1488 LAWS OF MARYLAND.

plete and fully equip the railroad and power company herein-
after mentioned, or to pay for any railroad equipment, power
or plant, the acquisition of which may be by the said directors
considered desirable for the purposes of this corporation,
then the directors may issue from time to time in the name
of said company mortgage bonds to an amount sufficient, in
the judgment of said president and directors, to complete and
fuly equip said railroad and power company or to pay for any
railroad equipment, power and plant acquired, and secure the
payment of such bonds by mortgage or mortgages of all or any
part of the property, rights, franchises, tolls and revenues
of said company.

SEC. 4. And be it enacted, That the affairs of said company
shall be managed by a board of fifteen directors, one of whom
shall be elected president, and said incorporators shall have
power at any time after the passage of this Act to organize
by the election of a president and such directors for the proper
management of .the affairs of said company; that the president
and directors then appointed and elected shall serve for one
year after the date of their organization, or until the election
and qualification of their successors, and directors shall there-
after be elected by the majority vote of the stockholders an-
nually, and to serve for the term of one year; and each stock-
holder shall have or be allowed one vote for every share owned
by him or her, and may vote either in person or by proxy; such
by-laws as may be found necessary may be made and adopted
by the board of directors; provided, however, that the same
are not contrary to law, nor to the objects of this corporation,
including in such by-laws and regulations for the affairs of
the company, appointments, pay and duties of the president
and necessary subordinate officers, and the time, place and no-
tice for the holding of the annual meeting of stockholders for
the election of directors, and also for the -declaring of such
dividends out of the profits of the said company as the board
of directors may deem proper.

SEC. 5. And be it enacted, That the said company shall have
the power to construct or acquire, equip or operate, a rail-
road, the motive power whereof shall be electricity, or a mixed
power wherein electricity or other power than steam may be
used as the motive power for the passenger, mail, express or
freight services thereof as the directors may determine, from
some point at or near the northwestern boundary line of the
city of Baltimore, in Baltimore county, and between the West-
ern Maryland Railroad and the Windsor Mill road, and North
Branch, on the Liberty road, in Baltimore county; provided,
however, that said corporation shall have no right to use the