LLOYD LOWNDES, ESQUIRE, GOVERNOR.

with any other railroad, bridge or public carrier corporation
with whose railroad, bridge or property a connection is made,
and may subscribe and hold the stock of any other corporation ;
said company may purchase or lease the property, franchise,
railroad, trackage and appurtenances of any other railroad cor-
poration now existing or which may hereafter exist ; and may
lease to any other corporation trackage or rights of way over
its lines or any branch thereof, and the use of transfer, ware-
houses, docks or other privileges, for such term or terms as may
be agreed upon ; provided, that a copy of every such contract
of consolidation and merger shall be filed in the office of the
clerk of the Circuit Court of Montgomery county, and be
recorded in the corporation record book of said county ; and
provided, further, that no merger or consolidation made under
the provisions of this charter shall exempt the properties of
the said connecting railroad from taxation.

SEC. 5. Said company shall have the right to borrow money,

1035 ;

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issue bonds, and secure the payment of the same by a deed or
deeds of trust or mortgage on any or all of its property and
franchises.
SEC. 6. The persons named in the first section hereof shall
constitute the board of directors of said company until their
successors are elected as herein provided, and they shall, within

Right to
borrow
money, etc,.

ninety days after the passage of this Act, organize by
electing from their number a president, secretary and treas-
urer, and may elect such other officers and appoint such
agents ae they may deem necessary.; and may adopt such
regulations and by-laws as may be needful for receiving
subscriptions to the stock of said company and transacting its
business. Upon the full subscription of the minimum capital
stock herein provided, and payment to the treasurer of said
company of two per centum thereof, the said company shall be
deemed fully organized for the transaction of business. The
directors herein named shall, upon the completion of the
organization as aforesaid, call a meeting of the stockholders
for the purpose of electing a board of nine directors, who
shall thereafter have the control and management of the
affairs of said company; and it shall be lawful for the stock-
holders to divide said board into three classes of three direc-
tors each, and at the first election elect one class for one year,
and one class for two years, and one class for three years, and
thereafter elections may be had annually of three directors for
three years. All directors shall be stockholders, and the presi-
dent and treasurer of said company shall be directors; all

Board of
directors