246

LAWS OF MARYLAND

pany to own and navigate such canal boats steam
boats and sailing vessels as it may desire, iq con-
nection with its, business,, and to subscribe for.and
take stock in any navigation, canal and railroad
company it, may deem expedient; and the said cam-
pany hereby incorporated shall transport upon any
railroad or railroads which the said company may
construct under the provisions of this act, and also
upon any railroad or railroads which it may pur-
chase, as hereinbefore authorized, all persons and
property at the same rate of tolls and prices of
transportation as the Baltimore and Ohio railroad
company are or shall be by law authorized to
charge and receive.

May divide
stock.

Sec. 7. And be it enacted, That in receiving
subscriptions to the capital stock of said company,
if the persops named in the first section of this act,,
or a majority of them, shall think it advisable so
to do, it shall and may be lawful for said persons
to divide the stock, with a preferred stock, and a
common general stock, and to fix the amount
which subscribed as a preferred stock, which shall
never thereafter be increased, without the unani-
mous consent of all the stockholders, nor shall ever
exceed the amount of common stock bpth preferred
and general, in said company, and such preferred
stock, in case the same shall be subscribed for un-
der this section, shall at all times be entitled to
receive dividends to the extent of six per centum
on the par value thereof, whenever any distribu-
tion shall be made of the surplus profits of said
company, in priority to any shares of stock which
shall be subscribed as general or common stock,
and in case the surplus profits actually and pro-
perly distributed amongst the stockholders, when
a division of the surplus profits shall be made, shall
exceed the amount that may be necessary for the
payment of dividends to the extent aforesaid, on
the preferred stock, then such excess shall be ap-
plied to the payment of dividends to the extent of
six per centum on the par value of the unconverted
shares of stock, and if any surplus profits should
still remain, then the same shall be dlfiaed
amongst all the stockholders pari passu without
any priority or preference, and in ease persons
named in the first section of this act should not deem
it advisable in receiving subscriptions to said stock