E. LOUIS LOWE, ESQUIRE, GOVERNOR.

1852.

concerns of said corporation, not being contrary to this
act; to purchase, own, possess, freight, hire, charter,
and build vessels, and the same to sell and dispose of,
and to purchase and dispose of cargoes for the same,
and to chaise 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 con-
ducting a line or lines of packets or vessels by steam
or otherwise, for the transportation of merchandise and
other things, and the conveyance of passengers be-
tween the cities of Baltimore and New York, or else-
where, and also to engage in any lawful business cal-
culated to give employment to the said packets or ves-
sels.

CHAP. 153.

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

of said corporation shall he one hundred thousand dol-
lars, 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 instal-
ments, as the board of directors may require; and pri-
vilege is hereby given to the said company to increase
its capital stock to three hundred thousand dollars, by
new subscriptions, or by adding 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,
&c.

SEC. 3. And be it enacted, That the persona named
in the first section of this act, or a majority of them,
be, and they are hereby appointed commissioners to re-
ceive subscriptions to the capital stock of said company,
and they, or a majority of them, may cause books to
toe opened at such time and place in Baltimore, or else-
where, as they may direct, for the purpose of receiving
such subscriptions, and may keep the same open until
the whole number of shares shall have been taken or
subscribed for; and when five hundred shares shall have
been subscribed for, it shall be lawful for said com-
pany to proceed and act in all things according to this
charter.

Subscriptions,

by whom re-
ceived.

SEC. 4. And be it enacted, That if any subscriber
or his assignees, shall refuse or neglect to pay the in-
stalment before mentioned, or any part thereof, for the
.space of ten days next, after the same shall become
due and payable, the stock on which the same is de-
manded, shall not be forfeited to the said company,
but the original subscriber shall and may be held liable
for the full amount due on such stock.

Refusal to
pay.