WILLIAM T. HAMILTON, ESQUIRE, GOVERNOR. 123

	acquiring the said road, property and franchises by	May issue
	purchase, as aforesaid, may issue new bonds having	new bonds.
	twenty years or more, in their discretion, to run, to
	an amount not exceeding four hundred thousand
	dollars, and bearing interest at the rate of six per
	cent, per annum, and may secure the payment of
	the same by a new mortgage upon the said road,
	and all the property, effects and franchises of the
	said company, which said new bonds shall be used
	exclusively in exchange for the said outstanding
	first mortgage bonds of the said Eastern Shore
	Railroad Company of like amount, or to provide
	the means to enable the said company, as reorgan-
	ized, to redeem and discharge said outstanding first
	mortgage bonds, and for no other purgose whatso-
	ever.
	SEC. 2. And be it enacted, That the capital stock	Capital stock.
	of the Eastern Shore Railroad Company, as re- organized, shall be four hundred and fifty thousand
	dollars, and shall be designated as preferred stock
	and common stock, and divided into shares of
	twenty-five dollars each, to be issued and paid for
	as hereinafter directed ; and the said company, as
	reorganized, may issue certificates of preferred
	stock and of common stock under its corporate seal,
	signed by its president and countersigned by the
	treasurer thereof, which certificates shall, on their
	face, express that they are issued by the said com-
	pany, as reorganized; said company may issue as
	many shares of preferred stock as will be equal in
	amount to the outstanding overdue coupons on the
	said first mortgage bonds of the said Eastern Shore
	Railroad Company, and may receive in payment
	therefor the said overdue coupons on said first
	mortgage bonds when presented in sums of twenty	Issue prefer-
	five dollars, or any multiple thereof; they may also	red stock.
	issue as many additional shares of preferred stock
	as may be equal in amount to twenty-five per cent.
	of the principal of the second mortgage bonds of
	the said Eastern Shore Railroad Company (coupons
	not to be included), and may receive in payment
	therefor such second mortgage bonds ; the said com-
	pany, as reorganized, may also issue as many shares
	of common stock as may be equal in amount to
	seventy-five per cent, of the principal or face value