948

LAWS OF MARYLAND.

holders of said company, each shareholder shall have or be

allowed one vote for every share owned by him or her, and

every stockholder may vote either in person or by proxy,

and the commissioners aforesaid or any three or more of

them, shall be judges of the first election of directors.

SEC 4. And be it enacted, That the president and directors

elected at the first meeting of said stockholders, shall serve

President
and

until the secoud Monday in January thereafter, or until

directors

their successors shall be elected, and to continue the suc-

cession of said company ; a general meeting of the stock-

holders shall be held annually on the second Monday in

January, at which meeting a board of director's shall be

elected as aforesaid to serve for one year, or until their suc-

cessors shall be elected, and other meetings may be called

of the stockholders by the president and directors, or a

majority of them, according to such rules as may be adopted

by the by-laws of said company, and the board of directors

may meet as often as may be necessary for the transaction

of the business of the company.

SEC. 5. And be it enacted, That the capital stock of said

company shall be fifty thousand dollars, with privilege to

Capital

increase the same to five hundred thousand dollars, and

stock.

shall be divided into shares of fifty dollars each, and that

the sum so subscribed for the stock of said company, shall

be paid to the president and directors aforesaid, in such

installments and at such times as they may appoint and

require ; and if any person shall neglect or fail to pay install-

ment, or part of said subscription thus demanded for the

space of twenty days next after the time the same shall be

due and payable, the stock on which it is demanded shall,

at the pleasure of said president and directors be forfeited

to the company and sold for its benefit; but the said presi-

dent and directors may remit such forfeitures, or recover in

the name of the company such installment by suit or action

at law, or in such other way and upon such terms as they

may deem proper.

SEC. 6. And be it enacted, That the company hereby in-

corporated shall have the power to make and construct a

Powers.

railroad with a single or double track and sidings, as they

may deem expedient for the transportation of passengers

and freight by horse, traction or electrical power, from Kel-

ler's Pavillion in Baltimore County, beginning for the same

at or near the water on Bear Creek or North Point Road,

and running along the North Point Road as the company

deem fit to the terminus of the shell road, in a westerly

direction to the Mount Carmel Road or to connect between

O'Donnell and Monument streets in Baltimore City, or to