Montgomery County sentinel. [volume] (Rockville, Md.) 1855-1974, 1902-05-02

accept such duty or Office as the Board of d.
rectors OF the said company for and during
the first year after the passage OF this Act,
and until their successors ss such board shall
have been duly electe d and qualified pursu.
ant TO the bylaws and regulations which
shall be established by such board, and the
said interest and affairs shall be managed and
controlled by a board of nine directors,
stockholders in said corporation, elected by
the majority OF all the votes OF the stockhold-
ers, each share Of stock so represen ted being
entitled TO one vote, and such Board of Di.
rectOrs, as aforesaid, shall elect from among
their number president, vice-presdent, Sec
re airy and treasurer. The Board of Directors
from time TO time may and shall make, enact,
alter and re-enact any and all lawful by laws,
rules and regulations touching the organiza-
tons OF said company the subscriptions 10
its capital stock, the payment of such sub
scription, the issue and transfer of certif-
Gates OF took and the mode constituting all
the affairs Of said company, and shall have
full power in law and equity TO enforce the
same.
Section 3. And be II further enacted, That
said company within the scope of the full en-
joyment of purposes hereinbefore mentioned
shall have and enjoy, besides those powers
and privileges In this Act particularly emu
merated, all other general powers, provis-
ions and privileges conferred by the general
incorporation laws of this State upon com.
panies duly incorporated under the same,
and shall be subject TO the general regua-
tons in such law, provided as in so far as
altered by the provisions of this Act or any
by law or regulations of said company,
adopted in lawful pursuance of the grant of
powers hereby given.
Section 4. And be it further enacted, That
SAID company may enter upon, grade, occupy
or use any public road or highway along
said ronte for the purposes aforesaid, so,
however, as not TO prevent the free and con
Venient travel over such road by any citizen;
and they are further authorized to acquire
such right-of-way or the fee Of such lands as
they find needful or advantageous to the con-
strnctlon or operation Of such railway line
or lines by purchase, gift, grant or condem-
nation in the manner provided by law for
acquisition Of private property for public use
within the limits of Montgomery county,
Maryland provided the consent of the
County Commissioners Of Montgomery coun-
~ be first mad and obtained, said corpora
ton Is also authorized and empowered TO issue
bonds 10 an amount not exceeding $50, 900,
as the Board Of Directors may determine and
secure same by mortgage upon the property
and rights Of said corporation.
Section 8. And be Ii further enacted. That
said corporation herein incorporated is here
by authorized 10 consolidate with such road
or roads as 1t may cross or connect with up
on such terms as may be agreed upon be-
tween them, or said road may purchase,
lease or cell to such connecting roads, or
may be leased by them
Section 8. And be il enacted, That the
capital stock OF said company shall consist of
ten thousand dollars in shares OF the par of
my dollars each, with the privilege 10 in
crease the stock from time to time by a vote |
OF the stockholders ct special meeting to be |
called for that purpose TO 1--WE hundred thou
sand dollars; and in the event that the |
amount OF the capital stock subscribed proves |
to construct, complete and fully |
equip the electric light and railway herein |
mentioned, then the directors of said com
pany may issue from time to time in the
name OF the said company mortgage bonds to
an amount sufficient in the judgment of said
directors to complete and fully equip the re-
quirements of said corporation, and secure
The payment Of such by mortgage OF all or
any part of the property, rights, franchises,
tolls and revenues Of said company.
Section Z. And be it enacted, That said
company, subject however, to the constitu.
Iional right OF amendment and repeal, shall
have perpetual continuance
Section 8. That this Act shall take effect
rom the date of its passage.
Approved April IL, 1902.