JOHN" LEE CARROLL, ESQUIRE, GOVERNOR

425

such new corporation, and shall become entitled to

and vested with all the corporate rights, liberties,

Powers.

privileges, immunities, powers and franchises of the

said Kent County Rail Road Company as fully as if

the same were held, exercised and enjoyed by the

said Kent County Railway Company before such

sale. And it shall and may be lawful for the said

purchasers and their associates, within one year,

after such sale and conveyance, to elect a board of

Elect directors

directors for the said Kent County Railway Com-

pany, of not less than five nor more than thirteen

persons, which board of directors may from time to

time elect or appoint a president and such other

officers as may be necessary, and may fix the capital

stock of such new corporation, and issue certificates

Issue certifi-

of shares therein, and to distribute the same accord-

cates.

ing to the interests of the said purchasers and their

associates therein, and shall also have power, when-

ever deemed by them expedient, to issue bonds, and

to secure the payment thereof by mortgage or deed

of trust of the property, lands, income and franchises

of the said Company.

SEC. 2. And be it enacted, That the said new cor-

poration may by a vote of two-thirds of its directors

and of the owners of two-thirds of itn stock, at a meet-

ing to be called by the said directors, consolidate

Consolidate.

itself upon such terms as may be agreed upon by the

said directors and stockholders with the Smyrna and

Delaware Bay Rail Road Company and with any

other railroad company owning a railroad running

to Delaware Bay in the State of New Jersey,

and with any other railroad company owning a

railroad connecting with such last mentioned rail-

road, and for the purpose of carrying out any

such agreements, common and preferred stock

Stock issued.

and bonds, secured by mortgage or otherwise,

may be issued to such extent as may be deemed

necessary to equalize the interest of all parties in

such consolidated corporation; and such new con-

solidated corporation shall be deemed and taken a

body corporate and politic within this State, with

such capital stock and such directors and other of-

ficers as may be specified by the terms of the agree-

ment aforesaid; provided, that such agreement or

Proviso.