1058 LAWS OF MARYLAND. [CH. 512

Council of Baltimore as above, then and in that event in the
issuance of such bonds or the creation of such mortgage the
directors of said The Baltimore Transit and Terminal Com-
pany shall not be bound to preserve any definite or particular
ratio between the total amount of such bonds or mortgage and
the total amount of capital stock issued or authorized.

And said The Baltimore Transit and Terminal Company is
hereby authorized to transfer the whole or any part of the capi-
tal stock of said The Baltimore Transit and Terminal Company
to said The Mayor and City Council of Baltimore as considera-
tion for the grant of an easement or easements, franchise or
franchises, or as consideration for any other terms or cove-
nants of any contract to be entered into between said The
Baltimore Transit and Terminal Company and said The
Mayor and City Council of Baltimore, and said stock so trans-
ferred as such consideration shall be deemed to be fully paid
and not liable to any assessment.

SEC. 7. And be it further enacted, That the said The Balti-
more Transit and Terminal Company shall be authorized to
lay down tracks, either broad or narrow gauge, as its directors
may deem best, and to operate and run its trains and rolling
stock of every kind by the use of steam, electricity, and/or
such other improved motive power as the directors may from
time to time adopt; but within the city of Baltimore steam
shall be used as a motive power only to the extent that may be
authorized by the municipal authorities.

SEC. 8. And be it further enacted, That the president and
said directors of said company appointed by this Act shall
serve until their successors are duly elected at a general meet-
ing of the stockholders of the company, which meeting shall be
called at any time upon the written request of the holder or
holders of a majority of the stock of said company, and there-
after the directors shall hold office for such term as may be
fixed by said stockholders. At said general meeting for elect-
ing directors, five directors shall be elected to manage the af-
fairs of the company, with the right to increase the same from
time to time to a number not exceeding eleven; which directors
shall have power to elect a president from among their num-
ber and to appoint such officers and agents in their discretion
as the business of the company may require, and at said elec-
tion for directors and at all other elections by the stockholders
of said company each shareholder shall have or be allowed one
vote either in person or by proxy for each share of stock held