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To Subscribe
for stock .
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Sec. 1. That the County Commissioners of Kent
County, or a majority of them, be, and they are
hereby authorized, empowered and required, as
soon as they may receive notice from the Kent
County Railroad Company, to subscribe in behalf
of Kent County for four thousand shares of the
Stock of said Kent County Railroad Company,
and in payment for said subscribers to issue Bonds
in the name of the County Commissioners of said
County in such sums as the President and Di-
rectors of said Railroad Company may prescribe,
redeemable in such time or times within twenty
years as the said President and Directors may
designate, (but in not less than twenty years,) and
which shall be stated on the face of said Bonds ;
and to each of which said Bonds shall be attached
coupons for the interest thereon at the rate of six
per cent, per annum, payable half-yearly ; which
said Bonds shall be delivered to the said Railroad
Company in payment for said Stock, and which
said Bonds may he hypothecated or sold and as-
signed by said Railroad Company; provided,
however, that if the County Commissioners of
Kent County, or a majority of them, and the
President and Directors of the Kent County Rail-
road Company, shall consider and agree that it
will be for the interest and advantage of the tax-
payers of the county aforesaid that the Bonds to be
issued by the County Commissioners to pay for sub-
scriptions of Stock made in June last by the County
Commissioners aforesaid, in the said Railroad
Company shall be made payable at shorter periods
of time than fifteen years, the said Commissioners
may make the said Bonds, or any portion of them,
payable at earlier periods than fifteen years, but
in no one year shall more than one-tenth of the
principal of said subscription for Stock be pay-
able, and provided that this Act, as amended,
shall not in any manner impair the obligations or
contract now existing on the part of the said
County Commissioners with the said Kent County
Railroad Company to provide for the payment of
the eaid Stock subscription ; and that this Act
shall take effect from the date of its passage.
Approved February 6, 1868.
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