394

LAWS OF MARYLAND.

cost of said railroad and equipments when com-

pleted, together with such lands as said corporation

may acquire, and to issue certificates of the capital

stock of such corporation of the par value of one

hundred dollars each, and to distribute or sell the

same; also whenever deemed expedient to issue

Issue bonds.

interest-bearing bonds, and to secure the payment

thereof by mortgage or deed of trust of the property,

lands, income and franchises of the said company.

SEC. 2. And be it enacted, That it shall be the

duty of such corporation, within six months after its

said organization, to adopt a seal, and to make

under seal, attested by the signature of its president

or secretary, a certificate specifying its corporate

Specify name.

name, the date of such organization, the name of its

president and directors, and cause said certificate to

be filed in the office of the secretary of State, at

Annapolis, there to remain of record, and such

record shall be evidence of the corporate existence

of said corporation in all the courts of law and equity

within this State, and evidence of the due perform-

ance of everything required by this act to be done

to constitute and complete the organization of the

said corporation.

SEC. 3. And be it enacted, That the board of

directors be and are hereby authorized to make the

Make by laws.

necessary by-laws for the government of the com-

pany, and to alter and amend the same, from time

to time, as they may deem best, and shall fix the

time for holding its annual and special meetings of

stockholders, and for the election of directors at such

annual meetings; provided, however, that at least

ten days' notice of the time and place for holding

said meetings shall first be given by publication in

one newspaper printed in Somerset, Wicomico and

Worcester counties, and if from any cause whatever

a failure should occur to hold the election for

directors as herein provided, the directors then in

office shall hold over until their successors are elected,

and such failure to elect shall not effect the rights

Corporation

hereby granted; and, provided further, that nothing

taxable.

in this act shall release said new corporation when

organized from taxation as other railroad corpora-

tions are taxed in this State.

SEC. 4. And be it enacted, That the said Penin-

sula Railroad Company be and it is hereby author-