318 LAWS OF MARYLAND. [CH. 108

age the continued operation of the said railroad by the
exemption herein provided; therefore

SECTION 1. Be it enacted by the General Assembly of
Maryland, That the railroad property of the Washington,
Brandywine and Point Look Out Railroad Company, or
so much thereof as may be used for railroad purposes by
the said Company, its successors and assigns, be exempt
from all State taxes and charges, and from all county and
city taxes and charges in the nature of a tax for the years
during which the property is so used, not exceeding two
years beginning January 1, 1935, provided that if said rail-
road property should earn a net income during either of
said years, the said Company, its successors and assigns
shall pay as a tax an amount equal to all of said net income
so earned during said year or years in lieu of said taxes
and other charges, but not exceeding the aggregate
amount of said taxes and other charges.

SEC. 2. And be it further enacted, That this Act shall
take effect June 1, 1935.

Approved: April 29, 1935.

CHAPTER 108.

AN ACT to repeal Section 6 of Chapter 209 of the Acts of
1858 of the General Assembly of Maryland, which im-
posed a limitation on the amount of investments in real
estate by the Peabody Institute of the City of Baltimore,
incorporated by said Act.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That Section 6 of Chapter 209 of the Acts of
1858 of the General Assembly of Maryland, which im-
posed a limitation upon the amount of investments in real
estate by the Peabody Institute of the City of Baltimore,
incorporated by said Act, be and the same is hereby
repealed.

SEC. 2. And be it further enacted, That this Act shall
take effect June 1, 1935.

Approved: April 29, 1935.