594 CALVERT COUNTY. [ART. 5.

of the length of the line of said railroad lying within the limits
of the said county shall have been graded; another fourth thereof
when .the whole of the said road within the limits of said county
shall have been fully graded; another fourth thereof when one-
half of the road lying within the limits of said county shall have
been fully built and constructed, and the remaining fourth of said
bonds shall be delivered to the said company when the said rail-
road shall be fully built and constructed and in running order;
and the said bonds shall not be issued in any greater instalments
nor at any earlier periods than as above provided for.

1872. ch. 243. 1874, ch. 159

27. The county commissioners are authorized to sell or pledge
the shares of stock which may be so subscribed for, and apply the
proceeds to the payment of the said bonds or the interest thereon.

Ibid.

28. Until the payment of the said bonds in full, both principal
and .interest, all dividends upon the said stock so to be subscribed
for shall be paid by the said company into the State treasury, to
be added to the said sinking fund, so long as the said stock shall
continue to be owned and held by the said county commissioners.

Ibid

29. The county commissioners, or a majority of them, are
empowered to vote the stock so to be subscribed for at any meet-
ing of the stockholders of the said company, either in person or
by proxy, under such conditions as the private stockholders may
be authorized to vote their individual stock.

Ibid.

30. The rate of tax to be levied upon the assessable property
of said county for the payment of the principal and interest of
the said bonds shall not exceed in any one year thirty-five cents
in the one hundred dollars.

Ibid.

31. It shall be lawful at any time for any taxpayer of said
county to transfer to and deposit with the county commissioners
of said county, an amount of the said bonds equal to one-twentieth
part of the assessable property of such taxpayer, and all real