76

LAWS OF MARYLAND.

SEC. 2. And be it further enacted, That it
shall and may be lawful at any time after the
passage of this act for the said new body poli-
tic and corporate to organize itself under the
said name or under such other name as it may
adopt, by electing a President and Board of
not less than four directors to serve until their
successors are elected; and the said President
and Directors so elected, and their successors,

Powers.

to be elected at such times thereafter as said
corporation may determine, shall have all
such powers as pertain to the President and
Board of Directors of a railroad corporation in
this State. They are hereby authorized to de-
termine the amount of capital stock of said
corporation, not exceeding the amount author-
ized in the original charter of the Annapolis
and Elkridge Railroad Company, and to issue
to the persons by or on whose behalf the said
purchase was made, to the amount of their
respective interest acquired at said sale, and
for such interest so acquired, certificates of
paid up stock in shares of one hundred dol-
lars each, and they may, at any time hereafter,
create and issue preferred stock to such an
amount and on such terms as they may think
proper; and from time to time, when it is
deemed expedient, the said President and' Di-
rectors may issue the bonds or other obliga-
tions of said corporation to any amount not
exceeding the capital stock thereof, and may
secure the payment thereof by one or more
mortgages or deeds of trust of the real and
personal property and corporate rights, and
franchises, or either, or any parts thereof.

Conveyance.

SEC. 3. And be it further enacted, That the
said Trustees be and they are hereby author-
ized to convey to said corporation, when or-
ganized, the railroad property, rights and fran-
chises purchased as aforesaid at said sale.

SEC. 4. And be it further enacted, That the
said new corporation when organized, shall
be and it is hereby expressly authorized and