WM. T. HAMILTON, ESQUIRE, GOVERNOR.

393

Chapter 356.

AN ACT to organize the Peninsula Railroad Com-

pany and authorize it to connect with any rail-

road at the Virginia and Delaware State lines,

or intermediate points, in order to secure a con-

tinuous line of railroad, and for other purposes.

WHEREAS the Worcester and Somerset Railroad,

by a foreclosure of its first, mortgage bonds, was

sold to IT. H. Painter, which sale was ratified by

the Circuit Court of Somerset county, Maryland;

and whereas no general law exists in this State pro-

Preamble.

viding lor creations of corporations for the purpose

of holding and operating railroads already con-

structed by corporations whose property, rights and

franchises have been sold under decree; therefore —

SECTION 1. Be it enacted by the General Assem-

bly of Maryland, That U. H. Painter and his

associates, the purchasers of the Worcester and

Somerset Railroad, may become a body corporate

A body cor-

under the name of the "Peninsula Railroad Com-

porate.

pany," and shall be deemed and considered the

stockholders of the capital stock of such new body

politic and corporate, and shall become entitled to

and vested with all the corporate rights, liberties,

privileges, immunities, powers and franchises of,

and concerning the said raiiroad company so sold,

as fully as the same were held, exercised and enjoyed

by the Worcester and Somerset Railroad Company

before such sales, or were granted and confirmed

by an act of the Legislature of this State of April

tenth, eighteen hundred and eighty; and it shall be

and may be lawful for the said body politic and

corporate, at any time within one year after the

passage of this act, to organize themselves as a cor-
poration, by electing a board of directors of not less

Organize as a
corporation.

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

hereby authorized to fix the capital stock of such

Capital stock.

new corporation at an amount not exceeding the