E. LOUIS LOWE, ESQUIRE, GOVERNOR.
249
all such officers, engineers, agents or servants whatsoever,
as they may deem necessary for the transaction of
the business of the company, and may remove any of
them at their pleasure; that they or a majority of them,
shall have power to determine by contract the compensation
of all the engineers, officers, agents or servants,
in the employ of said company, and to determine by
their by-laws the manner of adjusting and settling all
and evidence of transfers of stock in said company, and
that they or a majority of them, shall have power to
pass all by-laws, which they may deem necessary or
proper for exercising all the powers vested in the company
hereby incorporated, and for carrying the objects
of this act into effect; Provided only, that such by-laws
shall not be contrary to the laws of the United
States, and of the State of Maryland, or any of the provisions
of this act.
|
Proviso.
|
SEC. 9. And be it enacted,
That if the capital stock
of said company, shall be deemed insufficient for the
purposes of this act, it shall and may be lawful for the
president and directors of said company or a majority
of them, from time to time to increase the said capital
stock by the addition of as many shares as they may
deem necessary, for which they may at their option,
cause subscriptions to be received in the manner prescribed
by them or may sell the same for the benefit of
the company, for any sum not under their par value,
and that they or a majority of them, shall have power
to borrow money for the objects of this act, to issue
certificates or other evidence of such loans, and to
pledge the property of the company for the payment of
the same and its interest.
|
May increase
capital stock.
|
SEC. 10. And be it enacted,
That the president and
directors of said company, shall be, and they are hereby
invested with all the rights and powers necessary to
the construction and repair of a rail road from George-town,
in the district of Columbia, by the most eligible
and central route through Montgomery county, crossing
the Baltimore and Ohio rail road at a point not exceeding
five miles from the Monocacy Viaduct by the line
of said rail road, to the city of Frederick in Frederick
county, thence by the most convenient and practicable
route through Frederick county and Washington
county, to Hagerstown, not exceeding sixty-six feet
wide with as many sets of tracks as the said president
and directors or a majority of them may deem necessary,
and they or a majority of them may cause to be made
or contract with others for making said rail road, or
|
Vested rights.
|
|
 |
