1835.

LAWS OF MARYLAND.

CHAP. 379

wheresoever, of the said company now or hereafter

made, created or entered into, and interest at the rate

of six per cent per annum, shall be payable and paid

semi-annually as hereinbefore provided for, upon the

To express prefer-

said sum, and every part thereof so funded for the

ence

benefit of the said John Randel, junior, in whosoever

hands it may be, in preference to all other creditors

whatsoever, and at the expiration of the said term of

five years the whole of the debt due to the said John

Randel, junior, or any holder of any portion thereof,

shall be paid in preference to any other creditor or

creditors whatsoever as aforesaid, and if not then re-

deemed, then no other debts the funding of which is

hereby intended to be provided for, and no other loan

to be raised or created under this act, shall be redeem-

ed in whole or in part until the whole of the said fund-

ed debt of the said John Randel, junior, be first paid

and redeemed, and if to the said company it shall seem

good to redeem the said debt as hereinbefore provided

for, by or through any other person or persons, they

shall have the power, and it shall he lawful for them

to create and give to such other person or persons, a

certificate or certificates of stock for such amount as

they may agree upon, to be made irredeemable as long

as thej may deem proper, and to have such priorities

find securities as are herein given to the said RandePs

funded debt, or such other as to the said parties may

Transferrable

seem best, and the holders of the redeemed certificates

shall, if required so to do, transfer them to such per-

sons as the board of directors of said company may in-

dicate.

Form of certificate

SEC. 6. And be it enacted, That the certificates to

be issued by the said Chesapeake and Delaware Canal

Company for the purposes aforesaid, shall be in such

form as may by them be deemed best, and most in ac-

cordance with usage in similar cases, but the certifi-

cate or certificates to be issued for the benefit of the

said John Randel, Junior, and all the certificates by

whomsoever holden, or which shall represent any por-

tion of that debt, shall contain upon their face, the

words entitled to priority of payment and transferra-

ble, and all the said certificates of either or any dis-