408

LAWS OF MARYLAND.

Effective.

SEC. 2. And be it enacted, That this act shall take
effect from the date of its passage.

Approved April 8, 1884.

Chapter 397.

AN ACT to repeal sections two and ten of the act of

the general assembly, passed eighteen hundred and

seventy-two, chapter three hundred and thirty-six,

entitled "An act to incorporate the Maryland and

Delaware Ship Canal Company," and to re-enact

section two with amendments.

SECTION 1. Be it enacted by the General Assembly

of Maryland, That sections two and ten of the act

of the General Assembly of Maryland, passed eigh-

teen hundred and seventy-two, chapter three hundred

Re-pealed find

re-enacted.

and thirty-six, entitled " An act to incorporate the

Maryland and Delaware Ship Canal Company," be

and the same are hereby repealed, and section two be

and the same is hereby re-enacted so as to read as fol-

lows:

SEC. 2. Be it further enacted, That the said cor-

poration shall be entitled to issue its certificates of

Issue certifi-
cate of capital

capital stock to an amount which by the directors

stock.

shall be deemed sufficient, not exceeding, however, ten

millions of dollars, to be divided into shares of one

hundred dollars each, which said capital stock shall be

personal property, and shall be transferable in such

manner as the by-laws of said corporation may pre-

scribe; and the said corporation, whenever it shall

seem to the directors thereof necessary or expedient

Power of direc-

for the purposes contemplated by this act, shall have

tors.

power also to issue and sell on the best terms that can

be obtained for the same, the bonds of the said com-

pany, in such sums as may be convenient, payable

after such a number of years as may be deemed

proper, and bearing, in the meantime, interest at the

rate of six per centum per annum; provided that the

gross amount of said bonds so issued by said company

shall not exceed the sum of ten millions of dollars ;