68

LAWS OF MARYLAND.

granted to and conferred upon said body corporate in this
tate, so far as the same shall not be contrary to the prohibi-
tions imposed upon railroad companies by the laws of this
State or the provisions of this act.

Capital stock

SEC. 2. And be it enacted, That the capital stock of said
' body corporate is authorized to be issued to the amount of
thirty thousand shares of the par value of fifty dollars each,
and certificates for said stock may be issued at such limes and
in such amounts as the president and board of directors may
determine, and the same may be applied, if they shall find it
expedient so to do, in payment of the expenses of the con-
struction and equipment of the road or other liabilities of the
company.

Hay issue
bonds.

SEC. 3. And be it enacted, It shall be lawful for the said
company to issue its bonds or evidences of indebtedness at a
rate not exceeding $15,000 per mile, for each mile of railroad
to be constructed, and to seem e the same by mortgage or deed
of trust of all its property and franchises, to raise money for
the purpose of construction and equipment, or other purposes
for which said company was incorporated, the first mortgage
of deed of trust heretofore made of date December 2d, 1895,
by said company to the Guardian, Security, Trust and Deposit
Company of Baltimore city, as trustee to secure bonds to be
issued at the rate $ 12,000 per mile for each mile of railroad to
be constructed, is hereby made valid and confirmed in all pro-
visions and particulars, and said company, in addition to mort-
gage bonds herein authorized, is authorized to issue preferred
stock at a rate not exceeding $8,000 per mile of the completed
road, and to secure the same upon the net income or earnings
of said railway.

May con-
sruct rail-
way.

SEC. 4. Be it enacted, That Paid company is hereby author-
ized to construct and operate its railway over and upon the
lines and routes heretofore laid down and designated in the
charter of incorporation heretofore granted, and particularly
is authorized to construct a line of railway from Qneenstown
in the State of Maryland, in an easterly direction, to or near
Denton, and still easterly to some point on the line between
the States of Maryland and Delaware, to connect with the
line of railway authorized to be constructed by said company
in the last named State.

Board of
directors.

SEC. 5. And be it enacted, That there shall be a board of
directors for the government of said corporation, twelve
in number, exclusive of the president of the said company,