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December session, eighteen hundred and thirty-eight,
chapter three hundred and eighty-six, if the same be is-
sued in five per centum sterling bonds; and provided fur-
ther, that nothing herein contained shall be construed to
prevent the said company from contracting to pay for the
whole or any portion of said work in the bonds of the
company secured as aforesaid, or from paying for the
same in whole or in part in said bonds, instead of bor-
rowing or raising the money thereon for that purpose, if
the party or parties contracting for or doing said work shall
agree to receive the same, and the president and direct-
ors of said company shall deem it expedient to do so;
provided however, that the said company shall not make
any contracts by which the completion of the whole work
to Cumberland shall not be properly and fully secured to
be approved of by the State's agents.
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CHAP. 281.
Provisoes.
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SEC. 2. And be it enacted, That the bonds that may be
issued by the Chesapeake and Ohio Canal Company, un-
der the aforesaid section, shall be signed by the presi-
dent of said company, sealed with its corporate seal, at-
tested by the clerk, and be approved and countersigned
by the agents representing this State in joint stock com-
panies, in which the State has an interest, or a majority
of them; and the said bonds shall be issued in sums of
not less than one hundred dollars, or one hundred pounds
sterling, as the case may be, and be made payable in not
less than thirty-five years, and bear an interest not exceed-
ing six per centum per annum, payable semi-annually on
the first day of January and the first day of July in each
year; both principal and interest to be payable at such
place or places as the president and directors of said
company may designate; and the bonds so issued as afore-
said, shall appear on the face of the same, to be preferred
liens on the revenues of said company, according to the
provisions of this act, and with the assent of the said com-
pany, as is hereinafter provided for; the said bonds with-
out any preference or priority over each other on account
of date, shall be preferred liens on the revenues and tolls
that may accrue to the said company from the entire and
every part of the canal and its works, between George-
town and Cumberland, which are hereby pledged and ap-
propriated to the payment of the same, and the interest
to accrue thereon, in the manner hereinafter mentioned;
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Bonds to to
signed by the
President.
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provided however, that this State shall in no case be bound
or held responsible for the payment of the said bonds or
of the interest thereon; and provided further, that the
president and directors of said company shall from time
to time, and at all times hereafter, have the privilege and
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Provisoes.
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