336

LAWS OF MARYLAND.

thereof as may be necessary, shall be issued to

said purchaser or purchasers of said road, proper-

ties and franchises, or to their successors and

Shall be issued
to purchaser.

assigns, to reimburse him or them the purchase

money for said road, properties and franchises; or

said stock may be issued and sold, and said pur-

chaser or purchasers, his or their successors and

assigns, reimbursed said purchase money out of

Balance may

the proceeds thereof, and the balance of said pre-

be sold.

ferred stock, if it shall be found necessary, may

be issued and sold in aid of the further con-

struction of said road.

SEC. 6. And be it enacted, That the common stock

of said company, by the said third section of this

act authorized, and which shall riot be entitled to

receive any dividends unless and until the tolls

and revenues received by said company are more

than sufficient to keep said road in good and

proper repair, and pay a dividend of six per

centum per annum upon the par value of the pre-

ferred stock of said company, when any surplus

of such tolls and revenues shall be divided pro rata

among the common stock of said company, or so

Common stock

much thereof as may be necessary for the purpose,

shall be issued to the holders of the original com-

mon stock of the Liberty and New Windsor

Turnpike Company, in Frederick and Carroll

counties, upon the presentation and delivery to

said company of said stock by the holders thereof,

in the proportion of one for four; that is to say,

one share of the common stock of the reorganized

or new company for four shares of the said origi-

nal shares of the old company; provided that
said company shall not be obliged to redeem or

exchange any of said old stock unless the same

shall have been presented and delivered up to the

company within one year after said company is

reorganized.

SEC. 7. And be it enacted, That said company,

after its organization as aforesaid, shall be entitled

and authorized to appoint such and so many toll

Appoint toll
gatherers.

gatherers as they shall think proper to collect and

receive of and from all and every person or per-

sons using the said road the tolls and rates here-

inafter mentioned, and to stop any person riding,