746

LAWS OF MARYLAND.

CHAPTER 474.

AN ACT to repeal section two hundred and nine-

teen of article twenty-six of the Code of Public

General Laws, title " Corporations," sub-title

" Co-operative Stores, &c.," as the same was re-

enacted by the act of eighteen hundred and sixty-

eight, chapter four hundred and seventy-one, and

to re-enact the same with amendments.

.

SECTION. 1. Be it enacted ly the General Assem-

bly of Maryland, That section two hundred and

nineteen of article twenty-six of the Code of Public

Repealed and

General Laws, as the same was re-enacted by the

substituted in
lieu.

act of eighteen hundred and sixty-eight, chapter

four hundred and seventy-one, entitled " Corpora-

tions," relating to preferred stock, be and the same

is hereby repealed and the following substituted in

lieu thereof:

SEC. 219. Every corporation incorporated under
the laws of this State, which has the power to issue

Issue prefer-

bonds as evidences of indebtedness, and to secure the

red stock.

same by mortgage of the property of such corpora-

tion, or which has the power to obtain sucli 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 mort-

gage of the property of the said corporation, or in-

stead 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 judgment of said cor-

poration may be deemed expedient; and every cor-

poration creating such preferred stock as aforesaid,

Execute

may execute an agreement under seal, to bo ac-

agreement.

knowledged as conveyances of land are required to

be acknowledged, and recorded in the office of the