WM. T. HAMILTON, ESQUIRE, GOVERNOR.

425

demned, and the quantity or duration of the

interest in the same valued for the company; and

such valuation, when paid or tendered to the

owner or owners of said property, or his, her or

their legal representatives, shall entitle the said

Entitle com-

company to the estate and interest in the same

and interest.

thus valued as fully as if it had been conveyed

by the owner or owners of the same; and the said

valuation, if not received from the said company

without costs by the said owner or owners, or his,

her or their legal representatives.

SEC. 4. And be it enacted, That the president and

directors, or a majority of them, are hereby

authorized and empowered, for the purpose of

constructing and operating the said extension, or

the construction and operation of said lateral

branches aforesaid, building bridges, wharves and

piers, or any incidental work for the full and bene-

ficial enjoyment of said franchise, to negotiate a

Negotiate a

loan, and to issue bonds, certificates or other

loan.

evidences of debt, under the seal of said com-

pany, for an amount not exceeding one hundred

thousand dollars, in such sums as said company

may think best, and sell and dispose of the same

upon such terms as said company may deem

proper, and to pledge and mortgage the property,

real and personal, acquired and held by the said

company, for the construction, use and occupation

or operations of said additions, and the profits

and revenues arising from the same to secure the

payment thereof; and such pledging or mortgage

Revenues

arising.

shall create and be a first and preference lien on

all the said property, profits and revenues so

pledged or mortgaged; and said bonds so issued

shall also be a prior lien upon the profits, revenues

and earnings of the main stem of said Wicomico

and Pocomoke Railroad, extending from the town

of Berlin to the town of Salisbury, subject only

to the claims of the first and second mortgages

already existing on the said railroad; and the said

railroad shall also have the power to convert said

Convert bonds

bonds, certificates or other evidences of debt so

into capital
stock.

issued into the capital stock of said company,

upon such terms as may be agreed on with the