JOHN WALTER SMITH, ESQ., GOVERNOR.

shall have the privilege to increase its capital stock from
time to time to the amount of five millions of dollars. And
if any increase of said capital stock shall be made from time
to time, the new capital stock may be disposed of at such
prices (not less than the par value thereof) and in such manner
and to such persons as the board of directors of said company
shall determine.

SEC. 2. And be it enacted, That this Act shall take effect
from the date of its passage.

Approved April 5, 1900.

CHAPTER 177.
AN ACT to authorize the County Commissioners of Anne
Arundel County to subscribe to the capital stock of the
Baltimore and Southern Railroad Company.

227

SECTION 1. Be it enacted by the General Assembly of Mary-
land, That the County Commissioners of Anne Arundel
County be and they are hereby authorized and empowered,
in the name of and for said Anne Arundel county, to sub-
scribe for and hold shares of the capital stock of the Balti-
more and Southern Railroad Company to an amount not
exceeding two hundred thousand dollars.

County
Commission'rs
of Anne
Arundel Co.
Subscribe
for stock.

SEC. 2. And be it enacted, That for the purpose of meeting
the said subscription the said County Commissioners of Anne
Arundel County be and they are hereby authorized and
empowered to issue bonds in the name of said county, in
denominations of not less than fifty or more than one thou-
sand dollars, bearing interest at the rate of five per cent, per
annum, and payable at a period of not more than forty years
from the date of their issue, and to each of the bonds shall
be attached coupons for the payment of interest thereon, pay-
able semi-annually, which said coupons shall be received in
payment of any county taxes by the County Commissioners
of the said county.

May issue
bonds.

SEC. 3. And be it enacted, That the said bonds shall be
exempt from county and municipal taxation, and the faith of
Anne Arundel County is hereby pledged for the redemption
thereof.

Bonds exempt.

SEC. 4. And be it enacted, That the County Commissioners
of the said county shall levy from year to year on the assess-
able property of said county such sum of money as shall in
their discretion be deemed necessary for the prompt payment
of the principal and interest of said bonds.

Levy to pay
interest, etc.