|
|
ternal Improvement, wheth-
er as a stockholder or a
creditor, and also the State's
interest in any banking cor-
poration, receiving in pay-
ment the bonds and regis-
tered debt now owing to the
State, equal in amount as
to the price obtained for the
State's said interest.
|
istered 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 con-
ditions as the General As-
sembly may from time to
time prescribe, to sell the
State's interest in the other
Works of Internal Improve-
ment, whether as a Stock-
holder or a Creditor, and
also the State's interest in
any banking corporation, re-
ceiving in payment the
bonds and registered debt
now owing by the State,
equal in amount to the
price obtained for the
State's said interest; pro-
vided, that the interest of
the State in the Washington
Branch of the Baltimore and
Ohio Railroad be reserved
and excepted from sale; and
provided further, that no
sale or contract of sale of
the State's interest in the
Chesapeake and Ohio Canal,
the Chesapeake and Dela-
ware Canal, and the Sus-
quehanna and Tide-water
Canal Companies shall go
into effect until the same
shall be ratified by the en-
suing General Assembly.
|
of Annapolis on the first
Wednesday in January,
April, July and October in
each year, and oftener if
necessary, at which sessions
they shall hear and deter-
mine such matters as affect
the Public Works of the
State, and as the General
Assembly may confer upon
them the power to decide.
Sec. 2. They shall exer-
cise a diligent and faithful
supervision of all Public
Works in which the State
may be interested as stock-
holder or creditor, and shall
appoint the Directors in
every Rail Road or Canal
Company in which the
State has the legal power to
appoint Directors, which
said Directors shall repre-
sent the State in all meet-
ings of the stockholders of
every Rail Road or Canal
Company in which the State
is a stockholder; they shall
require the Directors of all
said Public Works from
time to time, and as often
as there shall be any change
in the rates of toll on any
of said works, to furnish said
Board of Public Works a
schedule of such modified
rates of toll, and shall use
all legal powers which they
may possess to obtain the
establishment of rates of toll
which may prevent an in-
jurious competition with
each other to the detriment
of the interests of the State, '
and so to adjust them as to
promote the agricultural in-
terests of the State; they
shall report to the General
Assembly at each regular
session, and recommend
such legislation as they shall
deem necessary and requi-
site to promote or protect
|
Public Works," and who
shall exercise a diligent and
faithful supervision of all
Public Works, in which the
State may be interested as
stockholder or creditor, and
shall represent the State in
all meetings of the Stock-
holders, and shall appoint
the Directors in every Rail
Road or Canal Company, in
which the State has the con-
stitutional power to appoint
Directors. It shall also be
the duty of the Commission-
ers of Public Works to re-
view, from time to time,
the rate of tolls adopted by
any company; use all legal
powers which they may pos-
sess to obtain the establish-
ment of rates of tolls, which
may prevent an injurious
competition with each other,
to the detriment of the in-
terests of the State; and so
to adjust them as to pro-
mote the agriculture of the
State. It shall also be the
duty of the said Commis-
sioners of Public Works to
keep a journal of their pro-
ceedings; and at each reg-
ular session of the Legis-
lature to make to it a re-
port, and to recommend
such legislation as they shall
deem necessary and requi-
site to promote or protect
the interest of the State in
the Public Works; and per-
form such other duties as
may be prescribed by law.
They shall each receive such
salary as may be allowed by
law, which shall not be in-
creased or diminished dur-
ing their continuance in
office.
|
|
|
