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672
June, 1848, in pursuance of an Act of General Assembly of;
Maryland of 1844, ch. 281, and their successors. And in.
like manner from among such persons as may be nominated
by a majority in interest of all other creditors, other than
lien creditors, one Director, and for the President and two
other Directors, the vote of the State shall he cast by the
said Board of Public Works for such persons as said Board
may deem qualified for the discharge of their respective
duties. Provided the President and five of said Directors,
at the time of their election and for five years previous, shall
have been residents of the State of Maryland; and this mode
of electing the President and Directors shall continue until
the preferred debt now owing shall be paid, or until the
Legislature shall otherwise provide.
And it shall be the duty of the President and Directors of
said Canal Company to make to the Comptroller of the State
true and accurate quarterly statements of all revenues and
expenses of said Canal, and to deposit semi-annually with
the Treasurer of the State, all surplus earnings above the
necessary expenses incident to maintaining the Canal in a
good and efficient state of repair, and such further sum as is
necessary to pay the annual accruing interest upon the prin-
cipal sum of the preferred debt or debts owing.
And the Treasurer of the State shall, from time to time;
invest such surplus and the increment thereon in a sinking
fund, until it shall be sufficient to redeem the principal and
over-due interest of said preferred debt or debts. And
should either class of the creditors of said Company make
default in nominating for Directors at any election, the
provisions of this Section, so far as it applies to the default-
ing class of creditors at such election, shall be inoperative
and void.
And the President and Directors of said Canal shall have
the power to establish, and from time to time alter the same,
such rates of tolls as may be by them deemed necessary to
secure the largest amount of revenue therefrom, within the
limits prescribed by the charter of said Company.
On motion of Mr. Barnes ;
At ten o'clock P. M. the Convention adjourned.
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