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Session Laws, 1898 Session
Volume 482, Page 239   View pdf image (33K)
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AN ACT to further amend an Act entitled "An Act to incor-
porate the Baltimore City Passenger Railway Company,"
passed February thirteenth, eighteen hundred and sixty-two,
and to grant to said corporation certain additional powers.

SECTION 1 . Be it enacted by the General Assembly of Mary-
land, That the Baltimore City Passenger Railway Company
shall have power to borrow money from time to time, and


issue its bonds or other obligations for any indebtedness so
contracted, and may secure the payment thereof by mortgage
of its property and franchises, without being restricted to the
amount of its capita] stock at the time, and without any limita-
tion except as hereinafter prescribed ; provided, that the total
amount of its mortgage or bonded indebtedness shall at no
time exceed the sum of six millions of dollars; and provided
further, that no mortgage debt shall be created or .bonds or
certificates of indebtedness issued unless authorized by a vote
of the owners of a majority of the shares of the capital stock
of the said company at a meeting of the stockholders. -And
any such bonds may, at the pleasure of the said company, be
given in substitution for, or otherwise used in order to retire
bonds of a previous issue.

SEC. 2. And be it enacted, That the said company, in- issu-
ing additional capital stock in manner provided in the

Power to bor-
row money.

second section of the Act passed at January session, eighteen
hundred and ninety, chapter 271, and disposing of the same to
stockholders subscribing for the same, ratably and in propor-
tion to their respective holdings of stock at the time of sub-
scription, as therein provided, may require the said shares of
additional stock to be paid for by such subscribing stockholders
at any price which may be fixed by vote of owners of a
majority of the shares of the then existing capital stock at the
stockholders meeting, at which such issue of additional stock
may be authorized, not less, however, than the par value, and
not exceeding double the par value.

Price paid
for shares
of stock.

SEC. 3. And be it enacted, That this Act shall take effect
from the date of its passage.

Approved March 29, 1898.


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Session Laws, 1898 Session
Volume 482, Page 239   View pdf image (33K)
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