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CHAPTER 286.
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CHAP. 286.
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Passed April 1,1836
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A further supplement to an act, entitled, an act to in-
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corporate a company for the purpose of cutting and
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making a Canal, between the river Delaware und the
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Chesapeake Bay.
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Preamble
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WHEREAS, an application hath been made to the
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General Assembly of Maryland, by the Chesapeake
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and Delaware Company, for power to cause the exist-
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ing debts of the company to be funded and converted
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into capital stock of the said company, in the mariner
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hereinafter provided, and for other purposes; And
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whereas, the said application doth appear to be reason-
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able and proper to be granted: — Therefore,
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Fund the debts
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SECTION 1. Be it enacted by the General Assembly of
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Maryland, That the President and Directors of the
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Chesapeake and Delaware Canal Company, be and
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they are hereby authorised to fund the debts now due
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from the said company to those creditors whose debts
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are now secured, either by judgment or mortgage, by
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issuing to them and each of them certificates of debt,
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bearing interest at six per cent per annum, payable
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semi-annually on the first day of July and January in
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every year, redeemable at a period not exceeding
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twenty years from the passage of this act, and con-
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vertible, except as is hereinafter excepted, into capital
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stock of said company at any time before the expira-
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tion of the said twenty years at par, at the will of the
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Proviso
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holder of said certificate; Pro-vided however, that the
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said canal company shall be, and they are hereby au-
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thorised to redeem at par the debt secured to John
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Randel, junior, under the provisions of this act, at any
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time wiihin five years from the twenty-sixth day of
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March in the present year, eighteen hundred and thirty
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six, and that within said five years the said Randel,
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nor his assigns, shall not be authorised under this act
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to convert the said debt or any part thereof unto the
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capital stock of said company, without the assent of said
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company.
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Certificate to be evidence
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SEC. 2. And be it enacted, That every certificate of
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loan so issued shall be evidence as against the said
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