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CHAPTER 428.
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AN ACT to amend the charter of the Frederick and
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Pennsylvania Line Railroad Company, and to
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empower the said company to issue a preferred
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stock.
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SECTION 1. Be it enacted, by the General Assembly
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of Maryland, That the Frederick and Pennsylvania
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Line Railroad Company be and it is hereby empow-
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Issue pre-
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ered to issue a preferred stock for any amount not
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ferred stock.
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exceeding the amount which the said company is
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authorized under its charter and the supplement
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thereto to borrow upon mortgage or otherwise, and
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may dispose of the said stock by sale, or may permit
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the same to be subscribed for on such terms as it
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may prescribe ; and the said company may, with the
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consent of any of the holders of its outstanding bonds,
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whether due or not, its matured coupons and other
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liens, judgments and claims, against it, or due by
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it; convert said bonds, matured coupons, and other
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May convert
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liens, judgments and claims, or any of them, into
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into preferred
stock.
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said preferred stock, upon such terms as said com-
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pany may deem expedient, and as may be agreed
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upon between said company and the holders of said
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bonds, coupons, liens, judgments and other claims ;
and the said company, upon creating such preferred
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stock, may execute an agreement under its seal
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guaranteeing to the purchasers and holders of and
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subscribers to said stock, a perpetual dividend of six
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per cent, per annum out of the profits of said com-
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pany, payable yearly, or half yearly, as the said
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company may agree, before any dividend is dis-
tributed to any of the stockholders of said company,
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other than the holders of said preferred stock ; and
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the holders thereof shall have all the rights, inci-
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