96

LAWS OF MARYLAND.

points with other existing rail roads in Allegany
county, and for the making, preserving and con-
trolling the said railroad or roads, and the neces-
sary vehicles and appurtenances thereto belonging,
and every part thereof, which by the act, and
more particularly the fifteenth section thereof, in-
corporating the Baltimore and Ohio Railroad Com-
pany and its several supplements, were for the
lawful purposes of said last named company and
the benefit of its corporators given, granted, au-
thorized and secured to the said last named com-
pany, and to the President and Directors respect-
fully as fully and perfectly as if the same were
herein repeated.

Capital stock.

Sec. 3. And be it enacted, That the capital stock
of said company shall consist of five thousand
shares of one hundred dollars each.

Stock trans-
ferable,

Sec. 4. And be it enacted, That the subscrip-
tion to the said capital stock shall be made at such
places and in such manner as shall be designated
by the said John M. Armstrong, Jeremiah L.
Townshend and Singleton Townshend Armstrong,
or a majority of them, and that the stockholders
shall be entitled at all their meetings to one vote
for each share of stock in person or by proxy, and
the shares of said capital stock shall be assignable
or transferable as may be provided for by the by-
laws of said company, and shall be considered as
personal property, and lands may be subscribed
instead of money, in such manner, and on such
terms as may be agreed upon between the sub-
scribers and the persons who may take the subcrip-
tions of said capital stock.

Management.

Sec. 5. And be it enacted, That the affairs of
the said company shall be managed by a President
and six Directors, who shall be chosen annually
by the stockholders to serve for one year and
until others shall be elected and until the first
election of Directors shall be held, the said John
M. Armstrong, Jeremiah L. Townshend and Sin-
gleton Townshend Armstrong, or a majority of
them, shall have full power and authority to
exercise all corporate powers of said company, and
in case of any vacancy occurring in the Presidency
or Directors of said company, the remaining
Directors shall have the power to fill such vacancy,