370

LAWS OF MARYLAND.

terms and within the time that may be directed
by such resolution as aforesaid; And provided,
further, that in case that all the shareholders
shall elect to convert their existing certificates
into certificates of preferred stock, and shall ac-
tually comply with the terms aforesaid, within
the time limited as aforesaid, then all the stock
shall stand on equal footing without any prefer-
ence or priority whatever.

Dividends.

SEC. 2. And be it enacted, That the said pre-
ferred shares shall be entitled at all times to re-
ceive dividends to the extent of six per cent, on
the par value thereof, whenever any distribution
shall be made of the surplus profits of said com-
pany, in priority to any shares of stock which
shall not have been converted as aforesaid, and
in case the surplus profits actually and properly
distributed amongst the stockholders at any time
when a division of surplus profits shall be made,
shall exceed the amount that may be necessary
for payment of dividends to the extent aforesaid,
on the preferred shares, then such surplus pro-
fits shall be applied to the payment of dividends,
to the extent of six per cent, on the par value
of the unconverted shares of stock; and if any
surplus of profits should still remain, then the
same shall be divided amongst all the stockhold-
ers pari passu, without any priority or prefer-
ence.

Authorised to
issue bonds.

SEC. 3. And be it enacted, That the said Com-
pany may issue its bonds to such amount, in such
sums, and payable at such place, and at such
time or times as said company may deem expe-
dient and determine, bearing interest at the rate
of six per centum per annum, payable either
semi-annually or quarterly, as said company may
decide, and with or without coupons, secured by
a mortgage or deed of trust, as said company
may prefer, on the whole or on such part of its
property and franchises, as the said company
may deem sufficient and eligible; and to dispose
of said bonds in satisfaction of its debts and lia-
bilities, or as security for any money that may be
obtained on loan, or for the corporate purposes
of said company, and to sell and dispose of said
bonds upon such terms and in such manner as
the board of Directors may think best for the