1176

LAWS OF MARYLAND.

directors, be forfeited to the company and sold for its benefit;

but the said president and directors may, in their discretion,

remit such forfeiture or recover in the name of the company

such instalments or parts of subscriptions by suit or action at

law or in any other way, and upon such terms as they may

deem proper; and in the event that the capital stock issued

or subscribed for shall prove insufficient to construct, complete

and fully equip the railroad and power company hereinafter

mentioned or to pay for any railroad equipment, power or

plant, the acquisition of which may be by the said directors

considered desirable for the purposes of this corporation,

then the directors may issue from time to time in the name of

said company mortgage bonds to an amount sufficient in the

judgment of said president and directors to complete and fully

equip said railroad and power company or to pay for any

Securing pay-
ment of bonds

railroad equipment, power and plant acquired, and secure the
payment of such bonds by mortgage or mortgages of all or

any part of the property, rights, franchises, tolls and revenues

of said company.

SEC. 4. And be it enacted, That the affairs of said company

Affairs of the
company man-
aged by direc-

shall be managed by a board of fifteen directors, one of whom
shall be elected president, and said incorporators shall have

tors.

power at any time after the passage of this Act to organize

by the election of a president and such directors for the proper

management of the affairs of said company ; that the president

and directors then appointed and elected shall serve for one

year after the date of their organization or until the election

and qualification of their successors; and directors shall there-

after be elected by the majority vote of the stockholders

annually, and to serve for the term of one year; and each

stockholder shall have or be allowed one vote for every share

owned by him or her, and may vote either in person or by

proxy ; such by-laws as may be found necessary may be made

and adopted by the board of directors; provided, however,

that the same are not contrary to law nor to the objects of

this corporation, including in such by-laws and regulations

for the affairs of the company appointments, pay and duties

of the president and necessary subordinate officers, and the

time, place and notice for the holding of the annual meeting

Declaring

of stockholders for the election of directors, and also for the

dividends.

declaring of such dividends out of the profits of the said

company as the board of directors may deem proper.

Power to con-

SEC. 5. And be it enacted, That the said company shall

struct and
operate a rail-

have power to construct or acquire, equip or operate a rail-

road.

road the motive whereof shall be electricity or other power