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406
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LAWS OF MARYLAND.
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shall organize a company and obtain a charter,
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which shall be approved by the county commis-
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sioners for building said turnpike under the general
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incorporation laws of the State, and shall exhibit to
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the said county commissioners a subscription list of
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bona fide responsible subscribers for the other half
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of said amount.
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SEC. 3. And be it enacted. That for the purposes
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Issue bonds.
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herein set forth, the County Commissioners of Wash-
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ington county are hereby authorized and empowered
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to issue the bonds of said county, signed by the
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President of the Board of County Commissioners, in
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such denominations as they may think best, to the
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amount of one hundred thousand dollars, to bear
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Rate of inter-
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interest at the rate of not more than five per centum
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est.
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per annum, and redeemable in twenty-four years,
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with the right reserved to redeem them sooner if
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necessary ; and the said bonds are to be issued only
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as they are needed, in sums of not more than twenty
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thousand dollars each year, and to be sold at not less
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than their par value, and whatever interest may
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have accrued from the time of their issue, and to be
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exempt from county taxation.
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SEC. 4. And le it further enacted, That the county
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commissioners aforesaid shall be entitled to be rep-
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resented at all meetings of the stockholders of such
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turnpike company in which they shall hold stock
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under the provisions of this act, and shall be entitled
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Representa-
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to vote such number of shares of stock in all elections
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tion.
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held by such stockholders as the charter of the re-
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spective companies shall prescribe ; provided, how-
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ever, that no person or body politic shall be allowed
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by such charter to vote more than fifty shares of
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stock in their respective companies, whatever num-
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ber of shares he, she, or they, may be entitled to.
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SEC. 5. And be it enacted, That the county commis-
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sioners aforesaid shall set aside the amount now
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annually expended on such roads as shall, under this
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Fund to
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act, be converted into turnpikes, together with the
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meet interest
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dividends upon the stock standing in the name of the
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county, as a fund to meet the interest on the bonds
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used in the construction of said turnpikes ; and the
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surplus, should there be any, as a sinking fund, to be
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