74 MARYLAND MANUAL. [ART. XII.
|
SEC. 2. They shall exercise a diligent and faithful super- |
|
Duties. |
vision of all public works in which the State may be in-
terested as stockholder or creditor, and shall represent and
vote the stock of the State of Maryland in all meetings of
the stockholders of the Chesapeake and Ohio Canal; and
shall appoint the directors in every railroad and canal com-
pany in which the State has the legal power to appoint di-
rectors, which said directors shall represent the State in all
meetings of the stockholders of the respective companies for
which they are appointed or elected. And the president and
directors of the said Chesapeake 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 effect to said company of rival competition by
other internal improvement companies. They shall require
the directors of all said public works to guard the public
interest and prevent the establishment of tolls which shall
discriminate against the interest of the citizens or products
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 pro-
mote the agricultural interests of the State; they shall re-
port to the General Assembly at each regular 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 receive 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 Mary-
land of the year 1867, Chapter 359, are hereby declared null
and void.
SEC. 3. The Board of Public Works is hereby authorized
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. in-
terest; provided, such exchange shall not be made at less
than par, nor less than the market value of said stock; and
the said board is authorized, subject to such regulations and
conditions as the General Assembly may from time to time
prescribe, to sell the State's interest in the other works of
internal improvement, whether as a stockholder or a credi-
tor, and also the State's interest in any banking corporation. |
|
 |
