Saint Mary's beacon. [volume] (Leonard Town, Md.) 1867-1983, 1914-05-14

each year under their hands and seals
In the newspapers Of %. Mary's Coun-
~ q full statement Of the exact con-
dition Of said sinking fund. -
Section z. And be 10 enacted, That
the said County Commissioners Of ST.
Mary's County shall have power at
any time out Of any surplus fund be-
longing 20 said county, t0 purchase
and retire any Of the bends hereby
authorized to be iesued, as their mar
ket value. and TO cancel and destroy
the same after entering upon their
books the date Of said purchase and Of
such cancellation, and the dates,
amounts npmbers and other particu-
lars Of said bonds respectively; pro-
viding that no bond shall Re psrchased
unless all eouponfl"serak pectiveiy
not then due shaiF4eE2R sGached 70
such bond ct the time of p6feease.
Section 8. And be IL enacted, That
said bonds properly executed may be-
delivered at not less than their par
value. to the Washington. Potomac and
Chesapeake Railway Company. its sue
cessors or assigns. In payment Cor
said preferred stock or income bonds.
when the said road shall be completed
and ready for the operation OF trains
between Brandywine In Prince
Georges counfMte ~ Maryland.
and some point ia q Yfixent River
In st. Mary's Countyy00o or near the
mouth thereof, or some point on st.
Mary's River, and not before. or the
same may be sold at not less than
the par value thereof, by the said
County Commissioners. and the pro-
ceeds paid <esthe said Railway Com
l. - ~A
stock or income bonds.
Section 3. And be IL enacted, That
the said County Commissioners OF said
county. be and they are hereby au-
thorized to sell or pledge the shares
Of stock or income bonds Of said Rail
way Company, which may be sub
scribed for at not less than their par
value. and to apply the proceeds there
of to the payment of the said bonds
and the interest thereon.
Section 10. And be IL enacted. That
the County Commissioners Of said
county or a majority of them. are here
by authorized and empowered either
in person or by proxy, should they
purchase the said stock. to vote the
same as long as said county may own
any Of the said stock. at any meeting
of the stockholders Of the said COM
pany, under such conditions and to
the same extent as all other stock
holders of the same class are or may
be allowed to vote their individual
stock, and so long as the said county
may own any of the said stock or
bonds the Board of County Commits
sioners may designate some one citi-
zen and taxpayer of said county, who
shall serve on the Board of Directors
of said Railway Company.
Section IL. And be Il enacted, That
the preferred stock of said corpora
ton shall bear interest at least at the
rate Of seven per cent. (7Te) per an
mum, and be cumulative after the
second year OF such issue. and any
income bonds issued by the said cor
poration shall bear interest at the
rate Of six per cent. (6Ge) per annum,
and shall be cumulative after the sec
ond year Of Its operation. and payable
out Of the first earnings applicable
thereto. and both the said preferred
stock and the said income bonds may
be retired and paid OF by the said Rail-
way Company at any time after the
issue thereof upon the payment OF One
Hundred and Ten per cent (110et) OF
their par value and all accrued inter
est then due and unpaid. The said
Railway Company shall not issue any
preferred stock other than that held
! by st. Mary's. Charles and Prince
Georges Counties, unless and until
said stock has been either sold by
said counties or retired by said Rail-
road Company.
Section IL. And be II enacted. That
this Act shall take effect from the
| date of its passage.
| Approved. April 13, 1914.
p. L. GOLDSBOROUGH,
Governor.
JAMES Nee. Triple.
Speaker Of the House Of Delegates.
JESSE ID. PRICE.
President of the Senate.
OFFICE OF THE CHIEF CLERK OF
| THE HOUSE
| hereby certify that the aforegoing
Is true copy OF an Act of the General
Assembly Of Maryland. passed at the
January Session, 1914.
ALBERT j. ALMONEY.
Chief Clerk of the House.