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Preamble. |
Whereas, by the twenty-ninth Section of an Act
of the General Assembly of Maryland, entitled, an
Act to incorporate the Dorchester and Delaware
Rail Road Company, and to direct the payment to
the said Company of the sum of money pledged by
the Act passed at January Session, eighteen hun-
dred and sixty, Chapter three hundred and three,
to works of Internal Improvement in Dorchester
county, passed at an extra Session of the said Gen-
eral Assembly in the year eighteen hundred and
sixty-six, Chapter fifty-two, it was enacted that the
said Company shall execute a mortgage to this
State of its corporate property to be affirmed by the
Treasurer of this State and recorded in the proper
county, to secure to the State the payment of inter-
est of six per centum per annum on the sum sub-
scribed by the State to the stock of the said Com-
pany, the said interest to begin three years after
the payment of the several instalments of the State
subscription, and to be paid out of the profits of
the work semi-annually forever hereafter; now
therefore, |
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Lien of the
State waived. |
SECTION 1. Be it enacted by the General Assembly
of Maryland, That the lien which will be held by
the State of Maryland on the property of the said
Dorchester and Delaware Rail Road Company un-
der and by virtue of said mortgage when the same
shall have been executed, shall not beconstrued to
give a preference to the said State over the holders
of the bonds of the said Company hereinafter pro-
vided for, and the said lien is hereby expressly
waived, postponed and deferred in favor of the
holders of said bonds, which may be issued for the
construction and equipment of the said Rail Road
to an amount not exceeding in the whole, the sum
of five hundred thousand dollars. |
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Company au-
thorized to is
sue bonds. |
Sec. 2. And be it enacted. That the said Compa-
ny be and it is hereby authorized and empowered
to issue its bonds or other securities or the pledge
of its property, estate and franchises bearing inter- |
