704 CORPORATIONS. [ART. 23

1886, art. 23, sec. 293. 1880, ch. 460, sec. 226.

407. Whenever the services of any policeman so appointed
as aforesaid shall no longer be required, a notice in writing to
that effect shall be given by the corporation or corporations at
whose instance he was appointed, and such notice shall be filed
in the clerk's office where the commission and oath or affirma-
tion of such policeman shall have been recorded, which notice
shall be noted by such clerk upon the margin of the record
where such commission and oath or affirmation are recorded,
and thereupon the power of such policeman shall cease and be
determined.
Tolchester Beach Co. v. Steinmeier, 72 Md. 313.

Preferred Stock.

Ibid. sec. 294. 1868, ch 471, sec. 219. 1880, ch. 474.

408. Every corporation incorporated under the laws of this
State, which has the power to issue bonds as evidences of
indebtedness, and to secure the same by mortgage of the prop-
erty of such corporation, or which has the power to obtain such
money upon mortgage, may, whenever in the judgment of said
corporation it is expedient to do so, 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 which the said corporation 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 judg-
ment of said corporation may be deemed expedient; and
every corporation creating- such preferred stock as aforesaid
may execute an agreement under seal to be acknowledged as
conveyances of land are required to be acknowledged and
recorded in the office of the clerk of the circuit court for the
county where the principal office of such corporation shall be
situated, or in the office of the clerk of the superior court of
Baltimore city, in case such office shall be situated in said
city, guaranteeing to the purchasers of or subscribers to such
preferred stock 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 pre-