706

LAWS OF MARYLAND.

scription list of bona fide responsible subscribers for

the other half of said amount.

SEC. 3. And be it enacted, That for the purposes

herein set forth, the county commissioners of Wash-

ington county are hereby authorized and empowered

to issue the bonds of said county, signed by the presi-

dent of the board of county commissioners, in such

denominations as they may think best, to the amount

of one hundred thousand dollars, to bear interest at

Issue bonds of

the rate of not more than five per centum per annum,

county.

and redeemable in twenty-four years, with the right

reserved to redeem them sooner if necessary, and the

said bonds are to be issued only as they are needed, in

sums of not more than twenty thousand dollars each

year, and to be. sold at not less than their par value,

and whatever interest may have accrued from the

time of their issue, and to be exempt from county

taxation.

SEC. 4. And be it enacted. That the county com-

missioners aforesaid shall be entitled to be repre-

sented at all meetings of the stockholders of such turn-

pike company, in which they shall hold stock under

the provisions of this act, and shall be entitled to vote

Entitled to rep-

such number of shares of stock in all elections held by

resentation.

such stockholders as the charter of the respective com-

panies shall prescribe; provided, however, that no

person or body politic shall be allowed by such charter

to vote more than fifty shares of stock in their respec-

tive companies, whatever number of shares he, she or

they may be entitled to.

SEC. 5. And be it enacted, That the county com-

missioners aforesaid shall set aside the amount now

annually expended on such roads as shall, under this

act, be converted into turnpikes, together with the

dividends upon the stock standing in the name of the

eounty, as a fund to meet the interest on the bonds

used in the construction of said turnpikes, and the

What to set

surplus, if there should be any, as a sinking fund, to

aside.

be invested by the county commissioners to purchase

said bonds when redeemed, and should this not be

deemed sufficient to pay the interest on said bonds,

and to create a sinking fund for their redemption, the

county commissioners are hereby authorized to levy a

tax each year to meet any deficiency that may occur,

until the revenue from said stock is sufficient for this

purpose.