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Proceedings and Acts of the General Assembly, 1870
Volume 188, Page 2576   View pdf image (33K)
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ODEN BOWIE, ESQUIRE, GOVERNOR. 37

ing thereof any adjoining land owner shall he
damaged thereby, his damages shall be assessed
and paid in the manner provided for the assess-
ment any payment of the damages of land owners
in. the said original Act and its supplements, tak-
ing into consideration the benefits of the said Rail-
road to the said land owner, by way of offset to
his claim of damages; and any private property
within the limits of the said town of Snow Hill
may be taken for the use of said Company in the
same manner and upon the same conditions and
restrictions as if the said property was situated
without the limits of the said town; provided,

 

also, that no street shall he so used by the said
Company as to completely obstruct the passage
therein of carriages, wagons and other vehicles,
hut sufficient space for the convenient passage
thereof shall be left, at least on one side of the
track of said Railroad.

Not to ob-
struct passage

Sec. 4. And be it enacted, That the said Com-
pany has full power to issue its bonds or other

 

securities on the pledge of its property, estate and
franchises, bearing interest at the rate of six per
centum per annum, redeemable at any time after
twenty years, and not exceeding in amount three
hundred thousand dollars, and dispose of the same
for the purpose of constructing, repairing and
equipping their said Railroad and providing it
with everything necessary for its successful opera-

Interest.

tion. And no bond of the said Company, issued
in good faith for the purposes aforesaid, shall be
annulled or abated because the same may have
been disposed of by the said Company at less than
its par value, and the lien held by the State of
Maryland on the property of the said Worcester
Railroad Company to secure the payment of six
per centum interest out of the profits of the work
on the shares of the capital stock of the said Com-
pany, held by the said State, is hereby expressly
waived, postponed and deferred in favor of the
holders of the bonds of the said Company, which
may be issued, as aforesaid, to an amount not ex-
ceeding in the whole three hundred thousand dol-
lars.

Less than par
value.

Sec. 5. And be it enacted, That in the election
of Directors on the part of the private stockhold-

Private stock-
holders.

 

 

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Proceedings and Acts of the General Assembly, 1870
Volume 188, Page 2576   View pdf image (33K)
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