948

LAWS OF MARYLAND.

Bonds to be
used in pay
ment of
shares of
stock.

SEC. 7. And be it enacted, That the said bonds so to be
issued shall be received by the said company at the par value
thereof, in payment of the shares of stocks so to be subscribed
for, and that the said bouds shall be delivered to the said com-
pany by the said County Commissioners, in the instalments
following, to wit: One-fourth only of the amount of said
bonds shall be delivered to said company as soon as one-half
of the length of the line of said railroad shall have been
graded, another fourth thereof when the whole of the said
railroad shall have been fully graded, another fourth thereof
when one-half the road shall have been fully built and con-
structed, and the remaining fourth of said bonds shall be
delivered to the said company when the said railroad shall be
fully built and constructed and in running order; and, that the
said bonds shall not be issued in any greater instalments, nor
at any earlier period than as above provided.

Shares of
stock to be
sold.

SEC. 8. And be it enacted, That the County Commissioners
of the said county be and they are hereby authorized to sell
or pledge the shares of stock which may be subscribed for, at
not less than their par value, and apply the proceeds thereof
to the payment of said bonds or the interest thereof.

Directors on
behalf of
county.

SEC. 9. And be it enacted, That as soon as the County Com-
missioners of Dorchester county shall have subscribed, in the
name and on behalf of said county, to the capital stock of said
company, as aforesaid, the said county shall be entitled to two
directors in the said company, who shall be appointed by the
said County Commissioners, and shall have the same powers,
rights, duties and privileges as belong to other directors of the
said company.

Stock of
county not
to be voted

SEC. 10. And be it enacted, That in the election of directors
on the part of the private stockholders, the stock of Dorchester
county shall not be voted nor shall the same be counted in
ascertaining the presence of a quorum necessary for such
election.

Question to be
voted on.

SEC. 11. And be it enacted, That at the next regular elec-
tion for members of the House of Delegates, this act shall be
submitted to a vote of the persons legally qualified to vote at
said election for members of the House of Delegates; and at
said election the question of railroad subscription shall be
printed upon the ballots after the list of candidates, with the
words " For Railroad Subscription," and the words "Against
Railroad Subscription," so printed as to give to each voter a