1438 LAWS OF MARYLAND.

granted, shall file with the State Tax Commissioners of the
State of Maryland a certified copy of this Act, and pay to the
State Treasurer, for the use of the State, a bonus of one-eighth
of one per centum upon the amount of capital stock which said
company is authorized to have, and a like bonus upon the
amount of any subsequent increase of the capital stock the
company is authorized to have. The bonus tax upon any in-
crease of the capital stock shall be due and payable imme-
diately after the passage of any resolution by the stockholders
of the company authorizing such increase, and before such
shares of the increased capital stock are issued, and a certifi-
cate of the proceedings of such meeting, showing a compliance
therewith, the amount of capital actually paid in, either by
subscriptions to the capital stock or stock exchanged in way
of payment for real estate or other property purchased for the
use of the corporation, the amount to which the capital stock
shall be increased, shall be made out and signed by the chair-
man, and such certificate shall be sworn to by the president
and filed with said State Tax Commissioner.

SEC. 4. And be it enacted, That the affairs of said corpora-
tion shall be managed by a board of directors, as provided for
in section 2 of this Act, to be chosen annually by the stock-
holders and to serve for one year, or until their successors are
chosen; and said board of directors immediately after their
election, for the purpose of organization, shall elect a presi-
dent, a vice-president (who may be made the general manager
of the company), and a secretary and treasurer, and that until
such choice of a board of directors the said Frederick A.
Thayer, Edward H. Sincell, Bowie Johnson, of Oakland, Mary-
land, and Russell S. Hubbard and H. D. McCarthy, of Phila-
delphia, Pennsylvania, or a majority of them, shall have full
power and authority to exercise all the corporate powers of
said corporation, and the said president with the consent of
said directors and their successors, or a majority of them, shall
have full power and authority to appoint, employ and com-
pensate, and at his discretion to remove such officers, agents
or servants as he may deem necessary in the business of said
corporation; also to purchase and hold such real and per-
sonal property, materials, cars, machinery, implements, privi-
leges, easements and franchises within Garrett county, and to
purchase or erect all such machinery, buildings or other im-
provements as may be necessary to carry into effect the object
of said corporation, and the same or any part thereof to sell,
lease or otherwise dispose of at their discretion; also to pre-
scribe the mode of issuing and transferring stock of said cor-
poration and the evidences thereof, and to do what may be