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Bonds ex-
empted.
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shall be exempt from all state, county or muni-
cipal taxation for the term of thirty years, ac-
counting from the date of the completion of the
first fifty miles of said road ; provided, that said
exemption shall not extend to the bonds of any
road except to the said Baltimore and Cape
Charles railroad, as set out in its charter.
SEC. 3. And be it enacted, That Robert F.
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Not required
to advertise.
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B rattan, Clinton McCullough, Samuel K. Den-
nis, Joseph H. Johnson, John B. Brown, Wil-
liam D. Burchinal, Griffin W. Goldsborough and
Philip W. Downs incorporators mentioned in said
charter, shall not be required to advertise the
opening of subscription books as provided in
said general incorporation laws, but that the
board of directors shall consist of eight, and that
the said Robert F. Brattan, Clinton McCullough,
William D. Burchinal, John B. Brown, Joseph
H. Johnson, Samuel K. Dennis, Griffin W. Golds-
borough and Philip W. Downs shall constitute
the board of directors for the first year, or until
their successors are duly elected and qualified;
and that said board of directors, or a majority of
them, are hereby authorized to open books for
the subscription to the capital stock of said rail-
road company at such time and place as they
may designate, and receive subscriptions in
moneys or in property, real, personal or mixed,
or in labor or services at such valuation as may
be agreed upon between said company and those
subscribing at the time of said subscription,
instead of pursuing the provisions of the seventh
section of said act of eighteen hundred and
seventy-six; and said board of directors shall
have power to determine in what instalments
said subscriptions to said capital stock shall be
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Shall be for-
feited.
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paid, and upon failure to pay any such instal-
ments within twenty days after the same shall
be due and demandable, the stock on which it is
demanded shall at the pleasure of said board of
directors be forfeited to the company and sold
for its benefit; the board of directors may remit
such forfeiture, or may recover in the name of
the company such instalment by suit or action
at law, or in such other way and upon such
terms as they may deem proper.
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