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Proceedings and Acts of the General Assembly, 1870
Volume 188, Page 3258   View pdf image (33K)
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ODEN BOWIE, ESQUIRE, GOVERNOR. 719

sylvania Line Railroad Company may have and
exercise in regard to the railroad by this Act au-
thorized, all and singular, the powers given to the
said Frederick and Pennsylvania Line Railroad
Company, in order to the construction or repair of
its railroad from the city of Frederick to the Penn-
sylvania Line, by the original charter or Act incor-
porating the said company, or by any amendment
thereof.

Transfer of
power.

Sec. 3. And be it enacted, That if the capital
stock of the said Frederick and Pennsylvania Line
Railroad Company shall be deemed insufficient for
the purpose of this Act, it shall and may he lawful
for the President and Directors of said company,
or a majority of them, from time to time to increase
the said capital stock, by the addition of as many
shares as they may deem necessary, not exceeding
three thousand shares, at the par value of fifty
dollars per share, for which they may, at their
option, cause subscriptions to be received in the
manner prescribed by them, or may sell the same
for the benefit of the company, for any sum not

Increase cap-
ital.

under their par value; and they, or a majority of
them, shall have power to borrow an amount of
money, not exceeding three millions of dollars, for
the object of this Act; to issue certificates, bonds
and other evidences of such loans, and to pledge
the property of the company for the payment of
the same and its interest; or the said President
and Directors, or a majority of them, may, for the

May borrow.

objects of this Act, make and execute bonds or cer-
tificates of indebtedness iinder the seal of said com-
pany, for such sum or sums not exceeding three
millions of dollars, in amounts not less than one
hundred dollars, and payable at such time or times,
and may sell or dispose of the same on such terms,
as to the President and Directors, or a majority of
them, may seem proper.

Bonds.

Sec. 4. And be it enacted, That unless the rail-
road hereby authorized shall be commenced within
five years from the date of the passage of this Act,
and be completed, with at least one set of tracks,
within ten years from the passage of this Act, this
Act shall be void and of no effect.

Limit.

 

 

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Proceedings and Acts of the General Assembly, 1870
Volume 188, Page 3258   View pdf image (33K)
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