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98
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LAWS OF MARYLAND.
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of by one or more mortgages upon its present and
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after to be acquired property, net revenues and tolls.
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Fifth. The board of directors shall consist of such
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number of shareholders as may be determined by
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the articles or agreement of consolidation, or by the
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Number of
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shareholders in such consolidated company, pro-
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directors.
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vided the number of directors shall be not greater
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than the largest number fixed for the board of direc-
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tors by the charters of any of the companies so to
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be consolidated.
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Sixth. That portion of the railroad of the consoli-
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dated company situated in the State of Maryland
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shall be subject to taxation, and its capital stock,
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securities, rolling stock, shall be subject to taxation
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Subject to
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by the State of Maryland in the proportion that the
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taxation.
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length of its line of railway in this State shall bear
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to its entire line of railway, and its earnings from
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all sources in the State of Maryland shall be subject
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to taxation.
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SEC. 3. And be it enacted, That upon the making
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and perfecting of the agreement and act of consoli-
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dation as provided in the preceding sections, and
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upon a copy of such agreement or articles being fil-
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ed with the Secretary of State, the several cor-
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porations, parties thereto, shall be deemed and taken
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Pile copy of
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to be one corporation, by the name provided in the
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agreement.
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said agreement or articles, possessing within this
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State all the rights, privileges and franchises, and
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subject to all the restrictions, disabilities and duties
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of the said Baltimore and Cumberland Valley Rail-
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way Company.
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SEC. 4. And be it enacted, That upon the con-
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summation of the said act of consolidation, as pro-
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vided in the preceding sections, all and singular the
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rights, privileges, franchises, debts, choses in action,
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and stock subscriptions, and all property, real, per-
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sonal and mixed, belonging to said Baltimore and
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Cumberland Valley Railway Company, shall be-
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Further act
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taken and deemed to be vested in such new or con-
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or deed un-
necessary.
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solidated corporation without further act or deed,
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and all rights of way, and all and every other inter-
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est, shall be as effectually the property of the new
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