JOSEPH KENT, ESQUIRE, GOVERNOR.

1826.

sage to the same until the said tolls are paid; and that such tolls
may be charged on any part of the canal, as soon as the same
may be completed, and in proportion to the part or parts com-
pleted.

CHAP. 136.

20. And be if enacted. That nothing in this act contained,
shall be considered or construed to empower the said Pennsyl-

vania and Maryland Canal Company to impede or obstruct the
navigation of the river Susquehanna at any point

Navigation of ri-
ver not to be im-
peded

21. And be, it enacted, That the president and directors of
the company hereby incorporated, shall annually, or semi-an-
nually, declare and make such dividend as they may deem pro-
per of the nett profits arising from the tolls received, or the
other resources of said company, after deducting the necessary
current and probable contingent expenses, and that they shall
divide the same amongst the proprietors of the stock of said
company, in proportion to their respective shares; but that if
the dividend of said company should for two successive years,
exceed ten per cent per annum upon the capital stock paid in
the tolls, after deducting the average annual expenses for said
two years, the tolls shall be reduced by the company, in the
same proportion to the entire tolls, which the average excess of
the dividend for such years over ten per cent, bears to the en-
tire per centum of the dividend in relation to the capital stock
paid in tolls; and if the said tolls, then reduced, should for two
successive years fall below ten per cent, upon the stock paid
in, the tolls may be raised by the same proportions.

Dividends

22. And be it enacted, That the state of Pennsylvania be
and she is hereby authorised and permitted, to subscribe five
hundred thousand dollars, solely in order to the construction of
the northern section of the canal, and that if any such special
description shall be made by her, the same shall be considered
as a subscription solely for that purpose, and no part of the
same, or the proceeds thereof, shall be applied to the construc-
tion or repair of the southern section, or to any purpose whate-
ver except the construction or repair of the northern section,
and its works, without the express assent of the said state; and
that the tolls arising from said northern section be a pledged fund
for the payment to her of such portion of the nett profits aris-
ing from said section, as her subscription may be of the whole
cost of said section.

State of Pennsyl-
vania authorised
to subscribe in wr-
der to construct-
ion of northern
section,

23. And be it enacted, That if the states of Pennsylvania,
Maryland, and the city of Baltimore, shall each subscribe to the
stock of said canal, or to the completion of the northern section
thereof, before subscription books shall have been opened by
said commissioners to take the stock of said company, then the
power of the commissioners, to take such stock, under this act,
shall cease, and the said states and the city shall, by virtue of
such subscriptions, constitute the Pennsylvania and Maryland
Canal Company, and as such shall have, possess, and may exer-
cise, all the rights, powers and privileges, hereby conferred upon
said company, and shall discharge all the duties devolved upon
it in order to the construction of said canal; and the proprietor!
of the Susquehanna Canal Company may also become joint stock-
holders in said company, by making their election tinder the

In the event of
certain subscripti-
ons power of com-
missioners to
cease, &c