474 LAWS OF MARYLAND. [CH. 235

erty, rights, privileges and franchises of connecting railroad
companies.

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That a new Section be added to Article 23 of the Code
of Public General Laws of Maryland of 1912, entitled "Cor-
porations, " sub-title "Railroad Companies, " to come in imme-
diately after Section 284, and to be designated as Section 284-A,
authorizing railroad companies connecting with other railroad
companies, and owning two-thirds of the capital stock of the
latter, to acquire all the property, rights, privileges and fran-
chises of the latter, in the following form.

SEC. 284-A. It shall be lawful for any railroad company,
incorporated under the laws of this State, or of any other
State of the United States, owning a railroad in this State,
connecting with that, of any other railroad company of this
State, or of any other State of the United States, in this
State, and owning at least two-thirds of the capital stock of
the latter, to acquire, in the manner hereinafter provided,
and thereafter to be possessed of, own, hold, exercise and enjoy,
all the property, real and personal, and all the rights, privileges
and franchises and credits then possessed, owned, held or exer-
cised by said last-mentioned vendor corporation; and such acqui-
sition shall be effected in the manner and upon the conditions
hereinafter stated, to wit:

FIRST. The corporations shall, pursuant to resolution duly
adopted by the directors of each, make and execute, under their
respective corporate seals, duly attested, an agreement pro-
viding for such acquisition and sale, specifying all essential
details, terms, stipulations and conditions thereof, and par-
ticularly showing the number of outstanding shares of capital
stock of the vendor corporation, the amount fixed as the price
or value per share thereof, and the mode by which the respec-
tive holders shall receive payment for the same, and with a
map of the railroad to be acquired thereunder, annexed to and
made part thereof.

SECOND. Said agreement, after due notice is given all
directors of such corporation, shall be submitted for approval
or disapproval to the stockholders of each corporation at sepa-
rate meetings, either annual or special, duly convened, and if
said agreement shall be approved by a majority of the stock-
holders of each corporation present at such meeting, then that
fact shall be certified by the secretary, of each corporation