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686
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 he verified by the affidavit of the President.
Which was read.
Mr. Barnes submitted the following as a substitute for the
amendment submitted by Mr. Walsh :
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 he 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
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 be cast by the
said Board of Public Works i'or 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 witb
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