1868.] OF THE HOUSE OF DELEGATES. 1059

Chapman,	Wentz,	Offutt,
Slingluff,	Blake,	Conley,
Biddison,	Latrobe,	Worthington,
Rose,	Pentland,	Harden — 34.
Lowe,	Smith, of B. city,

So the amendment was rejected.

Mr. Iglehart submitted the following amendments :

Section 179, line 7, strike out the words "section one
hundred and seventy-eight," and insert the words the prece-
ding section ; section 180 line 2, strike out the words "in the
next preceding section," and before the word "provided"
insert the word hereinbefore.

Which were severally read and adopted.

Mr. Mitchell, submitted the following amendment:

Add as a new section

SEC. 219. Every corporation incorporated under the laws
of this State, which has the power to issue bonds as evidences
of indebtedness, and to secure the same by mortgage of the
property of each corporation, or which has the power to ob-
tain money upon mortgage, may, whenever in the judgment
of said corporation it is expedient so to do, in place of issuing
such bonds and securing the same by a mortgage of the
property of the said corporation, or instead of obtaining
money upon mortgage, issue a preferred stock for any amount
for which the said corporation may be authorized to issue its
bonds, or for any amount for which, the said corporation
may be authorized to obtain upon mortgage of its property ;
and may dispose of the said stock by sale, on such terms, as
it may prescribe, or by permitting the same to be subscribed
for, as in the judgment of said corporation may be deemed
expedient; and every corporation creating such preferred
stock, as aforesaid, may execute on agreement under seal,
guaranteeing to the purchasers of, or subscribers to such
preferred stock, a perpetual dividend of six per centtum per
annum out of the profits of the said corporation, payable
yearly, or half yearly as said corporation shall determine
before any dividend is distributed to any of the stockholders
of the said corporation, other than the holders of said prefer-
red stock ; and the said preferred stock so created, and the
holders thereof, shall have all the incidents, rights, privileges
and immunities and liabilities to which the capital stock of
said corporation, or the holders thereof may be entitled, or
subject; provided, however, that no corporation shall exer-
cise any power under this section, unless the creation of the
said preferred stock shall be authorized by a general meeting
of the stockholders of said corporation.

Which was adopted.