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392
diately preceding their respective elections citizens of the
State of Maryland, and three of them for the term aforesaid
residents of the Counties of Allegany, Washington, Frede-
rick or Montgomery, and one a resident of the District of
Columbia, but not more than two of the said Directors shall
be at the time of their election residents of the same county ;
and provided, that two of the six Directors aforesaid, voted
for and appointed by the said Trustees, shall be sucb persons
as may be nominated in writing by the Board of Public
Works. During the whole of the time for which said trus-
tees and their successors, are so authorized and empowered to
cast the vote of the State as a Stockholder in said Canal Com-
pany, it shall be the duty of the said President and Directors
to keep the said Canal in good navigable order and repair for
permanent use, to provide the necessary supply of water and
to pay the salaries of the officers and current expenses of the
Company, before»any of the tolls and revenue shall be other-
wise applied by them, and to comply in all respects with the
provisions of the Act of 186T, chapter 359, not inconsistent
with this article. If at any time prior to said first Monday
of June 1883, the principal of said bonds, including the un-
paid interest thereon already accrued, when funded in accor-
dance with the provisions of the Act of 1867, chapter 359,
and the interest hereafter to fall due, shall be paid by the
said Canal Company, or redeemed by the State as authorized
by the tenth section of said act of 1844, chapter 281, or if at
any time prior to said first Monday in June, 1883, the sink-
ing fund provided by said acts of 1844, chapter 281, and 1867
chapter 359, shall be equal to the amount of said bonds, prin-
cipal and interest, the provisions of this section shall become
inoperative, and the vote of the State of Maryland as a Stock-
holder in the said Canal Company shall thereafter be cast by
the Board of Public Works. This nection may be at any
time repealed by the General Assembly.
Sec. 4. The Board of Public Works is hereby authorized
to exchange the State's interest as Stockholder and creditor
in the Baltimore and Ohio Rail Road Company for an equal
amount of the bonds or registered debt now owing by the
State, but in so doing shall exchange all the preferred stock
first; and the said Board is authorized, subject to such
regulations and conditions as the General Assembly
may from time to time prescribe, to sell the State's
interest in the other works oi Internal Improvement,
whether as a Stockholder or a creditor, and also the
State's interest in any banking corporation, receiving in pay-
ment the bonds and registered debt now owing by the State,
equal in amount to the price obtained for the State's said in-
terest; provided, that the interest of the State in the Wash-
ington Branch of the Baltimore and Ohio Rail Road be re-
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