CORPORATIONS. 759

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 uncompleted 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 fran-
chises may be sold, shall have been fully completed and put in operation,
whereupon 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.1

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 accor-
dance 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 in-
tended to provide for the reorganization of embarrassed corporations, but for
forming an entirely new corporation. The word " immunities " as used in see. 233,
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 (re-
versing Wicomico County v. Bancroft, 135 Fed. 977, and Bancroft v. Wicomico
County, 121 Fed. 874). Note, however, sec. 134.

See sec. 379.

An. Code, sec. 295. 1910, ch. 725 (p. 80).

232. Any corporation heretofore formed under the provisions of sec-
tion 231 of article 23 of the annotated code of public civil laws of Maryland
or any amendments thereto shall, where any portion of the railroad acquired
by said corporation under said section or amendments lying within the
State of Maryland is uncompleted, build in each year and place in opera-
tion at least five miles of such uncompleted road in each twelve months,
counting from April 13, 1910, 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 be sold shall have been
fully completed and put in operation, and upon the failure of any such
corporation to so construct and operate five additional miles in each or any
year in accordance with the provisions hereof, the attorney-general of the
State shall cause suit to be brought in the name of the State against such
company for the forfeiture of its charter and corporate existence.

As to the forfetiture of the charters of corporations, see sec. 98, et seq.

1 By ch. 131 of the acts of 1912, the charter, franchises, roadbeds and property of the
Deer Creek and Susquehanna Railway Company are relieved from the operation and
effect of secs. 231 and 232 of art. 23 and from all liability to forfeiture or abandonment
under any other laws of this state.