THOMAS W .VEAZEY, ESQUIRE, GOVERNOR.

1835.

said purpose the said judgment shall remain as a secu-

CHAP. 379.

rity for such new loan holders if the said company

shall so contract with them, and in such case it shall

Transfer required

be the duty of the said John Randlel, Jr., to execute

such transfer, and agree to such entries upon the said

record, and of the said clerk to make such entries as

may be necessary and proper to effectuate this. purpose.

SEC. 10. And be it enacted, That the said Chesa-

Company may ne-gotiate a loan

peake and Delaware Canal Company shall have right

and power to borrow, from time to time, all such fur-

ther sums of money as may he deemed necessary by

the directors, and be agreed to by a majority in inte-

rest of stockholders and loanholders assembled or re-

presented at meetings duly called for that purpose, in

order to accomplish any of the objects of this act with-

out, affecting the priority of said Randel's funded debt,

upon such terms as may be agreed upon by the lenders

and the said company, and to issue certificates for such

Issue certificates

new loans, which shall bear interest, be transferrable,

convertable and redeemable, or otherwise, according

to the contract between the parties: Provided neverthe-

Restrictions

less, that no power granted by this act shall be con-

strued to grant banking privileges, and it is hereby

declared not to be intended to authorise such enlarge-

ment of the said canal as will make it capable of ship

navigation, and this Legislature hereby restricts and

inhibits the company from so enlarging said canal.

SEC. 11. And be it enacted, That in all elections to

Votes raced

be held for president and directors of said company,

after the sixth day of June in this present year, and at

all meetings of stockholders to he called upon the

business of the company, the holders of any certificates

of debt herein provided for, and of any to be created

by virtue of future loans, shall he entitled to partici-

pate and to vote in person or by proxy, and in voting

shall have the same right and privileges as the stock-

holders, and in estimating the number of votes which

any holder of a certificate shall he entitled to give,

every two hundred dollars of the amount held by such

person shall be taken and estimated as equal to one

share of the stock; Provided always, that no person

shall be entitled to vote upon any certificate which such