JOHN WALTER SMITH, ESQ., GOVERNOR.

benefit; but the said president and directors may, in their
discretion, remit such forfeiture, or recover in the name of the
company such instalments by suit or action at law, or in any
other way, and upon such terms as they may deem proper;
and in the event that the amount of capital stock issued or
subscribed for shall prove insufficient to construct, complete
and fully equip the railroad and power company hereinafter
mentioned, then the directors of said company may issue from
time to time, in the name of said company, mortgage bonds
to an amount sufficient, in the judgment of said president and
directors, to complete and fully equip said railroad and power
company, and secure the payment for such bonds by mortgage
or mortgages of all or any part of the property rights, fran-
chises, tolls and revenues of said company.

377

SEC. 4. And be it enacted, That the affairs of said company
shall be managed by a board of twelve directors, one of whom
shall be elected president, and said incorporators shall have
power at any time after the passage of this Act to organize
by the election of a president and such directors for the proper
management of the affairs of said company; that the president

Election of
directors and
president.

and directors thus appointed and elected shall serve for one
year after the date of their organization, or until the election
and qualification of their successors, and directors shall there-
after be elected by the majority vote of the stockholders
annually, and to serve for the term of one year; and each
stockholder shall have or be allowed one vote for every share
owned by him or her, and may vote either in person or by
proxy; such by-laws as may be found necessary may be made
and adopted by the board of directors; provided, however,
that the same are not contrary to law, nor to the objects of
this incorporation, including in such by-laws and regulations
for the affairs of the company, appointments, pay and duties
of the president and necessary subordinate officers, and the
time, place and notice for the holding of the annual meeting
of stockholders for the election of directors, and also for the
declaring of such dividends out of the profits of the said
company as the board of directors may deem proper.

Term of office.

SEC. 5. And be it enacted, That the said company shall have
power to construct, equip and operate a railroad impelled by
electricity, steam or other power, as the directors may deter-
mine, from some point in the town of Bel Air, in Harford County,
to some point in or near the town of Havre de Grace, in said
county, with the right to construct such branch lines extend-
ing through Harford County as the said board of directors
may deem necessary and advisable, and to haul passengers,

Power to
construct,
equip, operate

etc.