WILLIAM T. HAMILTON, ESQUIRE, GOVERNOR. 741

	clerk of the Circuit Court for the county where the
	principal office of such corporation shall be situated,
	or in the office of the clerk of the Superior Court of
	Baltimore city, in case such office shall be situated
	in said city, guaranteeing to the purchasers of,
	or subscribers to, such preferred stock, a perpetual
	dividend of six per centum per annum out of the
	profits of the said corporation, payable yearly or half
	yearly as said corporation shall determine, before
	any dividend is distributed to any of the stockholders
	of the said corporation, other than the holders of
	said preferred stock so created ; and the holders
	thereof shall have all the incidents, rights, privileges and immunities, and liabilities, to which the capital	Rights and privileges.
	stock of said corporation, or the holders thereof, may
	be entitled or subject; provided, however, that no
	corporation shall exercise any power under this sec-
	tion, unless the creation of such preferred stock shall
	be authorized by a general meeting of the stock-
	holders of such corporation ; and the said preferred
	stock shall be and constitute a lien on the franchises
	and property of such corporation, and have priority
	over any subsequently created mortgage, or other
	incumbrance.
	SEC. 2. And be it enacted, That this act shall take	Effective.
	effect from the date of its passage.
	Approved April 10, 1880.

	CHAPTER 475.
	AN ACT to authorize the Town Commissioners of
	Salisbury, Wicomico county, to purchase a town
	clock for said town.
	SECTION 1. Be it enacted by the General Assembly
	of Maryland, That the Commissioners of Salisbury
	town, Wicomico county, be and they are hereby au-	Purchase
	thorized and empowered to purchase, at such a time	town clock.
	as they may deem proper, a suitable town clock for