FRANK BROWN, ESQUIRE, GOVERNOR.

411

and attested by the seal thereof, to the amount of twenty -five

thousand dollars, which said bonds, shall be of the denomi-

nation of five hundred dollars each, and shall bear interest

at a rate not exceeding five per centum per annum payable

semi-annually the principal of said bonds shall be payable

in thirty years from date of issue, subject however to the

right of said county at its option to redeem the said bonds

in whole or in part at any time after the expiration of ten

years from the date of said issue.

SEC. 2. And be it enacted, That the said County Com-

missioners of Talbot County shall sell said bonds to be

To sell
said bonds

issued as aforesaid, not however less than par and with the

proceeds thereof pay said subscription of said county to

said railroad company, provided, however, that before any

bonds shall be issued under this act the said railroad com-

pany by its president and board of directors as well as by a

majority of its bondholders shall file in the office of the

County Commissioners of Talbot County an agreement in

writing authorizing the said County Commissioners of

Talbot County to first pay and satisfy all proper and legal

claims and demands held by bona fide residents of Talbot

County on the twentieth day of April, in the year eighteen

hundred and ninety-one, against said railroad company out

of the proceeds arising from the sale of said bonds and the

balance, if any, to apply under the order and direction of

Joseph B. Seth, the president of said railroad company.

SEC. 3. And be it enacted, That should there be claims

and demands properly recoverable against said railroad

Proceeds
of sale.

company held by bona fide residents of Talbot County on

the twentieth day of April in the year eighteen hundred

and ninety-one, in excess of said county's subscription then

and in that event the said County Commissioners shall ap-

ply the money arising from the proceeds of sale of said

bonds to the payment of said claims pro rata and the re-

ceipt of said bona fide residents of Talbot County holding

said claims and of the president of said railroad company

in the event there should be any balance remaining after the

payment of the claims herein recited shall be good and

sufficient against said railroad company and all others

claiming under it for said county's subscription.

SEC. 4. And be it further enacted, That Joseph B. Har-

rington, Jerome B. Bennett, and C. Robert Leonard be and

To de-
ermine the

they are hereby appointed with full power and authority to

amount of
each claim.

determine the amount of each claim as well as who are en-

titled to be paid their claims against said railroad company

from the proceeds of sale of said bonds and no claim shall

be paid until the same shall be passed upon and approved