CONSTITUTION — ART. XII.

Annapolis, on the first "Wednesday in January, April, July, and October, in

81

each year, and oftener, if necessary; at which sessions they shall hear and de-
termine such matters as affect the public works of the State, and as the General
Assembly may confer upon them the power to decide

Powers

SEC 2 They shall exercise a diligent and faithful supervision of all public
works in which the State may be interested as stockholder or creditor, and shall
represent, and vote the stock of the State of Maryland, in all meeting of the

Vote stock

stockholders of the Chesapeake and Ohio Canal, and shall appoint the directors
in every railroad and canal company, in which the State has the legal power
to appoint directors, which said directors shall represent the State in all meet-
ings of the stockholders of the respective companies, for which they are ap-

Appoint
directors

pointed or elected. And the president and directors of the said Chesapeake
and Ohio Canal Company shall so regulate the tolls of said company, from time
to time, as to produce the largest amount of revenue, and to avoid the injurious
effects to said company of rival competition by other internal improvement
companies They shall require the directors of all said public works to guard

Chesapeake and
Ohio Canal Co

the public interest, and prevent the establishment of tolls which shall discrimi-
nate against the interest of the citizens or products of this State, and from time
to time, and as often as there shall be any change in the rates of toll on any of

Bates of toll

the said works, to furnish the said board of public works a schedule of such
modified rates of toll, and so adjust them as to promote the agricultural inter-
ests of the State; they shall report to the General Assembly at each regular
session, and recommend such legislation as they may deem necessary and
requisite to promote or protect the interests of the State in the said public
works; they shall perform such other duties us may be hereafter prescribed by
law; and a majority of them shall be competent to act The governor, comp-
troller, and treasurer shall receive no additional salary for services rendered

Reports
1852, c 122.

by them as members of the Board of Public Works. The provisions of the Act
of the General Assembly of Maryland of the year 1867, chapter 359, are hereby
declared null and void.

Act of 1867, c
399, declared
void

SEC 3. The Board of Public Works is hereby authorized to exchange the
State's interest as stockholder and creditor in the Baltimore and Ohio Railroad
Company for an equal amount of the bonds or registered debt now owing by
the State, to the extent only of all the preferred stock of the State on which
the State is entitled to only six per cent interest, provided such exchange shall
not be made at less than par, nor less than the market value of said stock; and
the said board is authorized, subject to such regulations and conditions as the

Baltimore and
Ohio Railroad
Co, exchange of
State's interest
for bonds.

General Assembly may from time to time prescribe, to sell the State's interest
in the other works of internal improvement, whether as a stockholder or a
creditor, and also the State's interest in any banking corporation, receiving in
payment the bonds and registered debt now owing by the State, equal in amount
to the price obtained for the State's said interest, provided, that the interest

Board may sell
State's interest
in other works
Banks

of the State in the "Washington Branch of the Baltimore and Ohio Railroad
be reserved and excepted from sale; and provided further, that no sale or con-
tract of sale of the State's interest in the Chesapeake and Ohio Canal, the

Washington
branch

Chesapeake and Delaware Canal, and the Susquehanna and Tide-water Canal
Companies shall go into effect until the same shall be ratified by the ensuing
General Assembly.

Ratification by
General Assem-
bly