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Proceedings and Debates of the 1867 Constitutional Convention
Volume 74, Volume 1, Debates 588   View pdf image (33K)
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and vote the stock of the State of Maryland, in all meet-
ings of the stockholders of the Chesapeake and Ohio
Canal; and shall appoint the directors in every railroad
and canal company in which the State has the legal power
to appoint directors, which said directors shall represent
the State in all meetings of the stockholders of the re-
spective companies for which they are appointed, or
elected; and the president and directors of the said Ches-
apeake and Ohio Canal Company shall so regulate the tolls
of said company, from time to time, as to produce the
largest amount of revenue, and to avoid the injurious
effects Lo said company of rival competitors by other in-
ternal improvement companies. They shall require the
directors of all said public works to guard the public in-
terest, and prevent the establishment of tolls which shall
discriminate against the interest of the citizens or prod-
ucts of this State, and from time to time, and as often as
there shall be any change in the rates of toll on any of
the said works, to furnish the said Board of Public Works
a schedule of such modified rates of toll, and so adjust
them as to promote the agricultural interests of the State;
they shall report to the General Assembly at each regu-
lar session, and recommend such legislation as they may
deem necessary and requisite to promote or protect the
interests of the State in the said public works; they shall
perform such other duties as may be hereafter prescribed
by law; and a majority of them shall be competent to
act. The Governor, Comptroller and Treasurer, shall re-
ceive no additional salary for services rendered by them
as members of the Board of Public Works. The provisions
of the Act of the General Assembly of Maryland, of the
year 1867, Chapter 359, are hereby declared null and void.
SEC. 3. The Board of Public Works is hereby author-
ized to exchange the State's interest, as Stockholder and
Creditor in the Baltimore and Ohio Railroad Company
for an equal amount of the bonds, or registered debt now
owing by the State, to the extent only of all the preferred
stock of the State, on which the State is entitled to only
six per cent interest, provided, such exchange shall not
be made at less than par, nor less than the amrket value
of said stock; and the said Board is authorized, subject
to such regulations and conditions as the General Assem-
bly may, from time to tune, prescribe, to sell the State's
interest in the other Works of Internal Improvement,
whether as a Stockholder or a Creditor, and also the
State's interest in any banking corporation, receiving in
payment the bonds and registered debt now owing by the
588


 
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Proceedings and Debates of the 1867 Constitutional Convention
Volume 74, Volume 1, Debates 588   View pdf image (33K)
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