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LAWS OF MARYLAND.

they deem it necessary, and each subscriber shall pay
in sixty days after the time of subscribing, five dollars
per share for every share by him subscribed, and the
said commissioners, or a majority of them, if they
deem it expedient, may take the notes or obligations
of the subscribers for stock for such subscriptions,
payable at the time prescribed aforesaid, in the name
of the company.

Management.

SEC. 4. And be it enacted, That the management
of the business and concerns of said company, shall
be vested in seven directors, to be elected annually,
and who shall be stockholders and citizens of the
United States, any four of whom shall be a quorum
for the transaction of business; that the first board of
directors shall be elected in the following manner,
viz: as soon as the commissioners shall have ascer-
tained that one hundred shares or upwards have been
taken or subscribed, they, or a majority of them,
shall call a general meeting of the stockholders, by
giving ten days notice in one newspaper printed or
published in the city of Baltimore, and one in Cecil,
and in Kent county, convening them for the purpose
of electing seven directors, who shall hold their office
for one year, or until a new election is made, and
that in all elections, each share shall be entitled to one
vote, and votes may be given by proxies.

President, of-
ficers and a-
gents.

SEC. 5. And be it enacted. That every board of
directors of said company, shall at their first meeting
after their election, or as soon thereafter as practica-
ble, appoint one of their own body to be president of
said company, and shall in the same manner appoint
all such officers, agents and employees, as they may
deem necessary, for managing the affairs of the said
company, who shall hold their offices or appointments
at the pleasure of the president and directors.

Invested with
right and au-
thority.

SEC. 6. And be it enacted, That the president and
directors of the said company, shall be and they are
hereby invested with all the rights and powers ne-
cessary for purchasing, hiring, chartering, building,
constructing and repairing boats or vessels propelled
by steam and others, wharves, houses, structures,
warehouses, and appurtenances, for conducting and
carrying on the passenger and freighting business
aforesaid, in the waters of the Chesapeake bay and
its tributaries, and shall have power to make, con-
struct, establish, and keep in repair, all such works
as they may find necessary or useful for conducting
and carrying on the passenger and freighting busi-