DORCHESTER COUNTY. 2333

dividends, derived from such investments, shall also be from time to time
so invested by the treasurer; and the said sinking fund and the invest-
ment thereof, shall be kept sacred and inviolate for the redemption of
the said bonds, and upon the maturity of said bonds, the treasurer shall
sell and dispose of the said investment and apply the proceeds thereof
in payment of the said bonds.

1896, ch. 211, sec. 6.

441. Until the payment in full of the whole amount of the principal
of the said bonds, all dividends, which may be declared by the said com-
pany upon the said stock so to be subscribed for, shall, so long as the
said stock shall continue to be owned by the said company, and held by
the said County Commissioners, be paid by the said company into the
treasury of the State, to be also in like manner invested in increase of
the sinking fund.

1896, ch. 211. sec. 7.

442. The said bonds so to be issued shall be received by the said com-
pany at the par value thereof, in payment of the shares of stock so to be
subscribed for; and that the said bonds shall be delivered to the said

company by the said County Commissioners, in the instalments follow-
ing, to wit: One-fourth only of the amount of said bonds shall be deliv-
ered to said company as soon as one-half of the length of the line of said
railroad shall have been graded; another fourth thereof when the whole
of the said railroad shall have been fully graded; another fourth thereof
when one-half the road shall have been fully built and constructed; and
the remaining fourth thereof of said bonds shall be delivered to the said

company when the said railroad shall be fully built and constructed and
in running order; and the said bonds shall not be issued in any greater
instalments not at any earlier period than above provided.

1896, ch. 211, sec. 8.

443. The County Commissioners of the said county are hereby author-
ized to sell or pledge the shares of stock which may be subscribed for, at
not less than their par value, and apply the proceeds thereof to the pay-
ment of said bonds or the intrest thereof.

1896. ch. 211, sec. 9.

444. As soon as the County Commissioners of Dorchester County shall
have subscribed in the name and on behalf of said county, to the capital
stock of said company, as aforesaid, the said county shall be entitled to
two directors in the said company, who shall be appointed by the said
County Commissioners, and shall have the same powers, rights, duties
and privileges as belong to other directors of the said company.

1896, ch. 211, sec. 10.

445. In the election of directors on the part of the private stockholders,
the stock of Dorchester County shall not be voted nor shall the same be