EMERSON C. HARRINGTON, GOVERNOR. 1057

approved by the holders of a majority of the stock of said
The Baltimore Transit and Terminal Company.

SEC. 6. And be it further enacted, That the capital stock
of said company shall be $10, 000, with the privilege to in-
crease the sum to $5, 000, 000, and shall be divided into shares
of $100. 00 each, which shall be collected by the directors of
said railroad company in such installments and at such times
and places as they may appoint and require, and if any sub-
scriber to said corporate stock shall neglect or fail to pay any
installment or part or parts of their subscriptions thus de-
manded for the space of 20 days next after the time the same
shall be due and payable, the stock on which it is demanded
shall, at the pleasure of said directors, be forfeited to the com-
pany and sold for its benefit; but the said directors may, in
their discretion, remit such forfeiture or recover in the name
of the company such installments by suit or action at law, or
in any other way and upon such terms as they may deem
proper. The directors of said company are hereby fully au-
thorized to issue mortgage bonds with or without coupons at-
tached in such amounts and at such time or times as the
directors may deem advisable for building, equipping, and
maintaining the said road, its extensions and branches, and for
its other corporate purposes, the said bonds to be made payable
at such time and on such terms as the directors may deter-
mine; and the said company shall have also the power and
authority through its directors to mortgage the said railroad,
its extensions and branches, with all its personal and real
estate, franchises, rights, privileges, immunities, and exemp-
tions, whether acquired from State, County, municipal, or
other sources, then owned or thereafter to be acquired, if so
authorized by the majority of stockholders, for the security
and payment of said mortgage bonds and other obligations of
said company, and in the event of the foreclosure of said mort-
gage the entire property so mortgaged, including franchisee,
rights, privileges, immunities, and exemptions, whether ac-
quired from State, County, municipal, or other sources as
above, shall pass to and become the property of the purchaser
under said mortgage proceedings; but no such bonds shall be
issued until the same shall have been authorized by a resolu-
tion adopted by a majority of the stockholders of the company
at a regular or special meeting thereof duly called. If the said
The Baltimore Transit and Terminal Company shall transfer
not less than 51% of its capital stock to The Mayor & City
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