ROBERT M. McLANE, ESQUIRE, GOVERNOR.

651

elected, or by the incorporators hereunder, if not

elected, as the case may be; and the said corporation

may purchase and hold in the manner of the president

and directors, or as they may designate, any shares of

its own stock, and dispose of the same as may seem

best.

SEC. 3. And be it enacted, That the affairs of said

company shall be managed by a board of ten directors,

Board of direc-

(one of whom shall be elected president) who shall serve

tors.

for one year, and until the election and qualification

of their successors; the corporators named herein

shall be the directors to serve for the first year, and

until the qualification of their successors, to continue

the succession of such board of directors, (persons who

may not be stockholders,) shall be chosen by the ma-

jority vote of the stockholders, in. the usual manner,

annually, as may be provided by the by-laws of the

said corporation; said by-laws to be made and adopted

Bylaws.

by the board of directors, not contrary to law, for the

regulation of the affairs of the company, including

the appointment and pay and duties of the presi-

dent and necessary subordinate officers.

SEC. 4. And be it enacted, That the object of the

said company shall be to construct and operate a rail-

road from Annapolis city, or any point of the Annap-

olis and Elkridge railroad company, which may be

Railroad to Bay

agreed upon by the two companies, to Bay Ridge,

Ridge.

in Anne Arundel county, and the necessary authority

to make such connection with said Annapolis and

Elkridge Railroad Company, if needed, and to operate

the former in connection with the latter, under such

terms and conditions as may be mutually agreed be-

tween them, is hereby given to both companies; and

the said railroad so to be constructed shall be of single

or double track, with such width, impelled by steam

or other power as the directors may determine; and

for the purpose of constructing and operating said

railroad the directors of said company are hereby in-

Invested with
rights and pow-

vested with all the rights and necessary power, and

ers.

may from time to time increase the capital stock of

said company to such an amount as to meet the re-

quirement of the company; and they may issue bonds

to an amount not exceeding two hundred thousand

dollars for the purposes of the company, and secure

the payment of the same by a mortgage of the prop-

erty, franchises and rights of the company.