WILLIAM T. HAMILTON, ESQUIRE, GOVERNOR. 709
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and put in execution, such by-laws, ordinances and
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regulations as shall seem necessary for the govern-
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ment and management of said corporation, and to
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alter and repeal the same at pleasure ; and shall
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have and exercise all the rights, powers and priv-
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ileges which corporate bodies may lawfully possess,
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for the purposes mentioned in this act.
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SEC. 2. Be it further enacted, That the capital
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stock of said corporation shall be sixteen million
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dollars, to be divided into shares of one hundred
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Capital stock.
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dollars each, which said capital stock shall be per-
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sonal property, and shall be transferable in such
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manner as the by-laws of said corporation may pre-
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scribe; and the said corporation, whenever it shall
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seem to the directors thereof necessary or expedient
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for the purpose contemplated by this act, shall have
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power also to issue and sell, on the best terms that
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can be obtained for the same, the bonds of said com-
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Sell bonds
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pany, in such sums as may be convenient, payable
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after such a number of years as may be deemed
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proper, and bearing in the meantime interest at the
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rate of six per centum per annum, provided that the
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gross amount of said bonds so issued by said com-
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pany shall not exceed the sum of fifteen million
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dollars; and for the purpose of securing the pay-
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ment of the principal and interest of said bonds, the
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said company may execute and deliver a mortgage
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or mortgages of the said canal, and of all other estate
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that may belong to it, or may convey the same by
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deed to such truestees as may be appointed,, upon
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such trusts as may be reasonably advised or devised,
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for said purpose of securing the payment of princi-
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pal and interest of said bonds.
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SEC. 3. And be it enacted, That the said J. W.
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Garrett, Enoch Pratt, Robert T. Baldwin, Gilmore
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Meredith, I. M. Parr, Henry G. Davis, Henry Love-
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Commission-
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ridge, Lloyd Lowndes, James A. L. McCliure, Charles
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ers.
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F. Mayer, William H. Smith, Charles H. Gibson,
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Dr I. L. Adkins, A. S. Abell, James Ponder and
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Edward L. Martin shall be and they are hereby
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constituted commissioners to receive subscriptions to
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said capital stock, and shall designate the time and
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places of which said subscriptions shall be taken by
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giving one week's notice thereof in one or more
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