DANIEL MARTIN, ESQUIRE, GOVERNOR.

1828

that the said road or roads, with all their works, improve-
ments and profits, and all the machinery of transportation
used on said road, are hereby vested in the said compa-
ny incorporated by this act, and their successors for ever,
and the shares of the capital stock of the said company shall
be deemed personal estate, and shall not be exempt from
the imposition of any tax imposed by the general assembly
upon the stock of incorporated companies of this state.

CHAP. 193.

Sec. 20. And be it enacted, That the said president and
directors shall annually or semi-annually, declare and make
such dividends as they may deem proper, of the nett profits
arising from the resources of the said company, after de-
ducting the necessary current and probable contingent ex-
penses, and that they shall divide the same amongst the
stockholders of said company, in proper proportions to their

Dividends

respective shares; Provided, that the said nett profits shall
not exceed ten per centum on the amount of the cost of
the construction of said road, and that if at any time there
shall be an excess over that rate, such excess shall be forth-
with paid into the state treasury for the use of the stale,
and the receipt of the treasurerof the western shore taken
therefor, and the president and directors shall forthwith so
reduce the charge or rate of transportation, as to bring the
said clear profits down to the said rate of ten per centum
per annum, and the right of the general assembly to ap-
propriate to the use of the state any excess of profits in lieu
of the reduction of tolls over and above the clear annual
profits of ten per centum allowed by this act to the said
company, is hereby reserved; Provided, that such appro-
priation on the part of the state shall at no time exceed ten
per centum per annum upon the amount of the cost of
construction of said road.

Sec. 21. And be it enacted, That the president and di-
rectors of the said company be and they are hereby autho-
rised, if they shall deem it expedient, to cause subscription
books to be opened in Hager's-town and William's-Port, un-
der the direction of such commissioners as they may select,
for the purpose of raising such additional amount of capital
as they, in their discretion, may consider necessary for ex-
tending the said road from the town of Westminster, in Ffc-

Subcription

books may be

opened in Hager's-

town, &c

from thence to William's-Port on the Potomac river; Pro-
scription books are not opened on or before the first Mon-
day in September next, and at least two thousand shares
shall have been subscribed in the books opened at the places
aforesaid, on or before the meeting of the next legislature-

Proviso

Sec. 22. And be it enacted, That if the said company
shall not be able to contract with either the Baltimore and
Ohio Rail Road Company, or with the Susquehanna Rail

Proceedings in

case company is

not able to contract

for intersecting

other roads
othiT roadi