JOHN WALTER SMITH, ESQ., GOVERNOR.

935

it determined, and to secure the same by a mortgage or mort-
gages upon all its property, real, personal and mixed, and
franchises situated in or out of this State, whether possessed
at the time of the making of said mortgage or mortgages, or
thereafter acquired; the said bonds and mortgages are to be
made and executed in the aggregate to such an amount or
amounts and in form as the directors of the said company shall
prescribe; said bonds to be payable at such time or times,
bear such rates of interest not exceeding six percentum. per
annum, and contain such terms, conditions and provisions as
to the said directors shall seem meet and proper, and be issued
and disposed of, from time to time, upon such terms and for
money or property at such valuation as they shall determine and
as may be agreed upon; and in case of sale made by virtue of
said mortgage or mortgages, whether under foreclosure or
other judicial proceedings, or pursuant to any power contained
in said mortgage or mortgages, the purchaser or purchasers

CHAP. 630.

Authority to
issue
negotiable
bonds, etc.

thereof, or his or their survivors, representatives or assigns,
together with their associates, if any, may form a new corpo-
ration for the purpose of owning, possessing, maintaining and
operating said property and franchises, and thereupon shall be
vested in such new corporation all the faculties, powers, rights,
immunities, privileges, property and franchises possessed by
said water company, and certificate of the formation of said
new corporation shall be exempted by the said purchaser or
purchasers, his or their survivor or survivors, representatives
or assigns, together with their associates, if any, and be
acknowledged and recorded as other certificates of incorpora-
tion are at present directed to be acknowledged and recorded
in Article twenty-three of the Code of Public General Laws
of Maryland, title "Corporations," sub-title "General Regula-
tions."

New
corporation
may be
formed, etc.

SEC. 4. And be it further enacted, That said company, or
its duly authorized agent or agents, may contract and agree,
with the owner or owners, whether individuals, firms or cor-
porations, to purchase and hold in fee simple, or for a term of
years, any land or property, or any easement or right therein,
or appurtenant thereto, or for the use, possession or occupa-
tion of the same, or any part thereof, or of any earth, gravel,
stone, timber, streams, rivers, canals, races, waterways, water
power, or of any improvement, or any part thereof whatever,
deemed by said company necessary, requisite and proper, and
wanted by it for carrying out all or any of its objects and
purposes; and if they cannot agree, or if the owner or owners,
or any of them, be an infant, trustee, feme covert, who is not
possessed of the property to her sole and separate use, and
authorized to contract for the same, or non compos mentis, or

May contract
to purchase
and hold land
or property,
etc.