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Authorised to
issue bonds.
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SECTION 1. Be it enacted by the General Assem-
bly of Maryland, That for the purpose of ena-
bling the American Coal Company of Allegany
county, more fully to accomplish the objects con-
templated by its charter, the said corporation be,
and it is hereby authorised to issue its bonds, from
time to time, in sums to suit its convenience and
views of expediency, and to an amount not ex-
ceeding in the aggregate of bonds outstanding, at
any one time, one hundred and fifty thousand
dollars, such bonds to be made payable at not
more than twenty years from their date, with in-
terest, at the rate of six per cent, per annum, to
be paid semi-annually, and that the President and
Directors of said company, may sell, use or dis-
pose of all such bonds, at pleasure, upon such
terms, and in such manner, as they may think
best for the interest and advantage of said com-
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Proviso.
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pany; Provided, that none of the bonds hereby
authorised to be issued, shall be for a less sum
than five hundred dollars, and that nothing herein
contained, shall be construed to authorise the said
corporation to issue anything in the shape of a
bank note, or other paper, intended for circulation
as a currency.
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Payment of
bonds and in-
terest to be se-
cured.
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SEC. 2. And be if enacted, That to secure the
payment of such bonds and the interest thereon,
as may be issued from time to time by said com-
pany, under the provisions of the first section of
this act; the said company is hereby authorised to
execute such mortgage or other assurance in the
law, as in the opinion of the President and Direc-
tors of such company will be adequate to secure
the said bonds and the interest thereon, upon any
of their property, real or personal, or both, as to
them may seem meet;
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