INDEX

1844.

CHESAPEAKE AND OHIO CANAL—

Chap.

Sec.

to be issued not to exceed $1,700,000, if

the same be issued in 6 per cent, currency

bonds in the equivalent according to the

ratio prescribed in the act of 1838, ch. 386,

if issued in 5 percent, sterling bonds, noth-

ing to prevent said company from contract-

ing to pay for the whole or any portion of

said work in the bonds of the company,

received as aforesaid, company not to make

contracts by which the completion of the

whole of the work shall not be properly

secured to be approved of by States agents.

281

1

The bonds issued &c. to be signed by

the President, attested by clerk, counter-

signed and approved by the agents, &c.

"

2

The bonds not to be sold &c. or paid

out to contractors at less rate than par

value &c. no bonds to be issued for the

completion of, until one or more of the

incorporated companies of Allegany or

other corporation &c. shall by an instru-

ment of writing in due form be approved

by agents &c. and governor guarantee to

said company an aggregate transportation

of not less than 195,000 tons of tonnage

per year, dating from end of 6 months

from completion, &c.

"

3

The rights and liens of State waived &c.

"

4

The company to pay the interest on the

bonds &c. semi-annually, &c.

"

5

President &c. to execute deed &c. if ne-

cessary to give effect to the aforegoing pro-

visions.

"

6

The company to describe and deliver to

the Treasurer a further mortgage on the

Canal &c. as additional security for pay-

ment of loan made by State to said compa-

ny under act of 1834, ch. 241, and the in-

terest &c. mortgage to be submitted to At-

torney General, and be approved, &c.

"

7

The president &c. to transmit to the go-

vernor copy of annual report before 1st

December in each year, as long as State is

a stockholder in, &c.
41

"

8