624 TALBOT COUNTY. [ART. 20.

MARYLAND AND DELAWARE RAILROAD.

1867, c. 191 provides that the county commissioners or Talbot county, or a
majority of them, are hereby authorized and directed to subscribe in behalf of
said county for fifty thousand dollars of the capital stock of the Maryland and
Delaware Railroad Company, and in payment of the said subscription to issue
bonds to the amount sufficient to raise said sum of money in the name of the
county commissioners of said county, said bonds to be of the denomination of five
hundred dollars each, the principal to be paid twenty years after the date thereof,
and to each of said bonds shall be attached coupons for the interest thereon at the
rate of six per cent, per annum, payable semi-annually. That the bonds aforesaid,
when the same shall be issued, shall be placed in the hands of a director in said
company to bo appointed by this act for two years, and whose successor after the
expiration of said period shall he thereafter annually appointed by the said county
commissioners or a majority of them, and in the event of the death, resignation or
removal from said county of the director appointed by this act, the said commis-
sioners, or a majority of them, shall appoint a successor to fill the unexpired term
of such director; that the director appointed by this act and every succeeding
director to be appointed by said county commissioners shall before acting as such
execute to the said county commissioners a bond with security to be approved by
them for the faithful discharge of his duties in a sum double the amount of the
bonds issued or to bo issued to such director; that said director shall receive and
countersign all bonds issued under the provisions of this act, and shall sell and dis-
pose of the same and apply the proceeds of such sales or use said bonds in the
actual construction of said road as in his discretion may be deemed most practicable
and advantageous. That said bonds shall not be issued until the said railroad is
completed to the line of Talbot county at or near Hillsborough, in Caroline county,
and that said director shall then use or pay said bonds or the money arising from
the sale thereof to the contractor or contractors only as the said road is actually
constructed and progressed with from said point southward towards the town of
Easton, in Talbot county, and said director shall make an annual statement to the
commissioners of said county on the first Monday in May of all his receipts, pay-
ments and disbursements of all bonds or moneys coming into his hands for the
purpose of this act. That the said bonds shell be exempt from state, county and
municipal or local taxation, and that the property and faith of Talbot county is
hereby pledged for the redemption thereof, and that the said county commissioners
shall levy on all property subject to taxation for the ordinary expenses of said
county such sum or sums of money as shall in their discretion be necessary for the
prompt payment of the principal and interest of the said bonds, and shall provide
the mode and manner in which such payment shall be made, and that said taxes
shall be levied and collected as other taxes in said county are levied and collected.
That the said director is hereby empowered to vote the stock subscribed for by
virtue of this act at any meeting of the stockholders of the said Maryland and Dela-
ware Railroad Company, in such manner and subject to such restrictions and con-
ditions as the private stockholders in the said company are or may be authorized to
vote their individual stock. That E L F Hardcastle, of Talbot county, is hereby
appointed a director for Talbot county in the said Maryland and Delaware Railroad
Company, with the powers and duties prescribed by the second section of this act,
to serve from the date of the first bonds issued under this act until the first Monday
in May, in the year eighteen hundred and sixty-nine and until his successors shall
be duly appointed and qualified as hereinbefore provided, and that said director
shall before he proceeds to act as such take the oath now prescribed to be taken by