LLOYD LOWNDES, ESQUIRE, GOVERNOR.

exclusive of right of way; and provided further, that no use
shall be made of the powers conferred in this charter in the
streets and alleys within the corporate limits of Hagerstown or
in the public roads of 'Washington county, or in the streets or
public roads of any other city, incorporated town or county,
except with the consent of the Mayor and Council of Hagers-
town or the County Commissioners of Washingtoji county, or
the municipal or county authorities of any other city, incorpo-
rated town or county, respectively, and under such reasonable
regulations and conditions as they may prescribe, but nothing
in this charter shall authorize conducting any new electric light
or power business in the city of Baltimore.

507

SEC. 3. The capital stock of the said company shall be not
less than five thousand dollars ($5,000), and may, with the con-
sent of a majority of its stockholders, be increased from time
time to not exceeding one hundred thousand dollars ($100,000),
and may still further be increased to any amount which may
be fixed by vote of two-thirds in interest of the stockholders of
the company, and the said capital stock and all increases
thereof may consist of preferred or common stock, or both,
upon such terms or conditions and under such regulations as
the board of directors shall prescribe, but the par value of
every share of stock shall be one hundred dollars ($100); and
the directors may receive cash, material, bonds, stock, contracts,
real or personal property in payment of subscriptions to the
capital stock, and may make such subscription payable in such
manner or amounts and at such times as may be agreed upon
with the subscribers; and whenever fifty shares shall have been
subscribed to and the sum of five hundred dollars ($500) paid
in cash, the subscribers, under the direction of a majority of
the corporators hereinbefore named, who themselves shall be
subscribers, may organize the said company by electing a
board of directors and providing for the election or appoint-
ment of such other officers as may be necessary for the control
and management of the business and affairs of said company ;
and thereupon, they shall have and exercise all the power and
functions of a corporation under their charter and the laws of
the State.

Capital stock.

SEC. 4. It shall be lawful for said company to borrow
money and issue and sell its bonds from time to time for such
sums, and on such terms as its board of directors may deem
expedient and proper for any of the purposes of the company,
and may secure the payment of said bonds by mortgages or
deeds of trust upon all or any portion of its property, real,

May issue
bonds.