1076

LAWS OF MARYLAND.

May consoli-
date with
other electric
railways.

solidate with such other electric or other railway company or
companies as its railway may cross or become connected with,
at such price and upon such terms and conditions as may be
agreed upon between them, or the company hereby incor-
porated may, and it is hereby authorized and empowered to
purchase, acquire and to hold the stock, and to hold or lease
the railways and franchises of other railway companies, and
use and operate said railways in connection with its railway
hereby authorized, or it may transfer its stock, and sell or
lease its railway and franchises hereby authorized, to any such
railway company; and, provided further, that no privileges
or powers granted by this bill, so far as the use of the streets
or other public property of Ocean City are concerned, shall be
effective until the consent and authority of the Mayor and
City Council of Ocean City are first obtained.

Capital stock
with privilege
to increase.

SEC. 3. And be it further enacted, That the capital stock of
the said corporation shall consist of one thousand shares, of
fifty dollars each, which stock shall be personal property,
with the privilege to the said corporation to increase the same
from time to time to four thousand shares, of fifty dollars each,
by a vote of the stockholders of said corporation, at a special
meeting to be called for that purpose, after two weeks' notice,
in some newspaper published in Worcester County; and the
incorporators named in this Act, or a majority of them, shall
have power to open books for subscriptions to said stock at
such times and places as they may deem expedient, and may
reopen the same from time to time, and when not less than
one hundred shares of said capital stock has been subscribed,

Election of
directors,
president and
other officers.

and when one dollar shall have been paid in on each share so
subscribed, the stockholders may organize said corporation,
and may elect nine directors to serve until the ensuing annual
election, and until their successors shall have been duly
elected and qualified; and the directors so elected may choose
from their number a president, a vice-president and such other
officers of said corporation as they may think necessary to
serve until the ensuing general election, and the directors so
elected shall have, and they are hereby authorized to exercise
in the name and behalf of said corporation, all the rights and
powers and privileges intended to be given hereby to said
corporation. The residue of the subscriptions to said shares
of stock shall be paid in such instalments and at such times
as may be required by the president and directors of said com-
pany, and if any subscriber shall fail or neglect to pay any
instalment or part of said subscription, thus demanded or
required for the space of thirty days after the time when the