802

LAWS OF MARYLAND.

Privilege to
increase to
certain
amount.

scribe; but before it shall begin business one-half of said
capital stock shall be paid into the treasury; and the said com-
pany is authorized at any time, upon the determination of a
majority of its stockholders to increase its capital stock to any
amount not exceeding ten thousand shares of fifty dollars
each, aggregating five hundred thousand dollars, and it may
accept subscriptions thereto payable in real estate, rights, cash
or other property upon such terms as the directors of said
company may fix; and if any subscribers to the said stock or
any part thereof shall neglect or fail to pay any instalment or
part of his or her subscription thereto when demanded, in
accordance with the terms of said subscription, for the space
of ten days next after the date when the same shall become
due and payable, the stock on which the said payment was
demanded shall, at the pleasure of the directors of said com-
pany, be forfeited to the company, and may be sold for its
benefit, but the said directors may, in their discretion, remit
such forfeiture and recover such instalments by suit or action
at law, or in any other such way as may be proper; and the
said Joseph B. Hanway, W. Boyd Bell, Richard Dallam,
Philip H. Close and John P. Horsey are hereby constituted

Election of
directors and
president.

and appointed the directors of the said corporation, to serva
until their successors are duly elected by the stockholders of
said company and qualified, and the said directors shall have
power at any time after the passage of this Act to organize by
the election of a president from among their number and the
appointment of such other officers as, in their judgment, may
be necessary for the proper management of the affairs of said
company. And the said company may consolidate with any
other corporation organized as a rail way, or for the develop-
ment or transmission of electric power upon such terms as may
be authorized by the stockholders of the respective corpora-
tions.

Authority to
construct
railway, etc.,
to certain
points.

May extend t0
Baltimore
City, etc.

SEC. 3. That the said company is hereby authorized to
construct and lay down a railway with such track or tracks
and the necessary switches, sidings and turnouts through
Baltimore and Harford Counties, from some point at or near
Belair, in Harford County, and thence to some point on the
Susquehanna River, or on the Pennsylvania State line, as
the directors of said company may determine; and the said
railway may connect with any other railways on such terms
as may be agreed upon by said connecting roads; and the
said railway may be extended into Baltimore City; provided,
always, that in case it shall use or cross any of the public
roads of said counties, or enter the said city, it shall first