PHILIP F. THOMAS, ESQUIRE, GOVERNOR.

1849.

stockholders, which board shall choose one of their
number to be president, and the president and direc-
tors so chosen, shall serve for one year, and until others
shall be elected, as shall be provided by the bye-laws
of the corporation; and until the first election of di-
rectors shall be held, the said William A. Bradley,
Jacob Bigelow, and Benjamin H. Cheever, or a ma-
of them, shall have full power and authority to exer-
cise all the corporate powers of the said company; and
the said president and directors, and their successors, or
a majority of them, shall have full power and authority
to manage the affairs of the said company, under such
powers as may be given them by the bye-laws of the
said company, and in case of any vacancy occuring in
the presidency or board of directors of the said com-
pany, the remaining directors shall have power to fill
such vacancy until the next general election there
after.

CHAP. 332.

SEC. 5. And be it further enacted, That this act,
and no part thereof, shall be so construed as to give to
the said company any banking privileges, or any right
to issue notes payable to bearer for circulation, or to
exempt the lands and other property of the said com-
pany from taxation.

Banking forbid.

SEC. 6. And be it further enacted, That this act
shall be in force from and after its passage, and the
company hereby incorporated shall be subject to all
the restrictions imposed by the act of December ses-
sion, eighteen hundred and thirty-eight, chapter two
hundred and sixty-seven, entitled, an act prescribing
general regulations for the incorporation of manufac-
tories and mining companies.

In force.

SEC. 7. And be it further enacted, That for the pur-
pose of enabling the company to transport the produce
of the mines, and the produce of the country through
Which their rail road shall pass, in the cheapest and
most expeditious manner, the said company, and the
president and directors thereof, shall be, and they are
hereby respectively invested with all and singular
the rights, powers, privileges, immunities and advan-
tages for the surveying, locating, establishing and
constructing a railroad and its necessary appurte-
nances, beginning the same at the mines of said com-
pany, and running to a convenient point or points on
the basin or canal of the Chesapeake and Ohio Canal
Company, at or near the town of Cumberland, in this
State, and for the using, procuring, controling the
said rail road, its necessary vehicles and appurte-

Corporate
powers, etc.