JOHN WALTER SMITH, ESQ., GOVERNOR.

public notice of such meeting by two insertions in some
newspaper published in Cecil County. At such meeting
the aforementioned persons, or a majority of them, shall
lay the subscription books before the subscribers then
and there present, and said subscribers, representing a
majority of the subscribed stock, shall elect five or more
directors, not exceeding, however, nine in number, who shall
be stockholders in said corporation, to manage the affairs of
said corporation for the next ensuing year, or until their suc-
cessors are elected and qualified, which directors so elected

625

shall have power to elect a president from their own number,
and in said election and all other elections each shareholder
shall be allowed one vote for each share 'of stoclf owned by
him; the persons hereinbefore named shall be the judges of
said election, and until such election takes place shall be
directors of said corporation, with full power and authority
to act as such. The board of directors shall provide for an
annual election of directors at some definite time or date to be

Power to elect
president.

designated by them, or a majority of them. Said board of
directors, when organized, shall have power to make by-laws
and regulations for the management of said company, and may
employ such clerks, agents or other employes at such salaries
or wages as may be mutually agreed on.

Shall make
by-laws and
regulations,
etc.

5. The said company shall have power to construct, equip,
maintain and operate a railroad propelled by electricity, steam
or other power, as the directors may determine, from some
point near the Pennsylvania line, through the towns of Elk-
ton and Chesapeake City and through Cecil County, to a
point on the Sassafras River, to haul passengers, parcels,
packages and freight over said railroad, and charge therefor
such rates as compensation therefor as the board of directors
may from time to time determine and fix.

Power to
construct and
operate a
railroad, etc.

6. The railroad so to be constructed shall be single or double
track, and shall have as many sets of tracks, switches and
turnouts and branches, not exceeding twenty miles in length,
as the said directors may deem necessary; and the said direct-
ors, or a majority of them, or their agents, may cause to be
made or contract with others for making such railroad tracks,
switches, turnouts, branches, power-houses and trolleys, or any
part thereof, including the building of bridges, necessary ware-
houses, depots and stations, and all work whatsoever necessary
to the proper completion and working of said railroad and
branches; and may acquire land, earth, stone, gravel or other
material required for any of the purposes aforesaid, by agree-

How railroad
shall be
constructed.

May contract
for building
railroad,
switches,
power-houses,
bridges, etc.