PRIVATE ACTS. 1405

or in either county fifteen hundred (1,500) acres, which shall
always include either the surface and minerals, or the minerals
exclusive of the surface.

SEC. 6. And be it enacted, That said corporation is hereby
authorized and empowered to acquire the rights, property and
assets, whether manufacturing or otherwise, and to undertake
and assume the whole or any part of the liability of any person,
firm, association or corporation, and to pay for the same in cash,
. stock, bonds or debentures, or other securities of this corpora-
tion ; and said corporation is further authorized to borrow mon-
ey for the development of its mining and manufacturing prop-
erties, and all interests and estates whatsoever, and to secure
the same by obligations, pledges, mortgages or otherwise; to
issue bonds and debentures, and to secure the same by pledges,
deeds of trust or mortgages upon the whole or any part of the
property held by^v said corporation, and to sell or pledge
such bonds or debentures for its corporate purposes as and
when the board of directors shall determine; provided, however,
that no mortgages or other liens shall be created by the corpora-
tion unless there shall first be obtained the consent in writing
of the holders of seventy-five per cent, of the capital stock of
the corporation outstanding at the time.

SEC. 7. And be it enacted, That said corporation is hereby
authorized and empowered, in the use and development of its
properties and manufacturing plants in Allegany and Garrett
Counties and for commercial purposes, to purchase, construct,
lease, operate and maintaain electric lighting and power plants
and to furnish electricity for power and lighting purposes, and
all appliances incident or necessary thereto.

SEC. 8. And be it enacted, That said corporation, through its
board of directors, shall have power from time to time to fix
and determine and to vary the amount of the working capital
of said corporation, and to determine the use of any surplus or
net profits over and above the capital stock paid in; and in its
discretion the board of directors may use and apply any surplus
or accumulated profits in purchasing or acquiring its bonds or
other obligations or shares of its own capital stock, to such
extent and in such manner and upon such terms as the board
of directors shall deem expedient; but shares of such capital
stock so purchased or acquired may be re-sold, unless such
shares have been retired for the purpose of decreasing the
capital stock as provided by law.

SEC. 9. And be it enacted, That said incorporators and board
of directors, before proceeding to exercise any of the powers
herein granted, shall file with the State Tax Commissioner of
the State of Maryland a certified copy of this Act, and pay to