670

LAWS OF MARYLAND.

said capital stock beyond the sum or amount of
three millions of dollars.

Duty of
President and
Directors.

Sec. 10. And be it enacted, That in all proceed-
ings of the President and Directors of the said Com-
pany, the President shall have one vote, and all
questions shall be decided by a majority of votes ;
and the said President and Directors may appoint
all and any such officers, engineers, agents or ser-
vants whatsoever, as they may consider necessary
for the transaction of the business and the accom-
plishment of the purposes of the Company, and
may dismiss or change the same at pleasure, and
may fix and determine, by general regulations, or
by special contract, the compensation of all such
officers and others, and may determine by their by-
laws and regulations, the manner of settling and
adjusting all accounts of any of the said officers
against the Company, and also the manner and ev-
idence of transfers of the stock of the Company, and
they shall have power to pass, and from time to
time at their pleasure, change and annul all by-
laws and regulations which they may deem neces-
sary for exercising the powers vested in the Com-

Proviso.

pany hereby incorporated, and the carrying the
object of this Act into effect; provided, such by-
laws be not contrary to the laws of the United
States, or of this State, or the provisions of this
Act.

Subscrip-
tion — how re-
ceived.

Sec. 11. And be it enacted, That the President
and Directors shall have power, to receive pay ment
for the whole or any part of the subscription to the
capital slock of the Company, either in land or
money, and if in land, then at such price valua-
tion or terms as may be agreed upon by those re-
ceiving such subscription, and shall have power to
borrow money for the purposes of this Act, and to
issue bonds, certificates or evidences of such loans,
and to pledge the property of the Company for the
payment of the same and its interest.

Powers.

Sec. 12. And be it enacted. That the President
and Directors of said Company, shall be and they
are hereby invested with all the rights and powers
necessary to the construction, working, use and
repair of a railroad from some suitable point in or
near the City of Baltimore, and thence to a point
at or near the mouth of the Patuxent river, to be