LAWS OF MARYLAND.

83

the Western section of the canal shall be completed; after which if
such surplus shall still arise the same shall he divided among all the
stockholders without discrimination, in proportion to their respective
shares until the annual dividend thereon shall have reached fifteen per
cent, beyond which it shall never extend. But should the nett reven-
ue of the company exceed that amount for any two years in succes-
sion, then such excess shall be applied by the President and Direc-
tors in such mode as shall be agreed on by a majority of the stock-
holders convened in general meeting, first to the strengthening and
improving the works of the canal of every description requiring the
same, nest to the accommodation here not already provided of the
inhabitants of the shores of the River Potomac and of the country
drained by the tributary streams thereof now navigable, or which may
hereafter become so, by affording to them in the best practicable mode
safe and easy access to the canal from the surface of the main River
and of the said streams emptying therein, and last of all to the erec-
tion of such walls of stone or other materials along the water margin
of the canal as shall fit the same for the navigation of steam boats of
a size adapted to the said canal, and should the said tolls continue,
after all such improvements have been completed, to nett more than
fifteen per cent per annum to the stockholders for any two years in
succession, the tolls upon the same shall be reduced by the President
and Directors according to some just and equitable ratio, till the said
dividend shall fall to fifteen per cent per annum: provided, that should
the said dividend thereafter sink below fifteen per cent the said tolls
or part thereof may be renewed till the said nett dividend again rea-
ches that amount. And for any or all of the within mentioned pur-
poses the said President and Directors are empowered to borrow in
behalf of the company on the credit of such excess of tolls such sum,
or sums of money as they may deem expedient, at such rate of inter-
est and with such delay of payment as they may stipulate, with the
previous consent of a majority of the stockholders in general meeting
convened.

Dec. Ses. 1823

12. And be it enacted, That it shall be the duty of the President and
Directors of the Chesapeake and Ohio Canal Company so long as
there shall be and remain any creditor of the Potomac Company, who
shall not have vested his demand against the same in the stock of the
Chesapeake and Ohio Canal Company, to pay such creditor or credi-
tors annually such dividend or proportion of the nett amount of the re-
venues of the Potomac Company, on an average of the last five, years
preceeding the organization of the said proposed company, as the de-
mand of the said creditor or creditors, at this time may bear to the whole
debt of one hundred anil seventy-five thousand eight hundred dollars.

Dividend to
stockholders
of Potomac
Company.

13. And be it enacted, That whenever the Potomac Company shall
have declared its assent to the provisions of this act, in the manner
herein before provided, it shall be lawful for the said company to sur-
render its charter and convey in due form of law, to the Chesapeake
and Ohio Canal Company hereby incorporated, all the property, rights
and privileges, by them owned, possessed and enjoyed under the
same, and thereupon it shall be lawful to and for the said company
hereby proposed to be created, to accept such surrender and transfer,
and to hold, possess, use and occupy, all the said property, rights and
privileges, in the same manner, and to the same effect, as the said Po-
tomac Company now hold, possess and occupy the same by law; and
thereupon the charter of the said Potomac Company shall be, and the
same is hereby vacated and annulled, and all the rights and powers

Old charter
may be sur-
rendered and
property
transfered;
responsibility