|
|
Repeal and
re-enact.
|
of the General Assembly of Maryland of 1898, entitled
"An Act to Incorporate the Maryland Electric Railway Com-
pany," be and the same are hereby repealed and re-enacted
with amendments, so as to read as follows :
Section 2. And be it enacted, That the said corporation, under
the above name, shall be capable in law of purchasing prop-
|
|
|
|
May purchase
property, etc.
|
erty, real, personal or mixed, or of leasing or becoming the
lessee of the same upon such terms and for such periods of
time as may be agreed upon, without any right of redemp-
tion to the lessee unless the same is specifically given in the
contract of lease, and of holding, possessing, selling and
conveying property, real, personal and mixed, including
stocks, bonds and other securities of railway, transportation
and excursion, resort corporations, and by said corporate
name may sue and be sued, and may make, have and use a
common seal, and shall have and enjoy and may exercise all
the powers, rights and privileges, acts, matters and things
incident and necessary to the purposes of said corporation
as created by this Act, and shall have the power to guarantee
the bonds and other securities and obligations of other cor-
porations connected with or appurtenant to railway opera-
tions; provided, that nothing herein contained shall permit
or authorize said company to buy or create a merger of
public service corporations other than railway, transporta-
tion and excursion resort corporations hereinbefore set forth.
Section 3. And be it enacted, That the capital stock of said
|
|
|
|
Capital stock
|
company shall be ten thousand dollars, with the privilege to
said company of increasing its capital stock to such an
amount as the stockholders at any special or general meet-
ing, may from time to time determine, and said stock shall
be divided into shares of fifty dollars each, which shall be
collected by the president and directors of said corporation
in such instalments and at such times and places as they
may appoint and require; and if any subscriber to said cor-
poration shall neglect or fail to pay any instalments or parts
of their subscription thus demanded for the space of twenty
days next after the time the same shall be. due and payable,
the stock on which it is demanded shall, at the pleasure of
the said president and directors, be forfeited to the com-
pany and sold for its benefit, but the said president and
|
|
