121

LAWS OF MARYLAND.

of the said second mortgage bonds (coupons not to

be included), and may receive in payment therefor

such second mortgage bonds. The holder of any of

said bonds, when presented in payment for stock,

shall be entitled to such shares of preferred and

common stock, when the amount of the principal of

said bonds so presented shall equal twenty-five

dollars or any multiple thereof, but shall not be en-

titled to any fractional part of a share for any frac-

tional part of such sum of twenty-five dollars in

value of said bonds, and the holders of the out-

standing overdue coupons of the said first mortgage

bonds, and the holders of the said second mortgage

Who has pre-

bonds, shall have precedence in subscribing to the

cedence.

stock of the said company, as reorganized, over all
other persons. The holders of the shares of pre-

ferred stock to be so issued, shall, after the payment

of all sums due for interest, repairs, salaries and op-

erating expenses during any year, be entitled to be

paid out of the amount earned by the said company

in said year a dividend of not exceeding six per

Six per cent.

cent., if the net earnings of said company for said

dividend.

year, after payment of such interest, repairs, sala-

ries and operating expenses shall amount to so

much ; and if the said net earnings shall amount to

more than enough to pay such dividends of six per

centum, the directors may, at their option, declare a

dividend on the common stock, and pay the same

to the holders of said common stock, but no divi-

dend shall be declared on said common stock in any

year unless a previous dividend of six per cent.

shall have first been made payable to the holders of

such preferred stock out of the net earnings of said

year.

SEC. 3. And be it enacted, That the shares of

stock of the said company, as reorganized, shall be

subscribed upon books, to be opened in accordance

with the provisions of the said Act of Assembly,

passed at January session, eighteen hundred and

Stock — pre-

seventy-six, chapter two hundred and forty-two, and

ferred and

the several persons subscribing shall designate the

common.

number of shares of preferred stock so subscribed,

and the number of shares of common stock so sub-

scribed, and shall be entitled to pay for the same by

surrender of the overdue coupons of the said first