Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1866-05-25
Md FRIDAY MORNING, MAY 25.. 1865.

may be endorsed or guaranteed by the Mayor
and City Council of Baltimore, or said other
corporation, that If any corporation, ineiud-
ing the said Mayor and City Council, shall
become subscribers to the said capital stock,
to the extent of five hundred shares or more,
such corporation shall be represented in the
Board of Directors SO long as il is the holder
of such stock by one Director for each five
hundred of such shares, to be appointed in the
manner set forth in the fourth section OF this
Act.
SEC. I. And be Il enacted, That for the pur-
pose of providing for the election of Directors,
not to be appointed as provided in the pre-
| ceeding section, SO soon rs fifteen hundred
shares of the capital stock shall have been
subscribed for, the commissioners, or
majority OF them, shall close the books and
call meeting Of the subscribers at such time
and place as they may appoint by public
notice of not less than twenty days, and at
| such meeting the subscription books shall be
laid before the subscribers present, and they
or a majority of them shall thereupon proceed
to an election by ballot, for the said elective
| Directors. who with the appointive Directors,
If any, shall manage the affairs of the com
| pany for one year, and until the election and
| qualification Of their successors and the Di-
rectors shall have power to elect President
from among themselves, or the general body
of stockholders, to appoint all other officers
and agents and judges of all elections, and
| shall fix from time to time the compensation
of the President and other officers and agents.
and the said commissioners or any three of
them, shall be the judges of the first election
| and that at all meetings OF stockholders Tor
any purpose, each share Of stock shall entitle
| the holder TO one vote, and any stockholder
may depute any person TO vote and act rs his,
her or its proxy for all purposes but no cor
| poration having authority to appoint Di-
rector or Directors shall have any vote in the
choice of the elective Directors,
| SEC. 8. And be IL enacted, That to continue
the succession OF the President and Directors
| in said company, appointments OF Directors
shall be made annually by any of said cor
| porations entitled 10 appoint, and the elective
Directors shall be chosen annually on the
fourth Wednesday of January in every year,
! in the city of Baltimore, by the stockholders,
and the President and Directors shall hold
their Offices until a new appointment, election
| and qualification of President and Directors
that all elections required by this act or the
| bylaws of the company TO be held at n par
| ticular time may be held at any time within
thirty days thereafter, and that the appoint
ment of Directors may be at such times as the
corporations entitled to appoint may deem
| best; that If any vacancy occur i'll any man
ner of any President or elected Director,
| before the year for which he was elected shall
| have expired, q person to fill such vacant
place for the residue Of the year, may be APP
pointed by the President and Directors or n
majority Of them, and If such vacancy occur
among any appointed Directors. it shall be
! filled by the corporation which had conferred
the appointment and at all annual, or also
| at any called meetings, If FIVE stockholders
require 1t, the President and Directors shall
| furnish clear and itemized statement of the
| earnings, expenses and financial condition OF
the company, up to that period or the close Of
4 Cana bs.1 oh ha .firSf
of December, in each year
SEC. 9. And be ii enacted, That the President
and Directors of said company shall be in
vested with all the rights and power necessary
to the construction and repair Of railroad from
| the point known as the Reay-House on the
Northern Central Railroad, by way of the
Stoney river route, to tide water at Cantor,
together with any lateral road to the city
of Baltimore connecting herewith, with as
many sets of tracks as may be deemed neces-
sary not exceeding sixty-six feet wide for the
graded surface of said road or roads, and the
said President and Directors, or majority of
| them, may cause any contract or contracts
to be made between said company. and any
person or persons for the construction of the
i whole or any parts OF such works, and eaid
Il company agents may enter upon and use
any lands required for the construction Of
such road, and its necessary and convenient
buildings and equipments, and may take
Il and use such materials as may be required
for construction or repair.
SIC. 10. dnd be IL enacted, That the time
table Of the said Railroad Company shall be
under the sole control Of the President and
Directors or their agents, but that the North
; crn Central Railroad Company, and Western
Mary land Railroad Company, may run their
! trains over the tracks of such road, being
cbargeable per mile for freight and passengers,
not more than two-thirds Of the rates charged
for the same, passengers and freight per mile
by the company SO using the road and if the
said company should hereafter equip its own
road, the maximum Of freight to be charged
by IL shall not exceed those allowed by the
charter of the Western Maryland Railroad
company, and il it shall SO equip its own road /,
it shall not exclude the trains of said other
companies from its track, at the rates first
mentioned in this section.
SEC. H. And be ii enacted That If the sub
scription obtained be insufficient, the Pres-
dent and Directors, or majority of them,
NAV issue the bonds OF said company to an
amount not exceeding the capital stock author
lied by this art, and may secure the same by
mortgages upon the property, franchises aud
revenues Of the company.
SEC 10. And he il enacted, That with refer
ence TO the condemnation ofland and materi-
ais, construction of the road and all other
matters not herein enumerated the powers Of
said company shall be the same as those con-
!, ferred upon the Baltimore and Ohio Railroad
Company by its charter, and the supplements
| thereto.
SEC. 49, And be Il enacted, That the shares
Of said company shall be personal property.
!, SEC. ID. 4nd be IL enacted, That this act
shall take effect from the date Of its passage.