336

LAWS OF MARYLAND.

by the by-laws of the company; but any increase of said
capital stock shall be made in accordance with the general
statutes of the State.

SEC. 4. And be it enacted, That the above named J. K. M.
Morton, C. C. Carlin, L. C. Barley, J. S. Radcliffe and J. B.
Mills, or any three of them, to be selected by themselves, are
hereby created a commission and authorized to receive sub-
scriptions to the capital stock of said company, and for this

Authority
to receive
subscriptions.

purpose may open the subscription books in such manner and
after such notice as they may deem necessary, and may keep
the same open until the amount above named shall have been
subscribed. Thereafter, within their discretion, they may
call a meeting of the stockholders and organize the company.
From time to time the capital stock may be increased under
such regulations and upon such terms, and disposed of at such
prices as the board of directors of said company may pre-
scribe; and the board of directors may receive cash, labor,
materials, bonds or stocks of other incorporated companies,
lands, rights of way, and other property, real or personal, in
payment of subscription to the capital stock of said company
at such valuations as may be agreed upon.

May

purchase and
issue bonds.

SEC. 5. And be it enacted, That the said company may
acquire, by subscription, purchase or otherwise, the stocks or
bonds of any other incorporated company; and it shall be
lawful for said company to issue its bonds from time to time
for such sums and upon such terms as the board of directors
may deem expedient, and may secure the payment of any
bonds by mortgage of all or any part of the property, rights,
franchises, tolls and revenues of said company.

May dispose of
its rights.

SEC. 6. And be it enacted, That the said company may sell
or lease the whole or any part of its rights, properties, appur-
tenances or franchises to any other incorporated company, or
may acquire or lease from any other like incorporated com-
pany the whole or any part of its rights, properties, appur-
tenances or franchises.

Board of
directors, and
other officers.

SEC. 7. And be it enacted, That the affairs of said company
shall be managed by a board of directors, a president, vice-
president, secretary and treasurer, the latter named shall be
ex-officio members of the board of directors, and the com-
pany may have such other officers as the board of directors
may from time to time determine; and the term of office,
mode of elections and duties of all officers shall be prescribed
by the by-laws of said company, subject to the general laws
of this State; and the company may adopt such by-laws as it