LLOYD LOWNDES, ESQUIRE, GOVERNOR.

CHAPTER 54.

AN ACT to amend the charter of the Merchants and Miners
Transportation Company, so as to extend the corporate
existence of the said company, and authorize an increase of
its capital stock.

57

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the act, entitled "an Act to incorporate the Merch-
ants and Miners Transportation Company," passed at the
January session, eighteen hundred and fifty-two, chapter one
hundred and fifty-three and the supplement thereto, passed at
the January session, eighteen hundred and sixty-eight, chapter
one hundred and thirty, and the supplement thereto, passed at
the January session, eighteen hundred and seventy-six, chapter
seventy-six, be and the same are hereby extended and con-
tinued in full force and effect for the period of forty years
from the date of the approval of this act by the Governor,
and until the end of the next session of the General Assembly,
which shall happen thereafter.

Acts con-
tinued in
force.

SEC. 2. And be it enacted, That the capital stock of the
said Merchants and Miners Transportation Company may be
increased from one million two hundred thousand dollars, its
present amount, to an amount not exceeding two million
dollars, as and when the president and directors of the said
company, shall so determine, either by new subscriptions or
by adding, from time to time, to the capital a portion of
the net profits not otherwise appropriated and distributing the
same as a stuck dividend among the stockholders; and all such
new and additional stock shall be divided into shares of the
par value of one hundred dollars each, as prescribed for the
original stock in the act incorporating the said company.

Increase of
capital stock.

SEC. 3. And be it enacted, That whenever and so often as
the said president and directors shall so determine, they may,
within such period as they shall, from time to time prescribe,
receive subscriptions, at not less than its par value, for any
or all of the additional stock hereby authorized from the
stockholders of the said company ratably and in proportion to
their respective holdings as shown by the books of the said
company at the time that may be designated by the said
president and directors for the closing of the said books for
this purpose, and for such shares as may not have been taken,
by the said stockholders, within the period so limited, they
may also open books in the city of Baltimore or elsewhere, as

Subscriptions
to stock.