Chap. 284.—AN ACT to Incorporate the Atlantic, Chesapeake and Ohio
Transportation and Towing Company.

In force March 22, 1872.

1. Be it enacted by the general assembly, That it may be
lawful to open books of subscription in the cities of New York,
Philadelphia, Baltimore, Norfolk and Richmond, under the
direction of Marshall Parks, Thos. Spalding, Jr., Hiram
Brower, W. B. Richards, Jr., Richard F. Robinson, W. G. Max-
well, or any two of them, for the purpose of receiving subscrip-
tions to the capital stock of a company to be known as the
Atlantic, Chesapeake and Ohio Transportation and Towing
Company, for the purpose of the transportation of freight and
passengers, by steam and other boats, upon the Chesapeake
bay, rivers, canals, and waters connected therewith.

2. Be it further enacted, That the capital stock of said com-
pany shall not be less than one hundred thousand dollars, nor
more than one million dollars, in shares of one hundred dollars
each ; and the said company shall not be organized until the
minimum amount of capital stock herein prescribed shall have
been subscribed, and two per cent. thereon paid up. At all
meetings of the stockholders each share shall be entitled to
one vote.

3. Be it further enacted, That the said company may borrow
money, tpon the issue of their bonds or other evidences of
debt, bearing interest not exceeding ten per centum per
annum ; which bonds may be guaranteed by any other company
interested, which is authorized by law so to guarantee such
bonds; and the said company may purchase and hold such
lands, wharves, docks, and piers as they may require for the
purpose set forth in this act.

4. Be it further enacted, That the affairs of the company
shall be managed by a president and seven directors, who shall
have power to make such by-laws, rules and regulations, not
inconsistent with the laws of this state, as they may deem
proper for the government and management of said company.

5. The said company shall organize within one year, or else
forfeit the rights, privileges and franchises herein conferred.

6. This act shall be in force from its passage, and shall be
subject to alteration, amendment or repeal at the pleasure of
the general assembly.