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than one million of dollars, that the commissioners shall, as soon
thereafter as may be, proceed to reduce the number of shares, in
the same manner and on the same principles as are prescribed for
the reduction of shares by the act, entitled, An act to establish a
bank in the city of Baltimore to be called The City Bank of Bal-
timore; and if the sum of one million of dollars should not be then
subscribed, the said commissioners may continue the subscription,
in the same manner, from day to day, so long as they may deem
it useful and advisable.
6. And be it enacted, That the subscribers aforesaid, and such as
may according to the provisions herein after contained become
stockholders, and their successors, shall be, and they are hereby
made and declared to be, a body politic and corporate, under the
name of The President anil Directors of the Patapsco Canal Compa-
ny, and by that name shall be and are hereby made capable in law to
have, purchase, receive, possess and enjoy, to them and their suc-
cessors, lands, tenements, hereditaments, goods, chattels and ef-
fects, of what kind, nature or quality soever, necessary for the
accomplishment of the objects contemplated by this act, and for no
other purpose whatever, and the same to grant, demise, alien,
convey and dispose of; to sue and be sued, plead and be impleaded,
answer and be answered, defend and be defended, in any court of
record, or any place whatever, and also to make, have and use, a
common seal, and the same to break, alter and renew, at pleasure;
and also to ordain, establish, and put in execution, such by-laws,
ordinances and regulations, as shall seem necessary and conveni-
ent for the government of said corporation, and the management
and conduct of their affairs, provided the same be not contrary to
law and the constitution of this state.
7. And be it enacted, That the said commissioners shall give
eight days notice in the public newspapers in the city of Baltimore,
to the subscribers, to assemble at some place in the city of Balti-
more, within twenty days after the subscription shall be closed as
aforesaid, to elect twelve directors, which said directors shall, as
soon after their election as may be, proceed to elect, either from
among the stockholders, a fit and proper person to be president of
the board of directors; which said president and directors shall be
and are hereby authorised and empowered, to make all rules, re-
gulations and by-laws, for the conduct and government of the cor-
poration and its affairs; to create all such officers and agents of
the corporation as they think right and proper for the management
of its concerns; to prescribe their duties and compensation, and
continuance in office, and also to employ labourers, workmen, and
all others necessary for the objects of the corporation; and it shall
be the duty of the president, in pursuance, of the by-laws, rules
and regulations, to superintend, direct and controul, the officers
and persons employed by the corporation, and from time to time,
as required by the directors, to report the state, condition and
progress, of the affairs of the corporation; but said president and
directors shall be annually appointed in the manner herein before,
prescribed, on such days as shall be prescribed by the by-laws of
the corporation; and if a director should be appointed president,
or a director die, resign, or remove more than ten miles from the
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Dec. Ses. 1817
Stockholders
incorporated.
Election of di-
rectors— their
duties.
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