546

LAWS OF MARYLAND.

of them, shall have power and authority, upon the

approval of a majority of the stockholders, to pur-

Purchase

chase from time to time the capital stock of the cor-

capital stock.

poration out of the net earnings, after providing for

the dividends upon the preferred stock that may be

then issued under the authority of this act ; provided

that the said stock can be purchased at par or less,

and to cancel the same.

SEC. 3. And be it further enacted, That the pres-

ident and directors of said corporation, or a majority

of them, are hereby authorized and empowered to

subscribe for or purchase whatever amount they

Purchasefirst
mortgage
bonds of rail-

may deem expedient of the capital stock or first
mortgage bonds of any railroad corporation which

road corpora-

now owns or may hereafter construct or acquire a

tion.

railroad leading from any convenient point at or

near the mines or property of said corporation in

Allegany or Garrett counties, and running to and
connecting with the Baltimore and Ohio Railroad

or the Chesapeake and Ohio Canal, or both of said

works, at any point in Allegany county, and use,

possess, enjoy and control the said stock and bonds

with all the rights of any other owner or holder of

stock or bonds in such railroads.

In force.

SEC. 4. And be it enacted, That this act shall take

effect from the date of its passage.

Approved April ,1 1878.