JOHN LEE CARROLL, ESQUIRE, GOVERNOR

59

of them as trustees, for the holders of the said bonds,

with power to them or a majority of them, or of

their successors or a majority of them, in case of a

default in the payment of three successive coupons
upon said bonds, to proceed upon the application to
them in writing of the holders of a majority in
amount of the bonds issued and then outstanding,

secured by said mortgage, to be obtained from any

Court of Equity in the State of Maryland having

jurisdiction by regular proceedings, according to the

course of Courts of Equity in this State, a decree

Decree for

for the sale of the said canal and other mortgaged

Bale.

property and franchises, and for the appointment of

a receiver, or both, as may be found necessary, to

the end that the security hereby authorized for the

payment of the said bonds and coupons may be

full, ample and effectual; provided, however, that

unless and until there shall be such default in the

payment of three successive coupons outstanding at

one time, or of the principal of the bonds them-

selves at their maturity, and unless and until the

holders of a majority in amount of said bonds issued

and then outstanding shall in writing request pro-

ceedings for the enforcement of the said mortgage

to be taken, it shall not be competent for the said

trustees or their successors, or for the said bondhold-

ers themselves, or any of them, to institute or cause

to be instituted any proceedings at law or in equity,

Not institute

or to proceed to sell any part of the said mortgaged

any proceed-

property, or to apply for the appointment of a

ings.

receiver, it being the intent and meaning of this

act not to make the said canal and its property so

to be mortgaged to be liable to be sold or taken from

the management of the President and Directors,

unless upon the failure of said company to pay at

least three successive coupons on said bonds, or the

said bonds themselves, and not even then unless

upon the application of the holders of at least a

majority in amount of said bonds issued and then

outstanding. And it shall be the duty of the said

trustees, upon the execution of the said mortgage,

to cause the same to be forthwith recorded in the

Record in

proper office for the recording of deeds of the cities

proper office.

and counties in the states of Maryland, West Vir-

ginia and Virginia and in the District of Columbia,