Powers and
duties.

cute the business of said corporation, to fix their
compensation, and in their discretion to dismiss
them, to contract, agree for, and purchase, rent
or hire, such vessels, lands and water powers,
chattels, fixtures, materials, machinery, tools,
rights, privileges and effects whatsoever, and to
pay for the same cither in cash or with stocks of
said company, to make, own and use, have and
repair all such vessels, carriages and other conve-
niences as may be necessary for effecting the objects
of said corporation, to prescribe the form of certi-
ficates to be issued to the stockholders and regu-
late the mode of transferring their capital stock
to apply the funds of said corporation, so far as
the fame may be necessary to effect the object
aforesaid, and in payment of the necessary expense
of the company, to call general meetings of the
stockholders, and generally to pass such by-laws
as may be necessary for the exercise of the afore-
said powers vested in said corporation, and the
same by-laws from time to time to .liter and repeal,
such by-laws, to be subject to the approval of a
majority of the stockholders, and if necessary) to
issue the bonds of said corporation, and to secure
the same by mortgage of the property of the said
corporation; but in no event to exceed the sum of
three hundred thousand dollars.

Authority to
lay dawn and
construct rail-
ways.

Sec. 5. And be it enacted, That the corporation
hereby created is vested with all necessary powers
to lay down and construct, and to use and operate
latteral and train railways with double or single
tracks from their works to and from ore banks or
mines, and also to connect with the Northern Cen-
tral Railway, or any other railway passing or to
pass through said Baltimore county, at such points
as they may deem most desirable, on such terms
as may be agreed upon with said railway, but
shall have no power to condemn land for that
purpose.

Authority to
declare and
pay dividends

Sec. 6. And be it enacted, That the President and
Directors shall from time to time declare, and pay
the stockholders dividends of so much of the profits
realized by the company as they shall deem expe-
dient, after reserving such sum as they shall decide
to be reasonable to meet the expenses of buildings,
repairs, or the purchase of articles necessary for