|
|
|
671
Frederick and Montgomery, aud in any other papers if deemed
expedient, of a general meeting of said creditors to be held in
the city of Cumberland on a day to be named in said notice,
for the purpose of electing three Trustees to represent said
creditors, and make the nomination in writing from time to
time of said two Directors to the Board of Public Works, and
said Trustees shall he elected for two years, and until their
successors are elected; and at the first meeting of said credi-
tors they shall fix such time and place of holding their next and
other meetings for the election of Trustees, in such manner of
giving notice thereof as they may deem expedient, and at all
meetings of said creditois a majority in amount of the debts
represented at the meeting shall ho sufficient to elect said
Trustees, or decide any proposition that may come before
the meeting; and the evidence of the right of any one to
participate as a creditor in said meetings shall be the scrip, or
certificate of the Secretary of the Company, or an authenti-
cated copy of a judgment against said Company, or such other
evidence of indebtedness of said Company as said creditors
at such meetings may deem sufficient.
Sec. —. The said President and Directors shall keep the
said Canal in good navigable order and repair for permanent
use, and provide the necessary supply of water, and shall
have full power to manage the business and regulate the tolls
of said Canal according to its charter, and pay salaries of the
officers and current expenses, including the repair debt, be-
fore any of the tolls and revenues shall be otherwise applied
by them, and shall then pay the annual interest henceforth
accruing on the bonds secured by said mortgage, and shall
from time to time apply the surplus revenues to the extin-
guishment of such of said bonds as the holders thereof may
be willing to receive the current market value for, provided
said President and Directors shall not apply said surplus to
the satisfaction of any of said bonds which they or either of
them may be the holders of, and all the bonds so extinguish-
ed shall be registered and delivered over to the Treasurer of
the State of Maryland, and the said President and Directors
shall report quarterly to the Board of Public Works a detailed
statement of the tolls and revenues of said Canal, and the
amount, nature, and character of their expenditures which
reports shall be verified by the affidavit of the President.
By Mr. Barnes.
Sec. 3. In the election of the President and Directors of
the Chesapeake and Ohio Canal Company, the Board of Pub-
lic Works shall cast the vote of the State for three Directors
from among such persons as may be nominated by the trus-
tees named in a deed of mortgage from said Canal Company
to Phineas Janney and others, executed on the 5th day of
|
|
|
|
 |
