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121
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LAWS OF MARYLAND.
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of the said second mortgage bonds (coupons not to
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be included), and may receive in payment therefor
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such second mortgage bonds. The holder of any of
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said bonds, when presented in payment for stock,
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shall be entitled to such shares of preferred and
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common stock, when the amount of the principal of
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said bonds so presented shall equal twenty-five
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dollars or any multiple thereof, but shall not be en-
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titled to any fractional part of a share for any frac-
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tional part of such sum of twenty-five dollars in
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value of said bonds, and the holders of the out-
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standing overdue coupons of the said first mortgage
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bonds, and the holders of the said second mortgage
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Who has pre-
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bonds, shall have precedence in subscribing to the
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cedence.
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stock of the said company, as reorganized, over all
other persons. The holders of the shares of pre-
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ferred stock to be so issued, shall, after the payment
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of all sums due for interest, repairs, salaries and op-
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erating expenses during any year, be entitled to be
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paid out of the amount earned by the said company
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in said year a dividend of not exceeding six per
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Six per cent.
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cent., if the net earnings of said company for said
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dividend.
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year, after payment of such interest, repairs, sala-
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ries and operating expenses shall amount to so
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much ; and if the said net earnings shall amount to
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more than enough to pay such dividends of six per
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centum, the directors may, at their option, declare a
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dividend on the common stock, and pay the same
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to the holders of said common stock, but no divi-
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dend shall be declared on said common stock in any
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year unless a previous dividend of six per cent.
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shall have first been made payable to the holders of
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such preferred stock out of the net earnings of said
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year.
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SEC. 3. And be it enacted, That the shares of
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stock of the said company, as reorganized, shall be
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subscribed upon books, to be opened in accordance
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with the provisions of the said Act of Assembly,
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passed at January session, eighteen hundred and
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Stock ? pre-
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seventy-six, chapter two hundred and forty-two, and
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ferred and
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the several persons subscribing shall designate the
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common.
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number of shares of preferred stock so subscribed,
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and the number of shares of common stock so sub-
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scribed, and shall be entitled to pay for the same by
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surrender of the overdue coupons of the said first
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