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Session Laws, 1840
Volume 592, Page 348   View pdf image
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pay to the Treasurer for the Western Shore of Maryland,
the tolls and profits of the said canal, as directed by the
third section of this act, semi annually on the first Tuesday
of March and the first Tuesday of September, in each and
every year, after the canal shall have reached Cumberland.

CHAP. 30.

SEC. 6. And be it enacted, That the said sums so to be
paid by the Treasurer of the Western Shore, under the
provisions of this act, to the said Chesapeake and Ohio Ca-
nal Company, and for the redemption of the certificates
authorised to be issued by this act, shall be considered,
held and taken as a loan to the said company, and the said
company shall issue and deliver to the said treasurer, pro-
per acknowledgments in form, to be approved by him, of
the payment of said money; which said acknowledgments
shall constitute a -lieu on all the property, and effects of
said company, and upon its tolls and profits; and it shall be
the right and privilege of the said State, whenever in the
opinion of the Legislature, it may be expedient and proper
so to do, to convert the said loan into the capital stock of
the said company at par, in respect of which the said State
shall be a preferred stockholder, in the same way and to
the same extent, as is provided by the act of eighteen
hundred and thirty-five, chapter three hundred and ninety-

Payment to be
taken as a loan.

ment required.

Loan may be
converted into
capital stock.

SEC: 7. And be it enacted, That the maximum rate of
tolls on the said Chesapeake and Ohio Canal shall, from and
after the first clay of January, eighteen hundred and forty-
four, except upon the article of coal, be raised to double
the amount now authorised to be charged by the charter;
provided, the Congress of the United States, and the Legisla-
ture of Virginia, shall assent to the same; and the Governor
of the State is hereby required to cause a copy of this act
to be submitted to Congress and the Legislature of Virgi-
nia, at their next ensuing sessions after the passage of this
act, together with such representations in favor of its adop-
tion, as to him may seem reasonable and proper.

Rate of tolls.


SEC. 8. And be it enacted, That before this act shall have
any effect whatsoever, it shall be the duty of the presides
and directors of the said Chesapeake and Ohio Canal Com-
pany, to contract for the completion of the canal to Cum-
berland, at a sum not exceeding the amount herein before
authorised and directed, to be borrowed; and to secure the
faithful performance of said contract, the said president
and directors are hereby required to take good and suffici-
ent security from the contractor or contractors, to be ap-
proved by the Treasurer of the Western Shore, that the

Contract to be
made for the
completion of
the canal, &c.

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Session Laws, 1840
Volume 592, Page 348   View pdf image
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