58

LAWS OF MARYLAND.

at any time after the expiration of ten years from

Rate of in-

their respective date, and shall bear interest in the

terest.

meantime at the rate of six per centum per annum,

in equal half yearly instalments on the first days of

January and July in each and every year, according

to the tenor of the coupons for said interest to be

attached to the said bonds, and the said bonds shall

express upon their face that the same are issued

under the provisions of this act, and without any

preference or priority over each other, are preferred

and are absolute liens on the revenues, tolls and

property of the said Chesapeake and Ohio Canal

Company, to be paid and discharged in preference

to any other claims or liens upon the said Chesa-

peake and Ohio Canal Company or its works or

property, and in preference to any bonds which may
be subsequently issued by the said Chesapeake and

Ohio Canal Company for the pupose of putting and

Keep in

keeping the said canal and its works in good condi-

good condi-

tion and repair, for the payment of the current ex-

tion and le-
pair.

penses of the said canal, and for the providing of

such supply of water as may be necessary to make

the said canal effective as a means of transportation ;

and the President and Directors of the said Chesa-

peake and Ohio Canal Company shall have power

Sell and dis-

to sell and dispose of so many of said bonds as may

pose of bonds

be necessary on such terms as to them may seem

proper, and to apply the proceeds thereof to the

putting and keeping of the said canal and its works

in good condition and repair, to the payment of the

current expenses of the said canal, and to the pro-

viding of such supply of water as may be necessary

to make the said canal effective as a means of trans-

portation, and to no other use or purpose whatsoever.

SEC. 2. And be it enacted, That the said Chesa-

peake and Ohio Canal Company be and is hereby

Secure pay-
ment of prin-

authorized to secure the payment of the principal
and interest of the said bonds to the amount of five

cipal and in-

hundred thousand dollars, authorized to be issued

terest.

by this act as aforesaid, by the mortgage of the tolls

and revenues and other property, land, water rights

and franchises of the said Chesapeake and Ohio

Canal Company, which said mortgage shall be exe-

cuted to George S. Brown, James Sloan, Jr., and

Lloyd Lowndes, Jr., and the survivors and survivor