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land Railroad Company, on which dividends
shall be paid, when earned, at a rate not ex-
ceeding six per cent., which said railroad com-
pany may be authorized to issue under exist-
ing laws, or by any special act of Assembly
enacted for that purpose, so that from and
after the acceptance by said County Commis-
sioners of the said preferred stock of said rail-
road company, bearing interest as aforesaid,
the coupons of said bonds so surrendered by
said County Commissioners shall be extin-
guished and satisfied; provided, that said
bonds shall be extinguished and satisfied not
later than January first, eighteen hundred and
eighty-seven; and whereas said agreement
was made subject to the ratification thereof
by the General Assembly of Maryland; now,
therefore,
SECTION 1. Be it enacted by the General As-
sembly of Maryland, That said agreement of
the County Commissioners of Washington
county, bearing date the ninth day of February,
eighteen hundred and eighty-six, for the sur-
render of the coupons on the three hundred
thousand dollars of the bonds of the Western
Maryland Railroad Company, and the accept-
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ance in satisfaction and in lieu thereof of the
preferred stock of the said Western Maryland
Railroad Company, upon the terms set forth in
said agreement, be and the same is hereby
ratified and confirmed, and full power and
authority is hereby conferred upon the said
County Commissioners of Washington county
to do all and every act necessary to carry said
agreement into effect.
SEC. 2. And be it further enacted, That in
order to enable the agreement hereinbefore
authorized to be carried into effect by the
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Preferred
stock.
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parties to the same, full power and authority
is hereby granted to the Western Maryland
Railroad Company to issue its first preferred
stock to the amount of the coupons so paid, or
to be paid to said County Commissioners, which
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Power to
sue.
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