1843

FRANCIS THOMAS, ESQUIRE, GOVERNOR.

chap 363.

upon the Tide Water Canal Company aforesaid, except the
claim mentioned in the second section of this act, and for
which the Treasurer is authorised to receive the bond of
said company, and which bond shall have priority to the
said bonds or certificates of debt authorised by the said

Proviso.

third section. Provided nevertheless, that nothing in this
act contained shall be construed or avail, to impair the liens
of this State, upon the works property and revenues of
said company, or upon the works, property and revenues
of said Susquehanna Canal Company, as between this State
and said companies or either of them, nor in any respect
whatever, except in favor of said bonds or certificates of
debt in manner aforesaid.

Bonds or cer-
tificates irre-
deemable ex-
cept with as-
sent of state.

Sec 5. And 6e it enacted, That the bonds or certificates
of debt aforesaid, shall be irredeemable, except with the
assent of this State, prior to the first day of January eigh-
teen hundred and sixty-four, and shall bear interest from
the first day of July next, at the rate of six per centum, per
annum payable semi-annually on the first day of January
and July, in each year, at the office of each company
respectively, except in respect of the bonds so authorised
to be received by said Treasurer, the interest upon which
shall be payable into the Treasury of this State, if so requi-

Proviso.

red by law. Provided nevertheless, that such bonds or cer-
tificates of debt as shall not be issued until alter the first
day of July next, shall bear interest only from the dates at
which they shall respectively be issued.

Repealed.

Sec. 6. And be it enacted, That the act entitled, an act
to authorise the Tide Water Canal Company to issue toll
notes to a limited amount, on the pledge by mortgage of its
works and property, passed at March session eighteen
hundred and forty-one, chapter forty-seven, be and the same
is hereby repealed.

As condition
to receipt by
Treasurer
companies to
issue mortga-
ges to Trea-
surer, &c.

Sec. 7. And be it enacted, As a condition precedent
to the receipt by the Treasurer of the bonds mentioned in
the first and second sections, and to the issue of any
bonds or certificates of debt, authoiised by the third sec-
tion the Susquehanna Canal Company and the Tide Wa-
ter Canal Company, shall severally execute in due form
of law, to the Treasurer aforesaid, mortgages, which
mortgages shall be approved by the attorney general of the
State, upon all their respective pioperty, works, lands,
dams, locks, realty, and appurtenannes, and hereditaments,
and upon all their respective franchises, rights and privi-
leges, and upon their respective personalty, tolls, revenues,
income and profits, charging and pledging the same as se-
curity for the payment by said companies respectively, of
the interest and principal of the respective bonds in the first
and second sections mentioned, and for payment by the