270

LAWS OF MARYLAND.

CHAP. 173.

common seal and to alter the same, and generally to do and
perform all such acts and make all such agreements and con-
tracts as may be necessary for the purpose of its business.

SEC. 3. And be it enacted, That the capital stock of said

Capital stock

company shall be two hundred thousand dollars, with privi-
lege to increase the same to five hundred thousand dollars, to
be divided into shares of fifty dollars each ; and in the event
that the amount of capital stock subscribed prove insufficient
to construct, complete and fully equip the railroad hereinafter
mentioned, then the directors of said company may issue,
from time to time, in the name of said company, mortgage
bonds to an amount sufficient to the judgment of said direc-
tors to complete and fully equip said railroad, and secure the
payment of such bonds by mortgage of all or any part of the
property, rights, franchises, tolls and revenues of said
company.

SEC. 4. And be it enacted, That the affairs of said com-

Managed
by board of
directors.

pany shall be managed by a board of seven directors (one of
whom shall be elected president), who shall serve for one
year, and until the election and qualification of their succes-
sors. Seven of the incorporators named herein shall be the
directors to serve for the first year, and until the qualification
of their successors, and shall serve until their successors are
elected and qualified ; and said directors shall be elected by
the majority vote of the stockholders aunnally, and to serve for
the term of one year, and at such times as may be provided
by the by-laws of said corporation, said by-laws to be made
and adopted by the board of directors, not contrary to law,
for the regulation of the affairs of the company, including
the appointment, pay and duties of the president and neces-
sary subordinate officers, and the time of holding the annual
meeting of stockholders for the election of directors.

SEC. 5. And be it enacted, That said company shall have

May
construct,
equip
and manage
a.rallroad.

power to construct, equip and operate a railroad impelled by
electricity, steam or other power, as the directors may deter-
mine, from some point in Hagerstown, Washington county,
Maryland, to some point in Washington County, Maryland,
near Rozerville, Franklin county, Pennsylvania, and running
through or near the following places in Washington county,
Maryland : Antietam Paper Mill, Chewsville, Cavetown,
Smithburg and Ringgold, and from a point on Mason and
Dixon's line near Rouzerville to Penmar ; to haul passengers,
parcels, packages and freight over said railroad, and to charge
therefor such rates as compensation therefor as the board of
directors may from time to time determine.