INDEX.

1841

Chap.

Sec.

CHESAPEAKE AND OHIO CANAL—

&c., under its corporate seal and signature

of the President to the Governor, then it

shall be the duly of the Commissioner of

Loans to issue at such times and in such

sums, of not less than one hundred thou-

sand dollars, &c., certificates of slock or

bonds, &c., to an amount not exceeding

two million of dollars, irredeemable for thir-

ty years, and redeemable thereafter, at the

pleasure of the stockholders, at an interest

of six per cent. &, c.; no stock to be issu-

ed until it will command par, and then only

so much as shall have been actually con-

tracted to be sold,

30

1

When said certificates of stock shall have

been sold, &c., the proceeds to be paid into

the Treasury Western Shore, and the Trea-

surer shall set apart and apply the same or

so much as may be necessary for the re-

demption of certificates issued, &c. a full

statement of which to be laid before the

Treasurer by Canal company; in case of ex-

cess, the surplus to be paid to company;

treasurer not to pay to said company more

than $400, 000 in any one quarter,

"

2

The right of the State to tolls, &c.,

pledged for the security of the payment of

interest upon the money to be borrowed,

&c., after deducting what is necessary

for the repairs, &c., said company, as the

charter may make necessary, are required to

increase the tolls, etc.,

"

3

That for the payment of the principal of

the debt, &c., the annual sum of $25, 000,

to arise from tolls, are set apart, one half of

which said sum shall be paid on the first

of March, and the first of Sept., in each

year after the canal shall have reached Cum-

berland, to accumulate as a sinking fund,

"

4

The tolls, &c. to be paid by said com-

pany to the Treasurer Western Shore, se-

miannually on the first Tuesday of March,

and first Tuesday of Sept., in each year, &c.

"

5