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SECTION 1. Be it enacted by the General Assem-
bly of Maryland, That it shall and may be law-
ful for the Cumberland Coal and Iron Company,
in case this act shall be accepted in a meeting of
its stockholders, to be convened as hereinafter
directed, to convert a portion of its capital into
shares of preferred stock, and on the surrender of
any existing certificate for a share or for any num-
ber of shares of its stock, and on the payment
of such sum, and at such time or times, as a
majority of the stockholders at the said meeting,
by which this act may be accepted, shall in that
behalf, by resolution, direct to be paid in respect
of each and every existing share of said stock,
which the holder may desire to convert into pre-
ferred stock, to issue in lieu of such surrendered
certificate, a new certificate, for the share or
for the number of shades, which have been rep-
resented by such surrendered certificate; and
which said new certificate shall be of the par
value of one hundred dollars per share, and shall
express on its face, that the shares represented
thereby are preferred shares of the stock of the
said company; and which said preferred shares
shall be entitled to the advantages and priorities
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May convert a
portion of capi-
tal into pre-
ferred stock.
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mentioned in the second section of this act; Pro-
vided, however, that it shall not be permitted to
said company to exact such surrender of any ex-
isting certificate or the payment of money as
aforesaid, from the holder of any certificate who
may refuse or omit to convert his stock into pre-
ferred shares; And provided, also, that the pri-
vilege and option shall be afforded to all the
stockholders of said company, without distinction
or discrimination, to convert the shares held by
them respectively, when this act shall be accepted
as aforesaid, into preferred stock if they shall
elect so to do, and shall actually comply with the
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Proviso.
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