454 LAWS OF MARYLAND. [Ch. 227]

SEC. 4. And be it further enacted, That it shall be lawful
for said company to make and issue its negotiable bonds of
the denomination and to the number by it to be determined, and
to secure the same by a mortgage or mortgages upon all ita
property, real, personal and mixed, and franchises situated in
or out of this State, whether possessed at the time of the
making of said mortgage or mortgages, or thereafter acquired,
the said bonds and mortgage or mortgages to be made and
executed in form as the directors of said company shall pre-
scribe, said bonds to be payable at such time, bear such rate
of interest not exceeding six per cent. (6%) per annum, and
contain such terms, conditions and provisions as to them shall
seem meet and proper, and to be issued and disposed of from
time to time upon such terms as they shall determine and as
may be agreed upon; and it may, as the business of the com-
pany shall require, sell, lease, convey and encumber the same;
and it shall be lawful for said company to subscribe to and
hold the stocks and bonds of mining, manufacturing or other
corporations, and any mining, manufacturing or other corpora-
tion may subscribe to, guarantee and hold the stock and bonds
of the said company.

SEC. 5. And be it enacted, That the said company may con-
nect or unite its lines for the transmission and delivery of
power with those of any other company or companies, or con-
solidate and merge its stock, property and franchises with and
into those of any other company or companies, incorporated
under the laws of this State or of the States of West Virginia
and Pennsylvania, operating or authorized to operate lines for
the transmission and delivery of electric or other power, upon
such terms and under such name as may be agreed upon
between the companies so uniting on connecting, merging or
consolidating, or may acquire the said property and franchises
of such property or companies by lease or purchase; and for
that purpose power is hereby given to it and to such other com-
pany or companies to make and carry out such contracts and
to do all such other proper and necessary acts and things as
will facilitate and consummate such connection, merger or con-
solidation, lease or purchase; provided, a copy of every such
contract of consolidation and merger shall be filed in the office
of the clerk of the Circuit Court for Garrett County, and be
recorded in the corporation books of said county; and pro-
vided, that no merger or consolidation made under the provi-
sions of this charter shall exempt the properties of the Youghi-
ogheny Water and Electric Power Company from taxation.