ELIHU E. JACKSON, ESQUIRE, GOVERNOR.

have and enjoy under and by virtue of their
respective charters ; provided, however, that
nothing in this section or act contained shall be
held or construed to exempt from taxation any
property of either such company not so by law
now exempted.
SEC. 2. And be it enacted, That the Piedmont

51

and Cumberland Railway Company shall have
the power to lease and operate any railroad or
railroads, either in or out of this state, for the
purpose of carrying on its business ; and shall
have power to lease or sell the railroad con-
structed by it to any other corporation created
by the laws of this state, or any other state, or
make any agreement or contract for the use of
the said railroad, and of all or any of its property,
on such terms and for such time as may be
agreed upon between it and any other corpora-
tion created by the laws of this or any other
state, or between it and any individual or indi-
viduals as it may deem best for the interest of
said company.
SEC. 3. And be it enacted, That in case of an
agreement for the union, connection, or consoli-
dation of the Piedmont and Cumberland Rail-
way Company with any other railway company
created by the laws of this state, or any other
state, whose capital stock may be of the par
value of one hundred dollars per each of its
shares, then the said Piedmont and Cumberland
Railway Company is hereby empowered, at the
pleasure of its directors, to fix its shares of

Power to lease
and operate.

capital stock at the par value of one hundred,
dollars each, instead of fifty dollars each, as
provided by the certificate of incorporation of
said company, and by the general law of Mary-
land for the incorporation of railroad compan-
ies ; and such alteration of the par value of said
shares, if deemed necessary by the board of
directors, may be made by the exchange of two
shares of the old for one share of the new stock,
in such manner as the board of directors may
direct.

Par value of
capital stock.

SEC. 4. And be it enacted, That the said Pied-
mont and Cumberland Railway Company is
hereby authorized and empowered to establish
its principal office in the city of Baltimore.

Location of
principal of-
fice.