454

LAWS OF MARYLAND.

eligible as director or manager on the part of the

town.

SEC. 7. And be it further enacted, That when-

ever the said joint stock water company shall have

entered into the contracts with the Mayor and Com-

mon Council of Westminster, according to the

provisions of this act, and shall have erected water

Supplied cor-

works and supplied the corporation of Westminster

poration.

and the inhabitants thereof with water, and shall so

increase their receipts and income as to be able to

pay their working expenses, repairs, improvements

and such additional water pipes and plugs as may

have been ordered by the Mayor and Common

Council, as hereinbefore provided for, and at the

same time credit the Mayor and Common Council

with a sum sufficient to reduce the amount of in-

terest to be paid annually to the company by the

Mayor and Common Council, to the sum of six

hundred dollars, then the Mayor and Common

Release water

Council shall release the said joint stock water

company.

company from crediting them, the said Mayor and

Common Council, with any greater sum.

SEC. 8. And be it further enacted, That said

Mayor and Common Council of Westminster, in

making their contract with said joint stock water

Further pro-

company, shall further provide that whenever the

vide.

revenues of said company, including the annual

payment of six hundred dollars made by said Mayor

and Common Council to the said company as here-

inbefore provided in section seven of 'this act shall

exceed the working expenses, the cost of repairs,

improvements and additional water pipes and plugs

that may have been ordered by the Mayor and

Common Council, as well as six per centum upon

the capital stock of said water company, then

such excess shall be paid to the treasurer of said

Excess— how

paid.

town, to be applied to reimburse the said Mayor and

Common Council for all annual sums in excess of

six hundred dollars per annum, advanced or paid

by said Mayor and Common Council as interest.

SEC. 9. And be it further enacted, That the

Mayor and Common Council of Westminster, in

making a contract with said joint stock water com-

Par value of
capital stock.

pany, shall bind said company to make its shares of

capital stock of the par value of ten dollars, and

that the said joint stock water company, after having