twenty years after the date thereof, and to each of
said bonds shall be attached coupons for the inter-
est thereon at the rate of six per cent. per annum,
payable semi-annually.

Funds to be
placed in the
hands of a Di-
rector.

Sec. 2. And be it enacted, That the bonds afore-
said, when the same shall be issued, shall be
placed in the hands of a Director in said company
to bo appointed by this Act for two years, and
whose successor after the expiration of said period
shall be thereafter annually appointed by the said
County Commissioners, or a majority of them, and
in the event of the death, resignation or removal
from said county of the Director appointed by this
Act, the said Commissioners, or a majority of
them, shall appoint a successor to fill the unex-
pired term of such Director; that the Director ap-
pointed by this Act and every succeeding Director
to be appointed by said County Commissioners
shall before acting as such execute to the said
County Commissioners a bond with security to be
approved by them for the faithful discharge of his
duties in a sum double the amount of the bonds
issued or to be issued to such Director; that said
Director shall receive and countersign all bonds
issued under the provisions of this Act, and shall
sell and dispose of the same and apply the pro-
ceeds of such sales or use said bonds in the actual
construction of said road as in his discretion may
be deemed most practicable and advantageous.

When bonds
are to be is-
sued.

Sec. 3. And be it enacted, That said bonds shall
not be issued until the said railroad is completed
to the line of Talbot county at or near Hillsborough,
in Caroline county, and that said Director shall
then use or pay said bonds or the money arising
from the sale thereof to the contractor or contract-
ors only as the said road is actually constructed and
progressed with from said point southward towards
the town of Easton, in Talbot county, and said
Director shall make an auual statement to the
Commissioners of said county on the first Monday
in May of all his receipts, payments and disburse-
ments of all bonds or moneys coming into his
hands for the purpose of this Act.

Bonds to be
exempt from
taxation.

Sec. 4. And be it enacted, That the said bonds
shall bo exempt from State, county and municipal