THOMAS H. HICKS, ESQUIRE, GOVERNOR.

499

ate, by the name of the Chesapeake Marine Rail-
way Company, of Annapolis, and by that name
to have perpetual succession and a common seal,
with power to acquire, hold, sell and transfer
property, real, personal and mixed, to sue and be
sued, and to exercise and enjoy all the rights,
powers and privileges usually enjoyed by bodies
politic and corporate, and also the power to
make and establish rules, by-laws and regula-
tions for their own government, the same not be-
ing repugnant to any law of this State or of the
United States.

SEC. 2. And be it enacted, That the objects
of said corporation shall be building, repairing
and cleaning vessels, and the doing and perform-
ing such other acts as are usually and ordinarily
clone by Marine Railway Companies.

Object of In-
corporation.

SEC. 3. And be it enacted, That the capital
stock of said corporation shall consist of not less
than two thousand nor more than ten thousand
dollars, and shall be divided into shares of twen-
ty-five dollars each, and the shares of said capi-
tal stock shall be made assignable or transferable,
as may be provided for by the by-laws of said
corporation, and shall be considered personal
property.

Capital stock.

SEC. 4. And be it enacted, That for the man-
agement of the affairs of said company, the stock-
holders shall elect a president and secretary, and
a board of directors consisting of such members
as they may think proper, and such other officers
as they may deem expedient, who, when so elect-
ed or chosen, shall remain in office one year, and
until their successors shall be elected and quali-
fied, whose qualification shall be such as shall be
prescribed by the by-laws; vacancies shall be
filled in the board of directors by those remain-
ing, and said board of directors shall fill any va-
cancies in the places of the other officers of said
company; and all such persons so chosen to fill
such vacancies, shall serve until the election and
qualification of their successors, at the next meet-
ing of the stockholders for the election of offi-
cers.

Management.

SEC 5. And be it enacted, That the meeting of
the stockholders for the election of officers and
directors for said company, shall be held on the

Meetings.