142 JOURNAL OF PROCEEDINGS [Feb. 1.

tolls and revenues and other property, land, water, rights
and franchises of the said Chesapeake and Ohio Canal Com-
pany, which said mortgage shall be executed to

and the survivors and survivor 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 ma-
jority of them, in case of a default in the payment of three
successive coupons upon said bonds, to proceed upon the ap-
plication to them in writing of the holders of a majority in
amount of the bonds secured by said mortgage to obtain from
any court of competent jurisdiction in the State of Maryland
regular proceedings according to the cause of Courts of Equity
in this State a decree for the sale of the said canal and other
mortgaged 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 out-
standing at one time, or of the principal of the bonds
themselves at their maturity, and unless and until the
holders of a majority in amount of said bonds shall in
writing, request proceedings 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 bond-
holders themselves, or any of them, to institute, or cause to
be instituted such proceedings, or to proceed to sell any part
of the said mortgaged property, or to apply for the appoint-
ment of a 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 man-
agement of the President and Directors, unless thereupon
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 of said bonds, 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 proper
office for the recording of deeds of the cities and counties in
the States of Maryland, West Virginia and Virginia, and in
the District of Columbia, in which any property of the said
Chesapeake and Ohio Canal Company may be permanently
located.

SEC. 3. And be it enacted, That the said bonds hereinbefore
authorized to be issued by the said Chesapeake and Ohio Canal
Company, for the purposes expressed in this Act, and the
mortgage which the said Chesapeake and Ohio Canal Company