THOMAS W. VEAZEY, ESQUIRE, GOVERNOR.

1835.

cription so to be issued, shall be transferrable in whole

CHAP. 379.

or in part by the holder, in person or by attorney duly

constituted, upon the books of the said company, in

presence of its president or secretary, and upon the

surrender of the old certificates, in lieu of which new

ones to the proper amount shall be issued.

SEC. 7, And be it enacted. That any holder of a cer-

May be surrendered

tificate for any portion of the debt, so as aforesaid to

and other certfi-

cates substituted

be secured to the saitl John Randel, Junior, shall have

the right at any time within five years from the said

first day of July, eighteen hundred and thirty-six, and

while the same remains unredeemed as aforesaid, to

waive his right of priority of payment as hereinbefore

provided for, by surrendering to the said company his

said certificate of preferred debt, and taking out in

lieu thereof another certificate of the same discriptiori

with those hereinbefore provided for the other credi-

tors of the said company, whose debts are to be fund-

ed, in which case the new certificate thus to be receiv-

ed shall like the said other certificates of other credi-

tors he irredeemable within twenty years from the said

first day of July, eighteen hundred and thirty-six, and

Convertable to

shall at any time within that period be convertable in-

stock

to capital stock of the company at the will of the hold-

er; provided, that the right given by this section shall

Proviso

not exist after notice shall have been given by the com-

pany in manner hereinbefore provided for, of their de-

termniation to redeem any such certificate or portion

of said preferred debt, nor shall the certificate or cer-

tificates to which said notice shall apply, be thence-

forward transferable, until the company shall have

neglected to redeem the debt thereby secured, in pur-

suance of such notice, but if the said company shall

refuse or neglect to redeem at the appointed time, then

the transferrability of such certificate or certificates,

shall revive from the period of such refusal or neglect,

and be in full force as if no such notice had been given.

SEC. 8. And be it enacted, That all the other credi-

Other creditors en-

tors and holders of certificates herein provided for, ex

titled

cept the said John Randel, Junior, and those who may

hold the certificates of his preferred debt, shall be en-

titled to a proportional share, without any priority