372

LAWS OF MARYLAND.

CHAP. 267.

right to acquire property by condemnation in the mode pre-
scribed in sections two hundred and forty-eight to two hundred
and fifty-four, both inclusive, of Article twenty-three of the
Code of Public General Laws, or in the mode prescribed in
sections two hundred and twenty-four to two hundred and
twenty-six, both inclusive of the same Article, or in any and
all amendments to said Article.

May borrow
money and
issue bonds,
etc.

SEC. 7. And be it enacted. That it shall be lawful for said
company to borrow money and to issue its bonds and obliga-
tions in such sums and forms, payable at such time or times,
and bearing such rate of interest, not exceeding six per centum
per annum, as the president and directors of said company
may appoint, and to sell, pledge or dispose of the same, and
to provide for the security and payment thereof by mortgage
or mortgages on all or any part of the property, rights, fran-
chises and revenues of said company.

Consolidate
its poles,
lines,
property, etc

SEC. 8. And be it enacted, That it shall be lawful for said
company to consolidate and merge its poles, lines, property,
contracts and franchises with any other electric light and
power company or companies, either in or out of this State,
so that the capital stock of said companies so consolidated and
merged shall constitute a common stock equal in amount,
character and par value to the authorized capital stock of the
companies so consolidated and merged, and the companies so
consolidating shall thereafter constitute one company and be
entitled to all the property, franchises, rights, privileges and
immunities which each of the said companies was possessed of
and enjoyed under its articles of incorporation or charter.
Such consolidation and merger shall be effected by agreement
approved by the board of directors and a majority in amount
of the stockholders represented at any annual meeting of the
stockholders or at a special meeting thereof called for that
purpose of each of the companies so consolidating.
SEC. 9. And be it further enacted, That this Act shall take
effect from the date of its passage.
Approved April 8, 1902.