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SEC. 2. And be it further enacted, That it shall be lawful for
said power company to conduct, control and manage its affairs
and operations by and through its proper officers and a
board of directors consisting of seven of its stockholders, as
members of said board, or such other number as the corpo-
ration may from time to time establish and authorize in its
by-laws for the membership of the board of directors, as
well as all other necessary and proper officers of the com-
pany; and it is hereby further provided that it shall no
longer be necessary or essential for the majority of the
members of the board of directors of said company to be
citizens of the State of Maryland.
SEC. 3. And be it further enacted, That the limitation here-
tofore imposed upon the amount of the authorized capital
stock of said company be and the same is hereby repealed,
and the said power company is further hereby empowered to
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CHAP. 386
Manage its
affairs and
operations
by its proper
officers.
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increase and issue its capital stock from time to time to
such amount or amounts, and in such form or forms as may
be deemed expedient by the board of directors to accom-
plish the objects and purposes of said company, and
any portion of the stock of said company may be issued
and designated as preferred stock with such preference
or priority over the rest of the capital stock and bear such
rate of interest as may be prescribed and determined by the
board of directors, and approved by the majority in interest
of the stockholders, and both the common and preferred
stock of the company may be issued, delivered and disposed
of from time to time for money or in payment or part pay-
ment for lands; water rights, franchises or easements, and
for contracts for work and labor to be done and performed
for the company; and for materials and machinery and other
property to be furnished and delivered to or for the use of
the company, and the said stock or any part thereof may be
so issued and delivered at and for such prices or valuation
and on such terms as the board of directors may determine,
and as may be agreed upon between the contracting parties
and the company acting through its board of directors.
SEC. 5. And be it further enacted, That this Act shall take
effect from the date of its passage.
Approved April 3, 1906.
23
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Increase its
capital stock
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