EDWIN WARFIELD, ESQ., GOVERNOR.

241

nish, equip and maintain the same, in any county, city, village

or town, with the consent and under reasonable regulations

and conditions as such county commissioners, mayor and city

council or other proper officials may agree, and to own, charter

or lease boats, cars or vehicles as are required or necessary

for the equipment of said corporation and its patrons, and if

said corporation cannot agree with the owner or owners

thereof, or they may be femme sole, under age, non compos

mentis, or under any other legal disability to contract, or out of

the county, of any right, franchise or property, said corporation

Rights of cor-

shall have and enjoy the right to acquire such right, franchise

poration.

or property by condemnation in the manner and mode pre-

scribed, and to the extent recited in Section 361 of Article 23

of the Code of Public General Laws of Maryland.

SEC. 3. And be it enacted, That the capital stock of said

company shall be sixty thousand dollars, divided into twenty-

Capital stock

four hundred shares of twenty-five dollars each, with the privi-

divided into
2,400 shares.

lege at any time to increase the capital stock to any amount

deemed requisite for the purposes of the corporation and in

the manner prescribed in Chapters 82 to 87 of Article 23 of the

Code of Public General Laws, and said corporation shall have

the power to issue bonds and to secure payment of its bonds by

mortgage, deed or any other approved manner, and the said

incorporators, or a majority of them, shall have the power

to open books of subscription, and when not less than twenty

per cent, are subscribed for the stockholders shall elect from

their number not less than seven nor more than twelve directors

to serve until the next ensuing election, or until their successors

are elected and qualified, and the directors of said corporation,

when it shall have been organized, may and they are hereby

authorized and empowered to hold and exercise on behalf of

this corporation all rights and privileges which are intended

hereby to be given, and should the capital stock be increased,

Pro rata

the stockholders at the time of such increase shall be entitled

shares on
increase.

to a pro rata share of such increase upon the payment of the

par value of the same.

SEC. 4. And be it enacted, That the directors shall be elected

annually, and they shall as speedily as may be thereafter elect

Directors to
elect officers.

a president, vice-president, secretary and treasurer, and shall

have the power to enact and adopt such rules and regulations

and by-laws for the government and management of the affairs

of said corporation. All elections shall be by ballot, and at

such election and at all meetings of stockholders every stock-

holder shall be entitled to one vote for every share of stock

held by him.