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WHEREAS, the Susquehanna Canal and the Tide
Water Canal, constitute one continuous work through
the territories of Pennsylvania and Maryland, and are
owned and governed by the same corporations; And
whereas, the Legislature of Pennsylvania, at its pre-
sent session, has passed a law, relating to said compa-
nies in the following words to wit: Whereas, the Sus-
quehanna Canal Company, by reason of the excess
of the actual, over the estimated, cost of their Canal,
were obliged to contract debts to a large amount for the
completion of that work, which indebtedness exists in
various forms secured by different mortgages in differ-
ent degrees of priority, but the larger part of it being
unpreferred and comprehended only in a general deed
of trust for the benefit of creditors, executed by the
said company on the twenty-third day of December,
one thousand eight hundred and forty-one; And where-
as, a large amount of arrear interest has accrued upon
the said unpreferred debt which renders it impracticable
to give to the said debt, in the hands of the holders
thereof, the same value and availability which it
would derive from the conversion of the said arrear in
terest into capital stock, and a remodelling of the affairs
of the said company, so that the holders of said debt
shall receive new bonds for the principal of said debt,
bearing interest payable semi-annually; And whereas,
the condition of prosperity of said company is now such,
that such a measure may be proposed, which, it is un-
derstood, is very generally desired by all parlies interest-
ed therein, Therefore,
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Preamble.
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SECTION 1. Be it enacted by the Senate and House
of Representatives , of the, Commonwealth of Penn-
sylvania, and it is hereby enacted by the authority of
the same, That whenever two-thirds, in value, of the
creditors of the said company, upon whose debts arrear
interest may be due, shall have signified their assent to
arrangement proposed to be made by means of this act,
it shall and may be lawful for the said company to issue
new stock of the said company, to an amount equal to
the indebtedness of the said company, for arrear interest
to the first day of January, one thousand eight hundred
and fifty-four, or any earlier period, if the company
should deem it expedient, and also for the arrear interest
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Company
may issue new
stock whene-
ver two-thirds
of creditors
have signified
assent to ar-
rangement.
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