
boat Company, and by that name and title shall have
succession, and shall be capable in law to sue and be
sued, in any court of law or equity, to have and use
a common seal, and to alter the same when deemed
expedient, and generally to do all such acts as shall
he proper and necessary for the purpose of employing
one or more steamboats to navigate the Chesapeake
bay, and its tributary streams, for the conveyance of
passengers, towing vessels, rafts, or arks, and the
transportation of grain, goods, wares, or merchandise,
or other articles.

Incorporated,

&c.

SEC. 2. And be it enacted, That the capital stock

of said company shall be twenty thousand dollars, to
be divided into shares of ten dollars each, to be sub-
scribed for or disposed of from time to time, in such
manner as the resolutions or bye-laws, made in pur-
suance of this charter, shall provide.

Capital stock.

SEC. 3. And be it enacted, That it shall be lawful

for said company hereby created, to enlarge the capi-
tal of said company when necessary, for the purpose
of increasing the business of said company, so as the
capital of the said company shall not exceed fifty
thousand dollars, to be divided into shares often dol-
lars each, to be subscribed for and disposed of from
time to time, in such manner as the resolutions or
bye-laws, made in pursuance of this charter, shall
provide

Capital may be
increased.

SEC. 4. And be it enacted, That the affairs of said
company shall be managed by a president and a board
of directors, consisting of six persons, the president
and directors to be chosen out of the stockholders of
said company, the president to be a member of the
said board of directors; the said board of directors
49

Affairs— how
managed.