| CHARLES RIDGELY, OF HAMPTON, ESQ. GOVERNOR.
the said sale, in order that the property may be resold for the purpose
of raising the sum due to the Bank of Maryland, and paying
other debts of the corporation; therefore, |
1817.
CHAP. 150. |
1. BE IT ENACTED, by the General Assembly
of Maryland, That
the governor and directors of the Susquehanna Canal be and they
are hereby authorised, with the consent of the holders of the greater
part of the stock, to sell and dispose of the whole real and personal
estate of said corporation, together with their right and property
of in and to said canal, locks, and all the appendages thereof,
with the right of toll thereon, for the best price that can be obtained
for the same; and the same and every part thereof, when sold,
to convey and transfer, by good and sufficient deeds, to the purchaser
or purchasers, to be recorded among the land records of Cecil county
court as other deeds are required to be recorded, and that the
proceeds of the said sale shall be applied to the discharge of the
debts that may be due from the said corporation, otherwise than
for advances heretofore made to it by stockholders, which by any
resolution or act of said corporation have been added to the stock
and shares of such stockholders, or their representatives, as augmentation
of stock; and such part of the said proceeds as may remain
after discharging the debts, hereby directed to be discharged,
shall be divided among all the stockholders of the said corporation,
in proportion to their respective interests in the stock. |
Real and personal
estate of corporation
may be sold. |
2. AND BE IT ENACTED, That the sale hereby
authorised shall
be made at Port-Deposit in Cecil county, and that three months notice
thereof shall be given in some one or more public newspapers,
in each of the following places, to wit: Philadelphia, Lancaster
and Harrisburg, in the state of Pennsylvania, and Baltimore, Frederick-town,
and Easton, in this state; which notice shall be continued
until the time of sale, twice a week in those of the said places
where there shall be a newspaper published so often, and once a
week in others. |
Sale to be made
at Port Deposit. |
3. AND BE IT ENACTED, That the deed from the
said corporation
to the purchasers at the said sale, shall name particularly all the
purchasers, and shall specify their respective portions of interest
in the property, and that the said purchasers shall hold as tenants in
common
for their several portions as aforesaid. |
Deed to name all
the purchasers. |
4. AND BE IT ENACTED, That all the powers,
privileges and communities,
now enjoyed by the proprietors of the Susquehanna Canal,
shall be transferred to, and vested in, the purchasers aforesaid,
who shall become a body corporate, by the same name, and with
all the powers, privileges, rights and interests, of the present proprietors
of the Susquehanna Canal aforesaid, and that the said
canal, with all the appertenances thereunto in any manner belonging,
and all the estate real and personal, sold and conveyed as
aforesaid, shall be and hereby are vested in the said new corporation,
and their successors, to be held as the property and estate of
the said corporation. |
Privileges, &c.
transferred to purchasers. |
5. AND BE IT ENACTED, That the stock and shares
of the new
corporation hereby erected, shall be personal property in the stockholders
respectively, and shall be transferrable on the books of the
said corporation in such manner as the said company, by its resolution
or by-law, shall from time to time direct and appoint. |
Stock to be personal
property. |
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