562

LAWS OF MARYLAND.

CHAP. 396.

county, or in any city or town therein, the consent of the
County Commissioners for Worcester County and the consent
of the proper authorities of the municipal corporations through
which it may run first being had and obtained, and over, under
and along any private property in said county, the consent of
the owner or owners thereof first being had and obtained, and
to connect the same with any manufactory, public or private
building, lamp or other structure or object, car or conveyance,
and in general to manufacture, sell, furnish and supply electric
light and electric power or stored electricity and electrical
machinery and supplies for any and all purposes that may be
desired or required, and to use the necessary means to
accomplish the purpose of this incorporation.

Capital stock

SEC. 2. And be it enacted. That the capital stock of the
said corporation shall be two hundred and fifty thousand
dollars, divided into five thousand shares of fifty dollars each,
which may be increased by the president and directors to be
elected to any amount not exceeding five hundred thousand
dollars. The said body corporate shall not, however, under-
take the prosecution of its business until the stock to the
amount of twenty thousand dollars (which shall be payable in
such instalments as the directors of said corporation may
stipulate) shall have been subscribed, with power to the board
of directors and a majority of the stock issued to issue
preferred stock to the amount of one hundred thousand
dollars as they may deem advisable, and with power to issue
bonds on the corporate property by the board of directors and
a majority of the stock issued to an amount not exceeding
one hundred thousand dollars, and a majority of the stock
issued shall have power at any time to change the name of the
corporation.

Managed by
board
of directors.

SEC. 3. And be it further enacted, That all the interest
and affairs of the said corporation shall be controlled and man-
aged by the persons particularly named in the first section of
this Act, or such of them as shall accept such duty or office,
as the board of directors of the said company, for and during
the first year after the passage of this Act, and until their suc-
cessors as such board shall have been duly elected and qualified,
pursuant to the by-laws and regulations which shall be estab-
lished by such board, and the said interest and affairs shall be
managed and controlled by a board of nine directors, stock-
holders in said corporation, elected by a majority of all the
votes of the stockholders attending in person or by proxy at
the annual meeting of the stockholders, each share of stock so
represented being entitled to one vote ; and such board of
directors as aforesaid shall elect from their number a presi-