WILLIAM GRASON, ESQUIRE, GOVERNOR.

1838.

rates which are established and allowed by the act in-
corporating the said company.

CHAP. 396.

Sec. 11. And be it enacted, That hereafter the num-
ber of directors of said company shall be reduced to
nine, whereof two shall be appointed by the individual
stockholders, and two shall be appointed by the city
of Baltimore, and the remaining live shall be appoint-
ed by the State; provided always, that whenever the
said company shall have paid to the State of Maryland
and the City of Baltimore the debts due to the said
State and City, the State shall thenceforward appoint
but one director, the City shall appoint one, and the
individual stockholders shall appoint the remaining
seven directors.

Directors reduced

to nine, viz.

Sec. 12. And be it enacted, That the president and

directors of said company shall have power, and they
are hereby authorised to sell and dispose of any of the
property of said company, free and discharged from
all the mortgages or liens of the State and City there-
on, if they deem it for the interest of the company so
to do; provided, that a majority of the directors ap-
pointed by the State, and a majority of the directors
appointed by the City, shall approve of, and assent to

such sale or disposition.

Company authoris-

ed to sell property

free from liens.

Sec. 13. And be it further enacted, That the State
hereby reserves to itself the right at any time to con-
vert the loans heretofore made, or any portion of the
same, together with the loan hereby made, into the
stock of the said company.

CHAPTER 396.

State may convert

loan into the stock

of the company.

An act relating to the Chesapeake and Ohio Canal.

SECTION 1. Be it enacted by the General Assembly of
Maryland, That the Governor of this State, be, and he
is hereby authorised and requested to negotiate with the
Executive of the United States, for the surrender to
this State, of the stock of the Chesapeake and Ohio
Canal, belonging to the United States and the cities of

Passed April 5.
1839.

Negotiation with
U. S. and District

cities for their

stock of Canal co.

Washington, Georgetown and Alexandria, upon the
condition that this State will complete the said canal
to Cumberland, with as little delay as possible.

Condition.