1490 LAWS OF MARYLAND.

nor shall be exercised contrary to any of the provisions or
prohibitions of chapter 457, Acts of the General Assembly of
1906.

SEC. 7. And be it enacted, That the said board of directors
are hereby authorized to open books for subscription to the
capital stock of said railroad company at such times and places
as they may deem proper; that the said board of directors
shall have power to determine in what instalments said sub-
scriptions to said capital stock shall be paid.

SEC. 8. And be it enacted. That the said railway and power
company hereby incorporated shall have power, with the con-
sent of a majority in interest of its stockholders to issue pre-
ferred stock of the company not exceeding at any time one-
half of the capital stock of the corporation; the holders of
which preferred stock shall be entitled to receive such divi-
dends thereon, not exceeding seven per cent, per annum, as the
board of directors of said company may prescribe, payable out
of the net earnings of the company, and the holders of said
preferred stock shall not be liable for any debts of the com-
pany, nor shall the holders of such stock have any voice or
vote at any meeting of the stockholders, whether for the elec-
tion of a board of directors or other business matters of the
corporation, nor have any active part in the management of
its affairs. And the said preferred stock may be issued in
different classes, to be distinguished in such manner as the
directors may determine and prescribe, and the directors may
give to the various classes such order of preference in the pay-
ment of the dividends or in the rate of dividends thereon, or
in the redemption of the principal thereof, as may be approved
by the holders of a majority of the stock of the company, and
the company shall have the right to redeem its preferred stock
upon such terms as may be prescribed in the issue thereof, and
the said company may specifically appropriate for the payment
of the dividends upon any class of such preferred stock or for
the redemption of the principal thereof, the revenues from
any specific department of its business, or the proceeds of any
specific portions of its assets or property, or the revenues
therefrom; provided, that no injustice shall thereby be done to
the existing rights of other stockholders or creditors of the
company.

SEC. 9. And be it enacted. That the said company so incor-
porated shall have the power to contract for and purchase or
lease or consolidate with any other line or lines, or parts of
lines, of any other railroad company or electric power com-
pany now authorized, constructed or hereafter to be con-
structed in Baltimore county.