JOHN LEE CARROLL, ESQUIRE, GOVERNOR

791

purpose of holding and operating railroads already

constructed by corporations, whose property, rights

and franchises have been sold under decree ; there-

fore —

SECTION 1. Be it enacted by the General Assembly

of Maryland, That the purchasers of the Maryland

and Delaware Railroad, and their associates, when

the sales heretofore made to them shall be confirmed,

or upon the execution to them of a deed or deeds

purporting to convey the property so sold, or in case
the sales thereof made shall not be confirmed, the

Body politic
and corporate

purchaser or purchasers of said railroad, and his or

their associates, under sales hereafter to be made

under the decrees of foreclosure heretofore passed

by the Circuit Court for Talbot county, in equity,

and by the United States Circuit Court for the dis-

trict of Delaware, upon the confirmation of such

sales, or upon the execution to him or them as afore-

said of a deed or deeds purporting to convey the

property so sold, shall become a body politic and

corporate, in fact and in law, by the name of the

aforesaid corporation, or such other name as they

may thereafter adopt, and shall be deemed and

considered the stockholders of the capital stock of

such new body politic and corporate, and shall be-

come entitled to and vested with all the corporate

rights, liberties, privileges, immunities, powers and

franchises of and concerning the said railroad so

sold, as fully as the same were held, exercised, en-

joined by said corporation before such sale ; and it

shall and may be lawful for the said body politic

and corporate, at any time within one year after

such sale and conveyance, to organize themselves as

May organize

a corporation, under such name as they may vote to

adopt, by electing a board of directors of not less

than five nor more than thirteen, to serve until their

successors shall have been duly chosen and elected,

and by the appointment of a president, who shall

be a director, and such other officers as they may

deem necessary, and such board of directors are au-

thorized to fix the capital stock of such new corpora-

Fix capital

tion at an amount not exceeding the estimated cost

stock.

of said railroad and equipments when completed,

together with such lands as said corporation may ac-

quire, and to issue certificates of the capital stock of

such corporation, and to distribute the same ; also,