54

LAWS OF MARYLAND.

the business of said corporation; to fix their com-
pensation, and in their discretion to dismiss them ;
to contract, agree for and purchase, rent or hire
all such vessels, lands, water powers, chattels, fix-
tures, materials, machinery, tools, rights, privi-
leges and effects whatsoever, and to pay for the
same either in cash or with stocks of the company;
and to make, own, use, have and repair all such
vessels, carriages and other conveniences as may
be necessary for effecting the objects of said corpo-
ration; to prescribe the form of certificates to be
issued to stockholders, and to regulate the mode
of transferring their capital stock; to apply the
funds of said corporation, so far as the same may
be necessary, to effect the objects aforesaid, and on
payment of the necessary expenses of the com-
pany; to call general meetings of the stockholders
and generally to pass such by-laws as may be ne-
nessary for the exercise of the aforesaid powers
vested in said corporation, and the same by-laws
from time to time to alter and repeal; such by-
laws being subject to the approval of a majority of
the stockholders; and, if necessary, to issue bonds
of said corporation, and to secure the same by
mortgage of the property of the said corporation,
but in no event to exceed in amount the sum of
twenty-five thousand dollars.

Vested with
power.

Sec. 7. And be it enacted, That the corporation
hereby created is vested with all necessary power
to lay down and construct, and to use and operate,
railways with double or single tracks, from their
works to connect with the Northern Central Rail-
way or the Baltimore, Wilmington and Philadel-
phia Railway, at such points as they may deem
most desirable, but shall have no power to con-
demn land for that purpose.

May declare
dividends.

Sec. 8. And be it enacted. That the President
and Directors shall, from time to time, declare
and pay the stockholders, dividends of so much of
the profits realized by the company as they shall
deem expedient, after reserving such sum as they
shall decide to be reasonable to meet the expenses
of repairs or the purchase of any articles necessary
for the use of said company, and also at the pay-
ment of each dividend of profits a. general state-
ment of the affairs of the company shall be prepared
by the Directors, and kept open for the inspection