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98
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CORPORATIONS. [ART. 26.
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mortgage of the property of such corporation, or which
has the power to obtain 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 corpo-
ration 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 an agreement under seal, guaranteeing to
the purchasers of or subscribers" to such preferred stock,
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Perpetual divi-
dend.
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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 distributed to any of the stockholders
of the said corporation, other than the holders of said
preferred stock so created, and the holders thereof shall
have all the incidents, rights, privileges and immuni-
ties and liabilities to which the capital stock of said
corporation, or the holders thereof, may be entitled or
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Proviso.
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subject; provided, however, that no corporation shall
exercise any power under this section, unless the crea-
tion of the said preferred stock shall be authorized by
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General meet-
ing of stock-
holders.
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a general meeting of the stockholders of said corpora-
tion.
In force and approved March 30, 1868.
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NOTE.—The above law was prepared by Messrs Gwinn, Maulsby and Carter, Commissioners
appointed by the Governor to draft laws for the formation of Corporations and for other
purposes under section 48 of Article 3 of the Constitution In their report to the General
Assembly. Jan 14, 1868, they recommend That the above sections (except sections 217,218
and 219, which were afterwards inserted)" shall be enacted as one Article of the Code of
Public General Laws, and for this purpose they respectfully recommend that all the
sections of Article 26 of the Code of Public General Laws be repealed, and that said article
be re-enacted to be composed of the sections one to two hundred and seventeen herewith
reported They also fuither recommend that section 22 of Article Ib of the Code of Publio
General Laws, sections 93 to 108, both inclusive of the same Code—(this 19 presumed to be a
typographical error, as sections 99 to 103, inclusive of Article 76, are the sections referred to)—
and sections 33 to 43, both inclusive of Article 68 of the same Code, be repealed, as the sections .
so recommended to be repealed have, in an amended form, been incorporated among the
provisions contained in the sections which they report as proper to be enacted to constitute
Article 26 of said Code." There is no repealing clause in this act; it is merely entitled an act to
repeal sections of the Code,which are, however, inaccurately enumerated. See pp. 33, 22, 19.
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