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542
Council of Baltimore, or said other corporation, that if any
corporation, including the said Mayor and City Council,
shall become subscribers to the said capital stock, to the ex-
tent of five hundred shares or more, such corporation shall
be represented in the Board of Directors, so long as it is the
holder of such stock by one Director for each five hundred
of such shares, to be appointed in the manner set forth in
the 4th Section of this Act.
TITLE—AN ACT
To incorporate the Union Rail Road Company of Baltimore,
and to authorize the Mayor and City Council of Baltimore,
the Northern Central and the Western Maryland Railroad
Companies, and the Canton Company, to subscribe for the
capital stock thereof, and to endorse the mortgage bonds of
said Company, passed by the General Assembly of Maryland,
January Session, 1866.
It will be seen that the section just quoted, refers to the
mode of appointing Directors in the Company, and inciden-
tally provides that in addition to the Directors which Balti-
more City may have to represent any stock it may own, it
shall also be entitled to one additional Director '' for each
one hundred thousand dollars of the bonds of said Company
which may be endorsed or guaranteed by the Mayor and
City Council of Baltimore."
At the time of the passage of the Act, nothing more than
a subscription to the stock of the Company was contemplated ;
and the 6th Section, above quoted, looks, no doubt, to a sub-
sequent Act of the Legislature authorizing the City to en-
dorse the bonds, and anticipating such action, provision is
made for Directors to represent any increased interest when-
ever it should occur. The projectors of this enterprise, no
doubt, foresaw the uncertainty of getting stock subscriptions
adequate to furnish the work, but felt quite sure if the City
of Baltimore could be induced to make a large subscription
to the capital stock, it would feel the necessity of coming for-
ward in the end and endorsing enough of the bonds of the
Company to complete the work, such action would be neces-
sary in order to save the sum invested in the stock of the
Company, and in this way the burthen of carrying this enter-
prise through, would fall upon the tax payers of Baltimore
City.
The capital of the Company is limited to six hundred
thousand dollars; the intention evidently was to direct the
use of the sum derived from stock subscriptions, before a re-
sort was had to the credit of the Company, and if iound in-
adequate, then an issue of bonds might be resorted to; this
is the obvious intent of the 11th Section of the Charter. It
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