ART. XII.] CONSTITUTION. 77
SEC. 2. They shall exercise a diligent and faithful super-
vision of all public works in which the State may he interested
as stockholder or creditor, and shall represent and vote the
stock of the State of Maryland in all meetings of the stock-
holders 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 stock-
holders of the respective companies for which they are ap-
pointed 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 improve-
ment companies. They shall require the directors of all said
public works to guard the public interest and prevent the es-
tablishment of tolls which shall discriminate against the in-
terest 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 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 ma-
jority 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 As-
sembly of Maryland 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 interest;
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 condi-
tions as the General Assembly may from time to time pre-
scribe, to sell the State's interest in the other works of inter-
nal improvement, whether as a stockholder or a creditor, and
also the State's interest in any banking corporation, receiving |
Duties. |
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