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Session Laws, 1939
Volume 581, Page 206   View pdf image (33K)
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206 LAWS OF MARYLAND. [CH. 130
CHAPTER 130.
(Senate Bill 232)

AN ACT to exempt the railroad property of the Baltimore
and Annapolis Railroad Company, or so much thereof
as may be used for railroad purposes by said company,
its successors and assigns, from all State taxes and
charges, including contributions to the cause of the con-
struction of railroad crossings, made or to be made under
the authority of the State Roads Commission, and from
all county and city taxes and charges in the nature of a
tax for the years during which the property is so used,
but not exceeding four (4) years, beginning January 1,
1940.

WHEREAS, George Weems Williams, the Receiver of the
insolvent Washington, Baltimore and Annapolis Electric
Railroad Company, was compelled, on August 21, 1935, to
discontinue the operation of said road because of the con-
tinued failure of said road to earn even its operating ex-
penses; and

WHEREAS, The Baltimore and Annapolis Railroad Com-
pany, a Maryland corporation, was, in August, 1935, char-
tered and organized to take over and operate the North
Shore Division of the former Washington, Baltimore and
Annapolis Electric Railroad Company, and, having acquired
said North Shore Division, has, since August 21, 1935, con-
tinued it in operation between Baltimore and Annapolis,
with no interruption in either passenger or freight service
between Baltimore and Annapolis along said North Shore
Division; and

WHEREAS, Said The Baltimore and Annapolis Railroad
Company, in order to furnish the necessary and proper pas-
senger and freight service between Baltimore and Annap-
olis and over said North Shore Division, was compelled to
expend approximately $400, 000. 00 in connection with the
acquisition, extension and improvement of said line of rail-
roads; and

WHEREAS, In order to secure said sum of approximately
$400, 000. 00 it was necessary for the owners of bonds at the
par value, plus accumulated unpaid interest thereon since
January 1, 1931, of approximately $2, 000, 000. 00, said bonds
constituting a first and second lien upon that part of the
railroad between Shipley and Annapolis to pledge said
bonds as security therefor, and to accept preferred and


 

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Session Laws, 1939
Volume 581, Page 206   View pdf image (33K)
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