564

LAWS OF MARYLAND.

Fare.

for passengers over said railway shall not exceed
five cents a mile for any full mile, but the same
fare may be charged for a fraction of a mile as for
a full mile.

Borrow mo-
ney.

Sec. 10. And be it enacted, That the President
and Directors of said Company may borrow, from
time to time for the corporate purposes of said
Company, such amount of money as they may
deem proper, not exceeding the sum of fifty thou-
sand dollars, and provide for the payment of the
same and the interest thereon, by mortgage or
otherwise ; and may issue bonds for the same and
provide for payment of principal and interest
thereof as they may deem proper ; the said Presi-
dent and Directors may also issue certificates of
stock in said Company, and make all necessary
provisions for the payments of dividends thereon.

By-laws.

Sec. 11. And be it enacted, That the stockhold-
ers of said Company, or a majority of them, voting
as hereinbefore provided, shall have power to make
or adopt such by-laws, rules and regulations for
the management of said Company as they may
deem proper, not inconsistent with the terms of
this Charter or the Constitution and laws of this
State, and the President and Directors of said
Company, or a majority of them, shall constitute,
appoint and employ such officers, agents and ser-
vants for the construction, repair and preservation
of said railway, the running of cars thereon, the
transportation of passengers, and other business of
said Company as in their judgment may be neces-
sary.

Banking pro-
hibited.

Sec. 12. And be it enacted. That nothing in this
Act contained shall be so construed as to author-
ize said Company, its officers or agents to issue
any scrip or note as currency, or to exercise any
banking privileges.

Reservation.

Sec. 13. And be it enacted, That said Company
shall commence said railway within five years from
the passage of this Act, and finish the same in fif-
teen years ; and the Legislature reserves the right
to alter, amend or repeal this Act at pleasure.

In force.

Sec. 14. And be it enacted, That this Act shall
take effect from the date of its passage.

Approved March 30, 1868.