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

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

Approved April 5, 1878.




AN ACT to amend the charter of the Frederick and


Pennsylvania Line Railroad Company, and to


empower the said company to issue a preferred




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


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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