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Proceedings and Acts of the General Assembly, March 30, 1868
Volume 142, Page 2111   View pdf image (33K)
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698 JOURNAL OF PROCEEDINGS [Mar. 27,

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 afore-
said, may execute an agreement under seal, guaranteeing to
the purchasers of; or subscribers to such preferred stock a
perpetual dividend of six per centum per annum, out of the
profits of the said corporation, payable yearly, or half yearly,
as said corporation shall determine, before any dividend is dis-
tributed to any of the stockholders of the said corporation
other than the holders of said preferred stock ; and the said.
preferred stock so created, and the holders thereof shall have
all the incidents, rights, privileges and immunities, and lia-
bilities to which the capital stock of said corporation or the
holders thereof, may be entitled, or subject ; provided, how-
ever, that no corporation shall exercise 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.

Amendments proposed:

Sub-section 216, lines 1 and 2, strike out the words "not
any agent or employee of such corporation."
Which were read and concurred in.

The bill, as amended, was then passed by yeas and nays as
follows:

AFFIRMATIVE.

Messrs. President, Hyland,
Browne, Hammond,
Biggs, Kimmel,
Brewer, Maddox,
Clarke, Miller,
Carroll, Parker of Calvert,
Denson, Spates,
Earle, Smith,
Fields, Welch—19.
Henkle,
NEGATIVE—None.

Also,

Senate bill entitled an Act to provide for the payment of a
portion of the expenses of the General Assembly at its Jan-
uary session, 1867.

Endorsed, "Passed by yeas and nays with the proposed
amendment.: ' '


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Proceedings and Acts of the General Assembly, March 30, 1868
Volume 142, Page 2111   View pdf image (33K)
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