1838.

LAWS OF MARYLAND.

CHAP. 396.

In case of said sur-

render.

Sec. 2. And be it enacted, That if the Governor ob-
tain the surrender to this State, of the stock belonging
to the United States and to the cities of Washington,
Alexandria and Georgetown, in the Chesapeake and
Ohio Canal, upon the condition above specified, in that
event the Governor shall be, and he is hereby authoris-

Offer of 50 per cent

to individual

stockholders for
their stock.

ed and requested to offer to the several individuals
owning stock in the said Chesapeake and Ohio Canal,
fifty per centum on the par value of their stock, paya-
ble at the loan office in the city of Baltimore, in certi-
ficates of stock, or bonds of the State, at the option of
the seller, bearing an interest at the rate of five per
centum per annum, payable quarter annually, and re-
deemable at the pleasure of the State, at any time after
fifty years from the date thereof.

In case of their ac-

cepting.

Sec. 3. And be it enacted, That if the Governor shall
obtain the said stock of the individual stockholders, as
provided for in the second section of this act, in that

Treasurer to issue

bonds or certifi-

cates of stock.

case the Treasurer of the Western Shore is hereby au-
thorised and required to issue certificates of stock, or
bonds of the State, to any amount requisite to pay for
the stock owned by individual stockholders, which
said certificates of stock or bonds of the State shall be
redeemable at the pleasure of the State, at any time
after the expiration of fifty years from the date there-

5 per cent interest.

of, and to bear an interest at the rate of five per centum
per annum, payable quarter annually at the loan office
in the city of Baltimore.

On acceptance of

this act by the

Chesapeake and O.

Canal co.

Sec. 4. And be it enacted, That so soon as the Ches-
apeake and Ohio Canal Company, in general meeting
of the stockholders thereof, shall have approved, as-
sented and agreed to the general provisions of this
act, and shall have communicated to the Treasurer of
the Western Shore of Maryland, their acceptance of
its term, under the corporate seal of said company,
and the signature of their president, and shall by the

And filing said ac-

ceptance.

And stipulation.

same instrument, to be lodged with the Treasurer of
the Western Shore, stipulate, agree and bind the said
company after three years from the date of the bonds
hereinafter authorized to be issued, to guarantee to

Of payment of 6

per cent interest.

the State of Maryland, the payment out of the profits
of the work, of six per centum per annum, payable
semi-annually, on the whole amount of money which
shall be paid to the said company, under and by virtue