588

LAWS OF MARYLAND.

Preamble.	WHEREAS, By chapter 50 of the Acts of Assembly of 1872 the New Central Coal Company, as the successor to the Lin- coln Coal, Iron, Fire-brick and Oil Company of Allegany county, was authorized to increase its capital stock to the sum of tive million dollars, which under said authority was done ; and
Preamble.	WHEREAS, The amount of said capital stock is now largely in excess of the requirements of said company, and it is desir- ous of reducing the same; therefore, SECTION 1. Be it enacted by the General Assembly of Mary- land, That "The New Central Coal Company" be and it is heieby authorized to reduce its capital stock from tive million to one million dollars, and to change the par value of the shares of said capital stock, when so reduced, from one hundred dol-
Authorized to reduce Its capital stock.	lars a share to twenty dollars a share, by a vote of the stock- holders owning at least two-thirds of the stock of said corpo- ration, taken at a meeting of the stockholders to be specially called for that purpose. Notice of said meeting signed by a majority of the directors, and specifying its object, and the time and place when it is to be held, shall be published in a news- paper published in Allegany county f or at least four successive weeks, and printed copies thereof shall be deposited in the post office, stamped and addressed to the proper addres of each stockholder, at least three successive weeks previous to the day fixed for the holding of said meeting. If, at the time of said meeting, if it shall appear from the canvass of the votes, that at least two-thirds in amount of the entire capital stock of said corporation has been given in favor of reducing the capital stock from five millions to one million dollars, and of changing the par value of the shares from one hundred to twenty dollars a share, a certificate of the proceedings showing a compliance herewith shall be made out and signed by the chairman and sworn to by the president, which certificate shall be recorded in the office of the clerk of the Circuit Court for Allegany county ; and when such certificate has been so filed and recorded, the capital stock of said company and the par value of the shares of said stock shall be reduced in conformity to the provisions of this Act, and the officers of said company shall call in the stock now outstanding, and shall issue to each stockholder certificates for as many shares of the new stock as equal the number of shares of the old stock held by him.
Effective.	SEC. 2. And be it enacted, That this Act shall take effect from the date of its passage. Approved April 2, 1898.