HENRY LLOYD, ESQUIRE, GOVERNOR.
not elected, as the case may be; and the said

203

corporation may purchase and hold any shares
of its own stock and dispose of same as may
seem best.

SEC. 3. And be it enacted, That the affairs of
said company shall be managed by a Board of
eleven Directors (one of whom shall be elected
President) who shall serve for one year, and
until the election and qualification of their

Stock forfeited.

successors; the corporators named herein
shall be the Directors to serve for the first
year, and until the qualification of their
successors, and shall serve until their suc-
cessors are elected and qualify; and said
Directors shall be elected by the majority vote
of the stockholders annually, and to serve for
the term of one year, and at such times as
may be provided by the by-laws of the said
corporation; said by-laws to be made and
adopted by the Board of Directors not contrary
to law, for the regulation of the affairs of the

Directors.

company, including the appointment, pay and
duties of the President and necessary subordi-
nate officers, and the time of holding the annual
meeting of stockholders for the election of
Directors.

SEC. 4. And be it enacted, That the object of
said company shall be to construct and operate
a railroad from some point on the Dorchester
and Delaware Railroad in Maryland, or from

By-laws.

some point on the Maryland and Delaware
line, near the town of Sharptown, in Wicomico
county; thence running through the town of
Sharptown to the village of Bayview Creek
Springs; thence through or near the village of
Quantico to White Haven, on the Wicomico
river, or Roaring Point, on the Nanticoke
river.

Object.

SEC. 5. And be it enacted, That the 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

Construction.