ART. 23] RAILROAD COMPANIES. 669

contracted with, and to own, maintain, possess and operate the railroad
referred to in such certificate, and to transact all business connected
with the same; and a copy of such certificate attested by the secretary
of state shall in all courts and places be evidence of the due organiza-
tion and existence of such corporation and of the matters specified in
such certificates; and provided, however, that nothing in this or the
following section contained shall be construed to confer upon any rail-
road lying wholly within this State or partly within this State and
partly within an adjoining State or the District of Columbia, organized
under the provisions of this article, where any portion of said railroad
lying within the State of Maryland is uncompleted, any of the rights,
franchises, privileges, benefits or advantages belonging to the corpora-
lion whose railroad shall be so sold as aforesaid until the railroad com-
pany so organized under the provisions of this article shall have
entered into a bond to the State of Maryland with surety or sureties
satisfactory to the ''Board of Public Works" in the penalty of twenty-
five thousand ($25,000) dollars conditioned upon the building, in
each year, and placing in operation of at least five miles of such uncom-
pleted road in each twelve months, counting from the date of the
organization of said railroad under this section, until the entire road
within the State of Maryland as originally contemplated and provided
for in the charter of the corporation whose railroad and franchises may
he sold, shall have been fully completed and put in operation, where-
upon said bond shall be and become null and void; otherwise to remain
in full virtue and effect; and provided further, that upon the failure
of any corporation organized under the provisions of this section, of
a railroad lying wholly within this State, or partly within this State
and partly within an adjoining State or the District of Columbia, to
construct and operate five additional miles in each year in accordance
with the first proviso hereof, the attorney-general of the State shall
cause suit to be brought in the name of the State against such company
for a forfeiture of its charter and corporate existence and to enforce
the penalty of said bond so given to the State of Maryland.

Where the assets of a railroad company are sold under a foreclosure of
mortgage to a purchaser who organizes a new company to take over the
property in accordance with this and the succeeding sections, neither the
original purchaser nor the new company become entitled to an exemption
from taxation which had been granted the defunct company. This section
and the following ones were not intended to provide for the reorganization of
eml arrassed corporations, but for forming an entirely new corporation. The
word "Immunities" aa used in section 296, construed. B., C. & A. Ry. Co. v.
Wicomico County, 103 Md. 280 (decided in 1906); B. C. & A. Ry. Co. v.
Wicomico County, 93 Md. 117; B., C. & A. Ry. Co. v. Ocean City, 89 Md. 95.
And see Wicomico County v. Bancroft, 203 U. S. 112 (reversing Wicomico
County v. Bancroft, 135 Fed. 977, and Bancroft v. Wicomico County. 121 Fed.
874). Note, however, section 103.
See sec. 438.

1910, ch. 725 (p. 80).

295. Any corporation heretofore formed under the provisions of
section 294 of article 2-3 of the annotated cade of public civil laws of