|
|
|
Sec. —. The said president and directors shall keep
the said canal in good navigable order and repair for per-
manent 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, in-
cluding the repair debt, before any of the tolls and rev-
enues 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 ap-
ply the surplus revenues to the extinguishment of such of
said bonds as the holders thereof may be willing to re-
ceive the current market value for; provided said presi-
dent and directors shall not apply said surplus to the sat-
isfaction of any of said bonds which they or either of them
may be the holders of, and all the bonds so extinguished
shall be registered and delivered over to the Treasurer of
the State of Maryland, and the said president and di-
rectors 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 expendi-
tures, which reports shall be verified by the affidavit of
the president.
By Mr. Barnes:
Section 3. In the election of the president and di-
rectors of the Chesapeake and Ohio Canal Company, the
board of public works shall cast the vote of the State for
three directors from among such persons as may be
nominated by the trustees 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 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 resi-
dents of the State of Maryland; and this mode of electing
480
|
|
|
|
 |
