WILLIAM T. HAMILTON, ESQUIRE, GOVERNOR. 65

	may be entered into between the consolidating com-
	panies, subject to the conditions following: First,
	that all existing contracts, engagements and liabili-	Existing con-
	ties of the said Baltimore and Hanover Railroad	tracts bind-
	Company shall continue to bind said company and	ing.
	its property as fully as before the consolidation hereinabove authorized. Second, that all laws of
	the State of Maryland which would be operative	Laws opera-
	upon the said Baltimore and Hanover Railroad Com-	tive.
	pany shall be equally operative upon such consoli-
	dated company, so far as its operations and property
	may be within the jurisdiction of the State of Mary-
	land. Third, that the capital stock of the consoli-
	dated company shall be the aggregate amount of the
	capital stock of the consolidated companies, and of	Capital stock
	such par value as may be fixed by the agreement or
	article of consolidation. Fourth, that said consoli-
	dated company, for the purpose of retiring any	Retiring
	bonds heretofore, issued by the consolidating compa-	bonds.
	nies, or for other purposes, shall have power to issue
	bonds, not exceeding the aggregate amounts which
	might have been issued by the companies which may
	be so consolidated, of such denominations as may be
	determined by said consolidated company, and shall
	have power to secure the payment of the principal
	and interest thereof by one or more mortgages upon
	its present, and after to be acquired, property, net revenues and tolls. Fifth, the board of directors
	shall consist of such number of shareholders as may	Number of
	be determined by the article or agreement of con-	directors.
	solidation, or by the shareholders in such consoli-
	dated company, provided the number of directors
	shall be not greater than the largest number fixed
	for the board of directors by the charters of any of
	the companies so to be consolidated. Sixth, that por-
	tion of the railroad of the consolidated company
	situated in the State of Maryland shall be subject
	to taxation, and its capital stock, securities and roll-	Subject to
	ing stock shall also be subject to taxation by the	taxation.
	State of Maryland in the proportion that the length
	of its line of railway in this State shall bear to its
	entire line of railway, and its earnings from all
	sources in the State of Maryland shall be subject to
	taxation.
	5