THOMAS SWANN, ESQUIRE, GOVERNOR. 251
CHAPTER 145. |
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AN ACT to authorize the County Commissioners
for Anne Arundel county to subscribe for the
capital stock of the Curtis' Creek Bridge Com-
pany. |
Passed Mar.
18, 1867. |
SECTION 1. Be it enacted by the General Assembly
of Maryland, That the County Commissioners for
Anne Arundel county be and they are hereby au-
thorized to subscribe for the capital stock of the
Curtis' Creek Bridge Company, in said county, to
any amount they may think expedient, not ex-
ceeding the sum of eight thousand dollars, and
for the payment thereof, to issue on the credit of
said county, and deliver to the said company at
their par value their bonds or certificates redeem-
able at any time within ten years from the date
thereof, bearing interst at the rate of six per cen-
tum per annum, payable half yearly, and the faith
and property of the said county are hereby pledged
for the payment and redemption of the principal
and interest of said bonds. |
County Com-
missioners au-
thorized to
subscribe. |
Sec. 2. And be it further enacted, That the stock
of said company, subscribed for and held by the
County Commissioners, as herein provided for,
shall be preferred stock, and the net proceeds from
the receipts of said Bridge Company, after pay-
ment of the current expenses of keeping and for
the necessary repairs, shall be applied first to the
payment semi-annually of the interest upon the
stock held by the County Commissioners aforesaid,
and before the payment of any dividends or in-
terest to the remaining stockholders in said com-
pany. |
To be prefer-
red stock. |
Sec. 3. And be it further enacted, That the
stockholders in said company shall have the right
at any time to redeem or purchase the stock held.
by the said County Commissioners in said company
upon the payment of the entire amount of principal
and interest due the county for the said stock. |
Right to re-
deem stock. |
Sec. 4. And be it further enacted, That this Act
shall take effect from the date of its passage. |
In force. |
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