1832.

LAWS OF MARYLAND.

CHAP. 175.

fifth section of the supplement, passed at December ses-
sion, eighteen hundred and thirty-one, to an act, entitled
an act to promote internal improvement, by the construc-
tion of a Rail Road from Baltimore to the city of Wash-
ington, shall, united, form the capital upon which the net
profits, derived from the use of the said Rail Road shall fee
apportioned.

Reserved rights in

former act relin-

quished.

Sec. 4. And be it enacted, That the right heretofore re-
served to the State of Maryland, to hold the sum subscri-
bed by it to the stock of the Baltimore and Ohio Rail Road
company, to be applied to the construction of the said
road from Baltimore to the city of Washington, as a sepa-
rate and distinct stock, other than is provided for by the
provisions of this act, be, and the same is hereby relin-
quished.

After specified

time Baltimore &

Ohio Rail Road

Co. may subscribe
for residue of the

shares

Sec. 5. And be it enacted, That the Baltimore and Ohio
Rail Road company, be, and it is hereby authorised to sub-
scribe to all such portion of the stock necessary to com-
plete the said road, from Baltimore to the city of Wash-
ington, which may remain unsubscribed at the end of thir-
ty days, after the books required to be opened by this act
and the acts to which it is a supplement, shall have been
opened for general subscription, except the stock reserved
for subscription by the Mayor and City Council of Balti-
more, and the corporations owning the the turnpike road,
between the cities of Baltimore and Washington, to which
the said company shall subscribe only in the event of its
failing to be taken by the said corporation within the time
hereinafter limited, and the President and Directors of the
said Baltimore and Ohio Rail Road company, shall be, and

Authorised to bor-

row money to pay

instalment.

they are hereby authorised to borrow from time to time,
any sum or sums of money which may be necessary to en-
able them to pay the instalments that may become due by
them, on the stock so subscribed by them, for the construc-
tion of the said road from Baltimore to the city of Wash-
ington, and the said President and Directors are also here-
by authorised to pledge the property and funds of the Bal-

To make pledges.

a majority of the Stockholders in a general meeting for
that purpose, voting according to the graduation of votes
in the original charter, and so much of the stock hereby
made a separate stock as may be subscribed by the Balti-
more and Ohio Rail Road company, as a security for the
payment of any and every sum so borrowed, and the in-
terest thereon; Provided, that the property of the State in

Proviso.

said road shall in no event constitute any part of the pledge
above authorised.