776

LAWS OF MARYLAND.

Power and

authority.

Sec. 3. And be it enacted, That the corporation
hereby created, is also vested with all necessary
power and authority to lay down and construct, to
use and operate passenger railways in any street
or streets in the city of Baltimore, other than
those named in the ordinance aforesaid, with the
consent of the Mayor and City Council of Balti-
more, under the restrictions and limitations in said
ordinance contained; provided, nevertheless, that
this Act shall not be construed to grant to the cor-
poration hereby created, the right or privilege to
lay down, use or operate passenger railways in any
street or streets of the city of Baltimore, in which
the Mayor and City Council of Baltimore have al-
ready authorized the construction of passenger
railways by other companies, except with the con-
sent of such companies; and, provided also, that
the said Mayor and City Council shall have the
privilege within two years after the expiration of

May purchase

fifteen years from the date of the passage of said
ordinance, to purchase and buy out the said corpo-
ration, and all its property and franchises, whether
originally conceded by the ordinance aforesaid, or
granted by this Act, for and at a fair and equitable
consideration or value, and in case of a disagree-
ment as to said value and consideration, the Mayor
and City Council aforesaid shall appoint one referee,
and the corporation hereby created shall appoint

Price — how
decided.

another referee, who in event of disagreement shall
appoint an umpire, the decision of whom shall be
final as to the price to be paid, as aforesaid; and,
provided further, that if the said Mayor and City
Council shall decline or neglect to make such pur-
chase within the aforesaid two years, then the
grants and privileges held and enjoyed by said
corporation shall continue to belong to it for fifteen
years longer from the expiration of said original
fifteen years, subject to all the terms and con-
ditions imposed and recognized by this Act, and
continuable thereafter in like manner from time to
time, as aforesaid, upon the said terms and con-
ditions.

Capital stock.

Sec. 4. And be it enacted, That the capital stock
of said corporation shall be three hundred thousand
dollars, divided into shares of twenty dollars each.

Sec. 5. And be it enacted, That the affairs of
this corporation shall be managed by a President