188

LAWS OF MARYLAND.

Effective.

SEC. 2. And be it enacted, That this Act shall take effect
from the date of its passage.
Approved March 29, 1898.

CHAPTER 103.
AN ACT to authorize the Agricultural Society of Baltimore
County to issue bonds to be secured by mortgage upon its
property, and to issue preferred stock in addition to said
bonds.
SECTION 1. Be it enacted by the General Assembly of

Empowered
to issue
bonds.

Maryland, That the Agricultural Society of Baltimore
County, a corporation duly incorporated under the general
incorporation law of this State, be and it is hereby authorized
and empowered to issue bonds payable in twenty (20) years
from the date thereof, not exceeding in all the sum of twenty-
five thousand ($25,000) dollars, to be secured by mortgage
upon its real estate; the said bonds to be each for the sum of
tive hundred ($500) dollars, and to bear interest payable semi-
annually on the first day of July and on the first day of
January in each year, at the rate of tive (5) per centum per
annum, for which interest proper coupons shall be attached to
said bonds.
SEC. 2. And be it further enacted, That the said the Agri-
cultural Society of Baltimore county, in addition to the issuing
of the bonds heretofore authorized by the preceding section,

Preferred
stock Issued.

may, whenever in the judgment of the said corporation it is
expedient to do so, issue a preferred stock for any amount, not
exceeding fifteen thousand ($15,000) dollars, and may dispose
of said stock by sale on such terms as it may prelcribe, or by
permitting the same to be subscribed for, as in the judgment
of said corporation may be deemed expedient; and whenever
said corporation shall create such preferred stock, it shall
execute an agreement under seal, to be acknowledged as con-
veyances of land are required to be acknowledged, and recorded
in the office of the clerk of the Circuit Court for Baltimore
County, guaranteeing to the purchasers, of subscribers to such
preferred stock, a perpetual dividend of six (6) per centum per
annum out of the profits of the said corporation, payable
yearly or half-yearly, as said corporation shall determine,
before any dividend is distributed to any of the stockholders
of said corporation other than the holders of the said pre-
ferred stock so created ; and the holders thereof shall have all
the incidents, right, privileges and immunities and liabilities