440

LAWS OF MARYLAND.

CHAP. 339.

Number
of directors
reduced from
seven to
five.

SEC. 3. And be it enacted, That the number of directors
of said railway company is hereby reduced from seven to five,
and the stockholders of said company may accept subscriptions
payable in land or other property, and it is hereby declared
lawful for said company to issue its stock certificates for said
subscriptions as full-paid and non-assessable stock, and the
original holder or holders thereof and their transferee or trans-
ferees shall not be or become liable to assessment in connec-
tion therewith, and the property, rights and franchises and
capital stock of said company shall be assessed for taxation as
that of steam railroads is now assessed by law.

Authority to
make and
use
its negotiable
bonds etc.

SEC. 4. And be it further enacted, That it shall be lawful
for the said railway company to make and issue its negotiable
bonds of the denomination and to the number by it determined
and to secure the same by a mortgage or mortgages upon any or
all of its property and franchises situated in or out of this
State, whether possessed at the time of making such mortgage
or mortgages or thereafter acquired, and in case of sale made
by virtue of said mortgage or mortgages, whether by foreclosure
or other judicial proceeding, or pursuant to any power con-
tained in the said mortgage or mortgages, the purchaser or
purchasers thereof, or his or their survivor or survivors, repre-
sentatives or assigns, together with their associates, if any, may
form a new corporation for the purpose of owning, possessing,
maintaining and operating said property and franchises, and
thereupon vest in such new corporation all the power, rights,
immunities, privileges, property and franchises possessed by
said railway company; said new corporation to be formed in
the manner required by the general laws of this State.

Power Riven
to generate
electricity,
etc.,
by lawful
means, etc.

SEC. 5. And be it further enacted, That the said railway
company shall have the power to generate electricity or elec-
trical or other power of any sort, by any lawful means whatso-
ever, and to acquire the same in any lawful manner when gener-
ated by others, and when so generated or acquired by it to use
or apply the same to any lawful purpose whatsoever anywhere
in the State of Maryland outside of the city of Baltimore, or
elsewhere, and to sell, store or dispose of the same for use or
application by other persons, and to transmit the same in any
proper or lawful manner from the said company's sources of
supply or power plants to any points in the State of Maryland
outside of the city of Baltimore, or elsewhere, and to con-
struct, operate and maintain all usual, lawful, necessary or
proper appliances, fixtures or devices to be used in generating,
storing, receiving, transmiting or applying electricity or other
power in any form now known or hereafter discovered, and to
acquire any real or personal property for any or all of said