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meeting of the stockholders by giving ten days
notice in one newspaper printed or published in
Kent county, convening them for the purpose of
electing seven directors, who shall hold their of-
fice for one year, or until a new election is made,
and that in all elections each share shall be en-
titled to one vote, and votes may be given by
proxies.
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Directors au-
thorised to ap-
point officers.
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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 practicable, 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 man-
aging the affairs of the said Company, who shall
hold their offices or appointments at the pleasure
of the President and Directors.
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Invested with
power and au-
thority.
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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 necessary for purchasing, hireing, char-
tering, building, constructing and repairing boats
or vessels propelled by steam, and otherwise,
wharves, houses, structures, warehouses and ap-
purtenances for conducting and carrying on the
passenger and freighting business aforesaid, in
the waters of the Chesapeake bay and its tribu-
taries, and shall have power to make, construct,
establish and keep in repair all such works as
they may find necessary or useful for conducting
and carrying on the passenger and freighting
business, and may employ all such agents, and
make all such contracts and purchases, and take
and hold all such gifts and grants of property,
real and personal, or any interest in the same, as
may be found necessary or expedient for the pur-
poses aforesaid.
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Stock trans-
ferable.
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SEC. 7. And be it enacted, That the capital
stock of said Company shall be deemed personal
property, and that the shares of said stock may
be transferred on the books of said Company in
such manner as its by-laws may direct; but all
debts or moneys due the said Company by any
stockholder wanting to make the transfer, and all
outstanding engagements on which he is then
liable to said Company, shall be paid or satisfied
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