538

LAWS OF MARYLAND.

that such by-laws shall not be contrary to the

laws of the United States or this State.

SEC. 17. And be it enacted, That if the capital

stock of said company shall prove to be insufficient

for the purpose of constructing and equipping its

road, it shall and may be lawful for the president

Increase capi-
tal stock.

and directors of said company, or a majority of them,
from time to time, to increase the said capital stock to

three millions of dollars, by the addition of as many

shares as they may deem necessary, for which they

may, at their option, cause subscriptions to be re-

ceived in the manner prescribed by them, or they

may sell the same for the benefit of the company

for any amount not under their par value; and

they, or a majorty of them, shall have power to

Borrow money

borrow money for the purpose of constructing or

equipping said road, and make and execute bonds

or certificates of indebtedness, under the seal of the

company, for such sum or sums, and payable at such

time or times, and to sell and dispose of the same

on such terms as to the president and directors may

seem proper; provided that nothing herein con-

How con-

tained shall be taken to authorize said company to

strued.

issue anything in the nature of a bank note or other

paper to be used for circulation as a currency; and

the said president and directors of the said company

are authorized to make and execute such mortgage

or mortgages, from time to time, of the works and

property of the said company as may be necessary

to secure the payments of the said bonds or certifi-

cates of debt, and of the interest thereon, according

to the tenor of the said bonds and certificates of debt ;

Mortgage— to
whom made.

and the said mortgage or mortgages, when so made

as aforesaid, shall be made to a trustee or trustees,

who shall hold the works and property so mort-

gaged, and may dispose of the same according to

the terms of the said mortgage or mortgages, for

the benefit of the persons intended to be secured by

said mortgage or mortgages.

SEC. 18. And be it enacted, That the president

and directors of said company shall be, and are

hereby invested with all the rights and powers

Invested with

necessary to the construction and repair of the rail-

powers.

road authorized by this act of Assembly, which shall

not exceed sixty-five feet in width on the surface,

but may have such additions as may be necessary