LLOYD LOWNDES, ESQUIRE, GOVERNOR.

Baumgardner, and their successors and assigns, and all other
persons who may hereafter become stockholders in the com-
pany hereby incorporated, be and they are hereby constituted
a body corporate and politic, under the name and style of the
"Frederick, Thurmont and Northern Railway Company," and
by that name shall have perpetual succession.
SEC. 2. And be it enacted, That the said company, under the

1191

above name and style, shall be capable in law to sue and 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.

SEC. 3. And be it enacted, That the capital and stock of

Capable to
sue and be
sued.

said company shall not be more than one hundred and fifty
thousand dollars, to be divided into shares of fifty dollars each,
which stock shall be issued to the subscribers therefor by said
company 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 com-
pany may issue, from time to time, in the name of said com-
pany, mortgage 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 eighteen directors (one of
whom shall be elected president), who shall serve for one year
and until the election and qualification of their successors ; and
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 qualified ;
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 the holding of the annual meeting of stock-
holders for the election of directors.

Managed by
a hoard of
directors.