552

LAWS OF MARYLAND.

State of Virginia and the District of Columbia; and may alsp
acquire, own and hold all lands necessary for the uses, purposes
and business of the said company; provided, that the amount
of land which the company may at any time hold within the
State of Maryland for its water powers and other works, as
well as the land flowed or submerged with the water accumu-
lated by its dams, shall not exceed three thousand (3,000) acres,
exclusive of right of way; and provided further, that no use
shall be made of the powers conferred in this charter in the
public roads of Montgomery county or in the streets or public
roads of any city, incorporated town or other county, except
with the consent of the County Commissioners of Montgomery
county, or the municipal or county authorities of any city,
incorporated town or other county respectively, and under
such reasonable regulations and conditions as they may, respec-
tively, prescribe; but nothing in this charter shall authorize,
conducting any new electric light or power houses in the city
of Baltimore.

SEC. 3. The capital stock of the said company shall be not
less than fifteen thousand dollars (f 15,000) and may, with the
consent of a majority of its stockholders, be increased, from

Capital stock.

time to time, to an additional amount not exceeding one hun-
dred thousand dollars ($100,000) by the issue and sale of shares
of preferred or common stock, or both, upon such terms and
conditions and under such regulations as the board of directors,
with the approval of the majority in interest of the stock
holders of said company, shall prescribe, but the par value of
every share of stock shall be fifty dollars ($50); and the direc-
tors, with like approval of the stockholders, may receive cash,
material, bonds, stock, contracts, real or personal property, in
payment of subscriptions to the capital stock, and may make
such subscriptions payable in such manner or amounts and at
such times as may be agreed upon with the subscribers; and
whenever three hundred (300) shares shall have been subscribed
to and the sum of three hundred dollars ($300) paid in cash,
the subscribers, under the direction of a majority of the cor-
porators hereinbefore named, who themselves shall be subscrib-
ers, may organize the said company by electing a board of
directors and providing for the election or appointment 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 powers and
functions of a corporation under their charter and the laws of
this State.