JAS. BLACK GROOME, ESQUIRE, GOVERNOR

83

other obligations, of the said company, and if they

deem it advisable may lease the said road, and all the

property of the said company, to any other corpora-

tion, individual or individuals, for such time, and on

such terms, as they may deem best for the interests

of their said company.

SEC. 12. And be it enacted, That the number of

Directors in the Baltimore, Chesapeake and Delaware

Number of di-
rectors reduced

Bay Railroad Company, incorporated on the twenty-

second day of August, eighteen hundred and seventy-

three, under the general corporation law of this

State, passed in eighteen hundred and seventy, chap-

ter four hundred and seventy-six, shall be reduced

from seven to five, who shall elect a President, and

the said five Directors and the said President, shall

hold their offices respectively, until the consolidation

aforesaid, shall take place, when the President and

Directors of the Baltimore, Chesapeake and Delaware

Bay Railroad Company, incorporated by the General

Assembly of the State of Delaware, at its January

Term of service

session, eighteen hundred and seventy-three, shall be

the sole President and Directors of the said consoli-

dated company, and shall hold their offices, until the

next regular annual election of said officers, as pro-

vided for by the by-laws, of the said company, so

incorporated by the Laws of the State of Delaware,

at which time, and annually thereafter, one President

and five Directors shall be elected by. all the stock-

holders, or by a majority of the stockholders present

in person, or by a proxy, at such annual meetings.

SEC. 13. And be it enacted. That all acts or parts of

Repealing.

acts, inconsistent with this act, be and the same are

hereby repealed.

SEC. 14. And be it enacted, That the General As-

Reserved.

sembly reserves the right to alter, amend or repeal

this act at pleasure.

SEC. 15. And be it enacted, That this act shall take

In force.

effect from the date of its passage.

Approved, March 12th, 1874.