394

LAWS OF MARYLAND.

meeting of the stockholders. Stockholders may
vote in person or by proxy, and the form of proxies
may be prescribed by the by-laws ; less than a
quorum of stockholders may adjourn a meeting
from time to time.

Personal pro-
perty.

Sec. 9. And be it enacted, That the said shares
of stock shall be personal property to all intents,
certificates thereof may be issued in such form as
said Commissioners shall prescribe until the or-
ganization of the corporation, and afterwards in
such form as the by-laws shall prescribe. The
said shares may be transferred in such manner as
the by-laws shall prescribe, but no share shall be
transferred without the consent of the corporation
until all calls or assessments previously made
thereon shall have been paid up.

Installment,

Sec. 10. And be it enacted, That there shall be
paid on every share of such stock two dollars at
the time of subscribing, and the residue of the
subscription shall be paid whenever assessed or
called for by the Board of Directors ; upon default
in the payment of any sum due on any subscrip-
tion, the stock may be forfeited and sold for the
payment thereof with interest and expenses, under
such regulations as the by-laws shall prescribe, or
the corporation may by suit recover the same from
the holder of the stock at the time of the assess-
ment thereof.

Lateral road.

Sec. 11. And be it enacted, That the said cor-
poration shall have authority to construct, main-
tain and work the railroad mentioned in the first
Section of this Act and branches or lateral rail-
roads from its main line not exceeding five miles
in length.

Toll.

Sec. 12. And be it enacted, That for transporta-
tion on its railroads and branches or any part
thereof the said corporation shall have a right to
charge and collect as toll and transportation
charges at rates not exceeding five cents per ton
of property or four cents per passenger for each
mile of transportation, but for any distance twenty-
five cents may be charged for a passenger or for
any quanty of freight.

Sec. 13. And be it enacted, That the said rail-
road and branches may be constructed with as