LLOYD LOWNDES, ESQUIRE, GOVERNOR.

of trust upon any or all of its property and franchises, and may
issue and sell the same at such prices and on such terms as the
president and directors may determine.
SEC. 5. And be it enacted, That the business, property and

679

concerns of said corporation shall be managed and its corpor-
ate powers exercised by a board of president, and directors
consisting of not less than tive directors and a president chosen
by them from their own number or others, who shall have in
the management of such business, property and concerns, all
the powers conferred upon the president and directors of the
Baltimore and Ohio Railroad Company under the Act of 1826,
chapter 123, entitled "An Act to incorporate the Baltimore
and Ohio Railroad Company," except as herein otherwise pro-
vided. The board may also elect one of their number chair-
man of the board, and shall have power to adopt all by-laws
which they may deem necessary or proper for exercising all the
powers of the corporation, and also for the government of the
stock, property and concerns of the corporation and for the
regulation of its directors, officers and agents and defining their
respective powers and business.
SEC. 6. And be it enacted, That if and whenever the said
corporation shall acquire in any manner the main stem of the
Baltimore and Ohio Railroad within this State, and shall obtain

Managed by a
board of
directors.

possession of the same, it shall be authorized, and it shall be
its duty to operate in connection therewith the Washington
Branch of the Baltimore and Ohio Railroad, in the same
manner and to the same extent as the same was operated by
the Baltimore and Ohio Railroad Company under the several
Acts of the General Assembly of this State relating to the
same, and the said corporation in such operation shall keep
separate accounts of the earnings and expenses of said Wash-
ington Branch Railroad, and shall account for all such earnings
to the holders of the separate stock of the Baltimore and Ohio
Railroad Company known as the "Washington Branch Stock,"
either through the Baltimore and Ohio Railroad Company as
the representative of such stockholders, or such other repre-
sentative as such stockholders may hereafter select and authorize
to represent them ; provided, that nothing in this Act shall in
any way relieve the Baltimore and Ohio Railroad Company as
re-organized from the payment of the dividend on the stock
owned by the State in the Washington Branch, nor shall it be
lawiul to divert any of the revenues of the Washington
Branch to the operating or betterment of the main stem of the
said Baltimore and Ohio Railroad Company as re organized, or
upon any of its lateral branches or leased lines.

To operate in
connection
with the
Washington
branch.