lien is hereby expressly waived, postponed, and
deferred in favor, of the holders of bonds of the
said Company, which may be issued for the con-
struction and equipment of the said Railroad, to
an amount not exceeding in the whole two hun-
dred thousand dollars.

Company to
issue bonds on
pledge of its
property.

Sec. 2. And be it enacted, That the said Com-
pany has full power to issue its bonds or other se-
curities on the pledge of its property, estate and
franchise, bearing interest at a rate not exceeding
six per centum per annum redeemable at any time
within twenty years and not exceeding in amount
two hundred thousand dollars, and dispose of the
same for the objects aforesaid, and no bond of the
said Company issued in good faith for the construc-
tion, completion or equipment of the said Railroad
shall be annulled or abated because the same may
have been disposed of by the said Company at less
than its par value.

State Stock
not to be voted.

Sec. 3. And be it enacted, That in the Election
of Directors on the part of the private stockholders,
the stock of the State shall not be voted nor shall
the same be counted in ascertaining the presence
of a quorum necessary for such elections.

Treasurer au-
thorized to pay
upon warrant,

Sec. 4. And be it enacted, That the Treasurer of
the State upon the warrant of the Comptroller,
shall pay upon the State's subscription to the capi-
tal stock of the said Company from time to time
such sums as may be called for by said Company.
Provided, he shall not at any time pay upon said
subscription a greater amount than shall have been
actually paid by other subscribers to the capital
stock of said Company—And provided further, that
the said Treasurer shall not pay more than one
fourth of the whole amount of said State's subscrip-
tion to the said capital stock, of the said Company
in any one period of sixty days after the first day
of March, eighteen hundred and sixty-seven.

Capital stock
may be in-
creased.

Sec. 5. And be it enacted, That the capital stock
of the said Wicomico and Pocomoke Railroad
Company, may be increased at the discretion of the
Directors to any amount not exceeding four hun-
dred thousand dollars.

Inconsistent
Acts repealed.

Sec. 6. And be it enacted, That all Acts or parts
of Acts so far as the same may relate to the Wico-