312

LAWS OF MARYLAND.

all the powers vested in such company, and for carry-
ing out the objects thereof; provided only, that such
by-laws shall not be contrary to the laws of the
United States or this State.

Capital stock
Insufficient.

SEC. 17. And be, it enacted, That if the capital stock
of said company shall prove to be insufficient for the
purpose of constructing and equipping its road, it
shall and may be lawful for the president and direc-
tors of said company, or a majority of them, from
time to time to increase the said capital stock, to
three millions of dollars, by the addition of as many
shares as they may deem necessary, for which they
may at their option cause subscriptions to be re-
ceived in the manner prescribed by them, or they
may sell the same for the benefit of the company,
for any amount not under their par value; and they

Power to bor-
row.

or a majority of them shall have power to borrow
money for the purpose of constructing or equipping
said road, and make and execute bonds or certifi-
cates of indebtedness under the seal of the company,
for such sum or sums, and payable at such time or
times, and to sell and dispose of the same on such
terms, as to the president and directors may seem
proper; provided, that nothing herein contained
shall be taken to authorize said company to issue
anything in the nature of a bank note or other paper
to be used for circulation as a currency; and the
said president and directors of the said company are

Execute mort-
gage.

authorized to make and execute such mortgage or
mortgages, from time to time, of the works and
property of the said company, as may be necessary
to secure the payments of the said bonds or certifi-
cates of debt and of the interest thereon, according
to the tenor of the said bonds and certificates of
debt, and the said mortgage or mortgages when so
made as aforesaid, shall be made to a trustee or trus-
tees, who shall hold the works and property so mort-
gaged, and may dispose of the same according to
the terms of the said mortgage or mortgages, for the
benefit of the persons intended to be secured by said
mortgage or mortgages.

SEC. 18. Arid be it enacted, That the president and
directors of said company shall be, and are hereby