LLOYD LOWNDES, ESQUIRE, GOVERNOR.

noon with others, or in any other manner, any part or all of its
property, and to collect and receive the tolls, rents and charges
or other compensation which may be established by contract or
otherwise, for such use in the manner provided in such contract
or otherwise.
SEC. 3. And be it enacted, That the capital stock of said

959

corporation shall be twenty thousand dollars ($20,000), divided
into shares of one hundred dollars ($100) each, with power to
increase said stock, from time to time, as is provided in sections
74, 76, 77 and 78 of Article 23 of the Code of Public General
Laws of this State, title " Corporations," which said capital
stock may be subscribed and paid for either in money or in
land, or other property which the company is authorized to
own for its corporate purposes, or in work to be done under
the contracts made by it ; provided, that before any stock shall
be issued, full paid, in exchange for property received for work
done, the issuing of such stock shall be first authorized by a
majority of the stockholders of the company assembled in
general meeting, called in pursuance of the by-laws of the
company.

SEC. 4. And be it enacted, That the said corporation shall

Capital stock.

have power to borrow money in such sums as may be necessary
to enable it to carry out its corporate purposes, and to iesue its
bonds or other obligations for the money so borrowed and
secure payment of the same by a" mortgage or mortgages, or
by a deed or deeds of trust of any part or all its corporate
property and franchises.
SEC. 5. And be it enacted, That the persons herein named

Power to
borrow
money.

as incorporators, or a majority of them, may cause books of
subscription to the capital stock of said company to be opened
at such time and place in the city of Cumberland as they may
elect, and when not less than ten thousand dollars ($10,000) of
said stock have been subscribed, said incorporators, or a majority
of them, shall call a general meeting of the subscribers at such
time and place as they may appoint, after having given notice
of said meeting by publishing a call therefor, ten days prior to
the date fixed for the same, in two newspapers published in the
city of Cumberland, and at such meeting the said incorporators,
or a majority of them, shall lay the subscription books before
the subscribers then and there present ; whereupon the sub-
scribers to said stock shall proceed to elect, by ballot, five or
more directors to manage the affairs of said corporation until
the next succeeding year, the said subscribers being entitled at
such to one vote for each share of stock so subscribed by them

Books of sub-
scription to
be opened.