1128

LAWS OF MARYLAND.

Time and
place of
annual elec-
tions.

SEC. 5. And be it further enacted, That the annual meet-
ing of the stockholders for the election of directors and for
the transaction of such other business as may come before
them shall be held on the second Tuesday of June in each
year. At all meetings of said stockholders each stockholder
shall be entitled to one vote for every share of stock held by
him, and ten days' notice shall be given by publication in
some newspaper published in Baltimore County of the time
and place of said annual election, which election shall be
conducted by three stockholders to be named previously by
the directors from the body of stockholders, one of whom
shall be designated to act as judge, and other two as inspectors.

Power to enact
rules, by-laws,
etc.

SEC. 6. And be it further enacted, That the directors of said
corporation hereby created shall have power to enact such
rules, regulations and by-laws for the management of the
affairs of the said company as they may deem advantageous
for the interests thereof, provided the same be not inconsistent
with the laws of this State,

Dividends.

SEC. 7. And be it further enacted, That the directors shall
have power to declare such dividends out of the profits of the
said company as they may deem proper; provided, that no
dividends shall be declared except out of profits earned. And
the said company hereby created shall have power to borrow

Power to
borrow money
and issue
bonds.

money, issue bonds and secure the payment of the same by a
deed or deeds of trust or mortgage upon any or all of its prop-
erty or franchises.

Not required
to construct
entire line
before using
any part
thereof.

SEC. 8. And be it further enacted, That the said company
shall not be required to make and construct the entire line of
the railway hereby authorized before using any part thereof,
and that it may use and operate and run its cars upon any
part thereof if it should deem it expedient or convenient to
do so before completing the entire railway and works hereby
authorized, and if the whole of said railway and works shall
not be constructed the charter of said company hereby incor-
porated shall not be forfeited, but shall remain in full force
and validity and operation as to the part of said railway con-
structed and operated by it.

May contract
for construc-
tion and
equipment of
said railway,
etc.

SEC. 9. And be it further enacted, That the directors of the
said company may cause to be made, constructed and equipped,
and may contract with others to make, construct and equip
the said railway, works, appurtenances and things hereby
authorized, and all work which may be necessary for the
proper completion and operation of the said railway, and may
acquire land, earth, stone, gravel, timber or other material