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SEC. 4. And be it enacted, That the affairs of said com-
pany shall be managed by a board of twelve directors, one of
whom shall be elected president, and said incorporators shall
have power at any time after the passage of this Act to
organize by the election of a president and such directors for
the proper management of the affairs of said company; that
the president and directors thus elected shall serve for one
year after the date of their election, or until the election and
qualification of their successors, and directors shall thereafter
be elected by the majority vote of the stockholders annually,
and to serve for the term of one year ; and each stockholder
shall have or be allowed one vote for each share of stock
owned by him or her, and may vote either in person or by
proxy ; such by-laws as may be found necessary may be made
and adopted by the board of directors; provided, however,
that the same are not contrary to the law nor to the objects of
this incorporation, including in such by-laws and regulations
for the affairs of the company, appointments, pay and duties
of the president and necessary subordinate officers, and the
time, place and notice for the holding of the annual meeting
of stockholders for the election of directors, and also for the
declaring of such dividends out of the profits of the said
company as the board of directors may deem proper.
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CHAP. 381.
Managed
by board of
directors.
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SEC. 5. And be it enacted, That the said company hereby
incorporated shall have the power to lay down, construct,
equip, maintain and operate a single or double track railway,
with the necessary switches and turnouts, from some point in
the town of Ellicott City, Howard county, to some point in
or, near the city of Frederick, in Frederick county, as may be
deemed expedient for the transportation of passengers, mer-
chandise, produce, express matter and general freight in cars
propelled by electricity in any form, or other improved motive
power other than steam ; and that the said corporation is
hereby empowered to construct, maintain and operate branch
lines of railways propelled by electricity, or any other motive
power other than steam, in such distant cities, towns or other
points or places, as may in the discretion of its board of
directors appear to be advantageous to the said company;
bat no extension under this section shall be for a greater dis-
tance than twenty miles, unless the same shall have been pre-
viously ratified at a general or special meeting of the stock-
holders called for that purpose, by a vote of at least a majority
of the whole number of shares then issued and actually out-
standing, and over such branches the said railway shall have
and exercise all the rights, privileges, powers and franchises
hereby granted with reference to its main line ; provided,
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Authority to
to lay down,
construct,
equip
and maintain
railway
tracks, etc.
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