554

LAWS OF MARYLAND.

sive of right of way, necessary for the ^construction and opera-
tion of its works, as well as all necessary water, including ia
the land and water thus described water powers, water privi-
leges and land flowed or submerged with water accumulated
by the company's dams.

When work
to begin.

SEC. 7. The said, company shall be. required to commence
the construction of its works within two years from the passage
of this act, and shall so far complete its works within five years
therefrom, as to be able to supply electric current to the citi-
zens of Montgomery county, otherwise the powers, privileges
and franchises hereby granted shall be forfeited.

By laws, etc.

SEC. 8. Each stockholder in the said company shall at all
meetings and elections be entitled to one vote for each share of
stock registered in his name; and the stockholders of said com-
pany may enact such by-laws, rules and regulations for the
management of said company, as they may deem proper and
expedient.

Board of
directors.

SEC. 9. The board of directors shall be composed of stock-
holders of said company and shall consist of such number as
the stockholders may prescribe from time to time by the
by-laws, and shall be elected at the stockholders' annual meet-
ing, to be held on such days as the by-laws of the company
may direct, and shall continue in office for the term of one
year from and after the date of their election, and until their
successors are elected and accept the duties of the office, and
they shall choose one of their number president, and, in case
of the death, resignation or incapacity of any member of the
board of directors during his term of office, the said board
shall choose his successor for the unexpired term.

Liability of
stockholders

SEC. 10. No stockholder in said company shall be held liable
. or made responsible for its debts and liabilities in a larger or
further sum than the amount of any unpaid subscription upon
his stock.

General
powers.

SEC. 11. The said company, within the scope of the full en-
joyment of all the purposes hereinbefore mentioned, shall have
and enjoy, beside the powers and privileges in this act particu-
larly enumerated, all other general powers, provisions and
privileges conferred by the general incorporation laws of this
State, upon companies duly incorporated under the same, and
shall be subject to the genera! regulations in such law provided,
except in so far as they are or may be altered by the provisions
of this act.