1178

LAWS OF MARYLAND.

terials or any improvements which may be wanted for the

proper constrution or repairs of said railroads, its branches,

power plants .or other of its works, for the purchase and use

and occupation and diversion of the same, and if they cannot

agree, or if the owner or owners or any of them be a femme

covert, under age, or non compos mentis, or out of the county

in which the property may lie when such lands or materials

may be needed, then said company may proceed to condemn and

acquire the same or the use thereof for the purpose of said

railroad or for the purpose of the motive power thereof, in

the manner provided for by the General Laws of this State,

as now in force or as they may be hereafter enacted, so far

Right to con-
demn lands,

as the same may be applicable, and may condemn lands, ease-

etc.

ments, rights, water rights, ways, materials and privileges

for the purposes of the company in the manner aforesaid,

and shall have all other rights, privileges and powers which

are granted by said General Laws, so far as the same do not

conflict herewith.

SEC. 7. And be it enacted, That the said board of directors

To open books
for subscrip-

are hereby authorized to open books for subscription to the

tion.

capital stock of said railroad company at such times and places

as they may deem proper; that the said board of directors

shall have power to determine in what instalments said sub-

scriptions to said capital stock shall be paid.

SEC. 8. And be it enacted, That the said railway and power

Empowered
to issue pre-

company hereby incorporated shall have power, with the con-

ferred stock.

sent of a majority in interest of its stockholders, to issue

preferred stock of the company, not exceeding at any time

one-half of the capital stock of the corporation ; the holders of

which preferred stock shall be entitled to receive such divi-

dends thereon, not exceeding seven per cent, per annum, as

the board of directors of said company may prescribe, payable

out of the net earnings of the company, and the holders of said

preferred stock shall not be liable for any debts of the com-

pany, nor shall the holders of such stock have any voice or

vote at any meeting of the stockholders, whether for the elec-

tion of a board of directors or other business matters of the

,'

corporation, nor have any active part in the management of

its affairs. And the said preferred stock may be issued in

different classes, to be distinguished in such manner as the

directors may determine and prescribe; and the directors may

give to the various classes such order of preference in the

payment of the dividends, or in the rate of dividends thereon,