THOMAS H. HICKS, ESQUIRE, GOVERNOR.

39

sand shares, of one hundred dollars each, and the
President and -Directors, shall have power from
time to time, to increase the capital stock to such
an amount as may be found necessary, to accom-

plish the object of this Corporation; Provided,
the sum does not exceed two thousand shares.

Proviso.

SEC. 3. And be it enacted, That the President
and Directors of the said Company shall, and they
are hereby invested with all the rights and pow-
ers necessary for chartering, purchasing, building,
constructing and repairing boats, propelled by
steam or otherwise, for navigating the Chesapeake
bay and its tributaries, and for the purpose of tow-
ing ships, steamers, vessels, canal boats, barges,
arks and rafts, and to hold lands in fee-simple or
otherwise, not exceeding one hundred acres at a
time, and to erect thereon all needful or conve-
nient buildings, wharves and other conveniences,
as shall be necessary for the objects of this Com-

Invested with
rights and pow-
ers.

pany; Provided, that in no case shall the naviga-
tion of any river be impeded by the erection of
such wharf or other convenience.

Proviso.

SEC. 4. And be it enacted, That the manage-
ment of the business and concerns of said Com-
pany, shall be vested in five directors, to be elected
annually, and who shall be stockholders, any three
of whom, shall be a quorum for the transaction of
business; that the first board of directors, shall be
elected in the following manner, namely: as soon
as four hundred shares have been taken, the said
John Henderson, James Wiley, George A. Cole-
man, Joshua B. Shaw and Gustavus R. Hender-
son, or a majority of them, shall call a general
meeting of the stockholders, for the purpose of
electing fire directors, who shall hold their offices
for one year, or until a new election be had.

Management.

SEC. 5. And be if enacted, That every board of
directors of said Company, shall at their first
meeting after an election, or as soon thereafter as
practicable, appoint one of their own body to be
President of the said Company, and shall appoint
such other officers and agents as they may deem
necessary for managing the affairs of said Com-
pany, who shall hold their offices at the pleasure
of said President and Directors.

Appointment
of officers.

SEC. 6. And be it enacted, That all the joint
stock property and effects, shall be answerable for

Joint proper-
ty answerable.