1182

LAWS OF MARYLAND.

tioned, then the directors of said company may issue from time

to time, in the name of said company, mortgage bonds to

an amount sufficient, in the judgment of said directors, to com-

plete and fully equip said railroad and secure the payment

of such bonds by mortgage of all or any part of the property,

rights, franchises, tolls and revenues of said company.

Board of

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

twelve di-

shall be managed by a board of twelve directors (one of whom

rectors.

shall be elected president), who shall serve for one year and

until the election and qualification of their successors; the

corporators herein named shall be the directors for the first

year and until the qualification of their successors, and shall

serve until their successors are elected and qualified; and said

directors shall be elected by the majority vote of the stock-

holders annually, and to serve for the term of one year, and

at such places as may be provided by the by-laws of said cor-

poration, said by-laws to be made and adopted by the board

of directors, not contrary to law, for the regulation of the

affairs of the company, including the appointment, pay and

duties of the president and necessary subordinate officers, and

the time of holding the annual meeting of stockholders for

the election of directors. No person shall be eligible to be

elected as a director of this corporation unless at the time

of his said election he shall be the owner, in his own name,

of at least five shares of the capital stock of said company;

until the adoption of the by-laws the board of directors may

Officers.

choose from their own number a president, a vice-president,

a secretary, a treasurer and such officers as in their judgment

shall be necessary to properly conduct the business of the

company, and who shall serve until the next annual election

for directors as herein provided.

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

Company to
operate rail-

power to construct, equip and operate a railroad impelled

road from a

by electricity, steam or other motive power, as the directors

point in Fred-
erick County

may determine, from some point in Myersville, in Frederick

to Pen-Mar.

County, Maryland, to some point in or near Pen-Mar, in

Washington County, Maryland, running through or near the

following places in Frederick County, Maryland: Ellerton,

Middlepoint, Wolfsville, Garfield, Foxville, or by some more

direct route to be determined by the directors, to Pen-Mar,

in Washington County, as aforesaid, to haul passengers, par-

cels, packages and freight over said railroad, and to charge

such rates as compensation therefor as the board of directors

may from time to time determine. Said company shall have