PHILLIPS LEE GOLDSBOROUGH, GOVERNOR. 1345

and to fix their compensation and term of service; and the prin-
cipal office of the corporation shall be in Salisbury, Maryland.

SEC. 7. And be it further enacted, That the annual meeting
of the stockholders for the election of directors and for the
transaction of such other business as may come before them
shall be held on the second Tuesday of January each year. At
all meetings of said stockholders, each stockholder shall be en-
titled to one vote for every share of stock held by him, and ten
days' notice shall be given by publication in two newspapers
published in Wicomico County at the time and place of said
annual election, which election shall be conducted by three
stockholders to be named previously by the directors from the
body of stockholders, one of whom shall be designated to act
as judge and the other two as inspectors.

SEC. 8. And be it further enacted, That the directors of said

corporation hereby created shall have power to enact such rules,
regulations, by-laws, for the management of the affairs of said
company as they may deem advantageous for the interests there-
of ; provided, the same is not inconsistent with the laws of this
State.

SEC. 9. And be it further enacted, That the directors shall
have power to declare such dividends out of the profits of
said company as they may deem proper; provided, that no divi-
dends shall be declared except out of profits earned. And the
said company hereby created shall have power to borrow money,
issue bonds, and secure payment by deed or deeds of trust or
mortgage upon any or all of its property or franchises.

SEC. 10. And be it further enacted, That the said company
shall not be required to make and construct the entire line
of the railway hereby authorized before using any part thereof,
and that it may use and operate and run cars upon any part
thereof, if it should deem it expedient or convenient to do so
before completing the whole railway and works hereby author-
ized, and if the whole of said railway and works shall not be
constructed the charter of said company hereby incorporated
shall not be forfeited, but shall remain in full force and validity
and operation as to the part of said railway constructed and
operated by it.

SEC. 11. And be it further enacted, That the directors of
the said company may cause to be made, constructed and equip-
ped, and may contract with others to make, construct and equip