244

LAWS OF MARYLAND.

on the shares of the capital stock of the said Com-
pany held by the State, shall not be construed to
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, three hundred thousand
dollars.

Power to
issue bond;.

Sec 2. And be it enacted, That the said Company
shall have full power to issue its bonds, or other
securities, or the pledge of its property, estate and
franchise, 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 three hundred thousand dollars, and
dispose of the same for the objects aforesaid, and
no bond of the said Company, issued in good faith
for the construction, completion, or equipment of
the said Railroad, shall be annulled or abated, be-
cause the same may be disposed of by the said Com-
pany at less than its par value.

Stock of State
not to be vo-
ted.

Sec, 3. And be it enacted, That in the election
of Directors on the part of the private Stockhold-
ers in Kent County Railroad Company, and in all
other Railroad Companies on the Eastern Shore of
Maryland, the stock of the State shall not he 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 from its passage.