18

LAWS OF MARYLAND.

give a preference to the said State over the bond-
holders of the said company, and the said lien is
hereby expressly waived, postponed and deferred
in favor of the holders of bonds of the said com-
pany, which may be issued for the construction
and equipment of the said Railroad, to an amount
not exceeding in the whole five hundred thousand
dollars.

Power to
issue bonds.

Sec. 2. And be it enacted, That the said com-
pany has full power to issue its bonds or other
securities on the pledge of its property, estate and
franchises, bearing interest at a rate not exceeding
six per centum per annum, redeemable at any time
within twenty years, and not exceeding in amount
the sum of five hundred thousand dollars, in ad-
dition to its bonds already issued, and dispose of
the same for the objects aforesaid, and no bond of the
said company issued in good faith for the construc-
tion, completion or equipment of the said Railroad,
shall be annulled or abated, because the same may
have been disposed of by the said company at less
than its par value.

Stock of
State not to
be voted.

Sec. 3. And be it enacted, That in the election of
Directors, on the part of the private stockholders,
the stock of the State shall not be voted, nor shall
the same be counted in ascertaining the presence of
a quorum necessary for such election.

In force,

Sec. 4. And be it enacted, That this Act shall
take effect and operate from the day of its passage.

CHAPTER 13.

Passed Jan.
27, 1866.

AN ACT to enable the Mayor and City Council of
Baltimore to subscribe to the capital stock of the
Western Maryland Railroad Company t > an
amount not exceeding two hundred thousand
dollars.

Authorized
to subscribe.

SECTION 1. Be it enacted by the General Assembly
of Mary/and, That the Mayor and City Council of