FRANK BROWN, ESQUIRE, GOVERNOR.

779

be sued, to plead and to be impleaded, and to answer and to be
answered in any court of law or equity; to make and use a
common seal and to alter the same, and generally to do and
perform all such acts and make all such agreements and con-
tracts as may be necessary for the purpose of its business.

Corporate
powers.

SEC. 3. And be it enacted. That the capital and stock of
said company shall not be more than one hundred thousand
dollars, to be divided into shares of fifty dollars each, which
stock shall be issued to the subscribers therefor by said com-
pany, on the payment of the entire subscription therefor; and
in the event that the amount of capital stock subscribed prove
insufficient to construct, complete and fully equip the railroad
hereinafter mentioned, then the directors of said company may
issue, from time to time, in the name of said company, mort-
gage bonds to an amount sufficient in the judgment of said
directors to complete and fully equip said railroad, and secure
the payment of such bonds by mortgage of all or any part
of the property, rights, franchises, tolls and revenues of said
company.

Capital stock.

SEC. 4. And be it enacted, That the affairs of said company
shall be managed by a board of nine directors, (one of whom
shall be elected president,) who shall serve for one year, and
until the election and qualification of their successors; the
corporators named herein shall be the directors to serve for the
first year, and until the qualification of their successors, and
shall serve until their successors are elected and qualify; and
said directors shall be elected by the majority vote of the
stockholders, annually, and to serve for the term of one year,
and at such times as may be provided by the by-laws of the
said corporation; said by-laws to be made and adopted by the
board of directors, not contrary to law, for the regulation of
the affairs of the company, including the appointment, pay
and duties of the president, and necessary subordinate officers,
and the time of holding the annual meeting of stockholders
for the election of directors.

Board of
directors.

SEC. 5. And be it enacted, That said company shall have
power to construct, equip and operate a railroad impelled
by electricity, steam or other power, as the directors may
determine, from some point in Frederick city, in Frederick
county, to some point in Middletown, in said county, to haul
passengers, parcels, packages and freight over said railroad,
and charge therefor such rates as compensation therefor as the
board of directors may, from time to time, determine.

May

construct
railroad.