WILLIAM GRASON, ESQUIRE, GOVERNOR.

1838.

of this act, until the clear profits of the said canal shall
be more than sufficient to discharge the sums of money
which it shall be liable annually to pay to the State of
Maryland, and shall be adequate to a dividend of six
per centum per annum among its stockholders, except
the holders of stock subscriber in virtue of the stock
and debt of the Potomac company, and thereafter the
State shall in reference to the stock subscribed for on
its behalf, be entitled to have and receive a proportion
al dividend upon the profits of the work as declared
from time to time, and no more.

CHAP. 396.

Till full payment is

made to.

The State shall be

adequate.

Dividend to stock-

holders.

Except Potomac

company.

Sec. 5. And be it enacted, That so soon as the con-
ditions heretofore recited, are fully complied with on
the part of the Chesapeake and Ohio canal company,
the treasurer of the Western Shore, be, and he is
hereby authorised and required to subscribe for thir-
teen thousand seven hundred and fifty shares to the
capital stock of the Chesapeake and Ohio Canal Com-
pany.

Subscription for

13, 750 shares di-

rected.

Sec. 6. And be it enacted, That the Commissioner of
Loans, be, and he is hereby authorised and required,
in full payment of said subscription on the part of the
State, to issue to said company, one million three hun-
dred and seventy-five thousand dollars, in sterling
bonds or certificates of stock, at the option of said
company, to be redeemable in London at pleasure of
the State, at any time after the expiration of fifty years
from the date thereof, and to bear an interest at the
rate of five per centum per annum, payable semi-an-
nually in London, on the first day of January and July,
in each and every year.

Certificates in
sterling bonds,
payable in London
to issue for

$1, 375, 000.

Sec. 7. And be it enacted, That the commissioner of
loans shall not issue of the amount of bonds authorized
by this act, for the Chesapeake and Ohio Canal com-
pany, more than that amount within the present year,

Restriction.

and further, that said company shall by lien on its pro-
perty and revenues, secure to be paid to the said trea-
surer of the Western Shore, the interest at the rate of
five per centum per annum, on the stock created by this
act, semi-annually, at least ninety days before the first
day of January and July in every year, for the term
of three years from the date of the bonds or certificates

Lien required.

To secure payment

of interest in ad-

vance.

of said stock, together with the cost of transmitting
said interest to London, to be there paid; and also the

With cost of trans-
porting the same.