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Session Laws, 1878
Volume 399, Page 668   View pdf image (33K)
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668

LAWS OF MARYLAND.

In force

SEC. 2. And be it enacted, That this act shall take
effect from the date of its passage.

Approved April 5, 1878.

 

CHAPTER 428.

 

AN ACT to amend the charter of the Frederick and

 

Pennsylvania Line Railroad Company, and to

 

empower the said company to issue a preferred

 

stock.

 

SECTION 1. Be it enacted, by the General Assembly

 

of Maryland, That the Frederick and Pennsylvania

 

Line Railroad Company be and it is hereby empow-

Issue pre-

ered to issue a preferred stock for any amount not

ferred stock.

exceeding the amount which the said company is

 

authorized under its charter and the supplement

 

thereto to borrow upon mortgage or otherwise, and

 

may dispose of the said stock by sale, or may permit

 

the same to be subscribed for on such terms as it

 

may prescribe ; and the said company may, with the

 

consent of any of the holders of its outstanding bonds,

 

whether due or not, its matured coupons and other

 

liens, judgments and claims, against it, or due by

 

it; convert said bonds, matured coupons, and other

May convert

liens, judgments and claims, or any of them, into

into preferred

stock.

said preferred stock, upon such terms as said com-

 

pany may deem expedient, and as may be agreed

 

upon between said company and the holders of said

 

bonds, coupons, liens, judgments and other claims ;
and the said company, upon creating such preferred

 

stock, may execute an agreement under its seal

 

guaranteeing to the purchasers and holders of and

 

subscribers to said stock, a perpetual dividend of six

 

per cent, per annum out of the profits of said com-

 

pany, payable yearly, or half yearly, as the said

 

company may agree, before any dividend is dis-
tributed to any of the stockholders of said company,

 

other than the holders of said preferred stock ; and

 

the holders thereof shall have all the rights, inci-



 
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Session Laws, 1878
Volume 399, Page 668   View pdf image (33K)
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