60

SAMUEL STEVENS, Jr. ESQUIRE, GOVERNOR.

Dec. Ses. 1824

* to strengthening and improving the works of the canal of every,
description requiring the some, next to the accommodation, where
not already provided, of the inhabitants of the shores of the river
Potowmac, and of the country drained by the tributary streams
thereof, now navigable, or which may hereafter become so, by af-
fording to them in the best practicable mode, a 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 erection 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 pre-
sident 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 a part thereof may be renewed, till the said nett
dividend reaches that amount: and for any, or all of the within

Loan author-
ized.

mentioned purposes, the said president and directors are empow-
ered 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 interest, and with such delay of payment
as they may stipulate, with the previous consent of a majority of
the stockholders in general meeting convened.

Dividend to
creditors of
Potowmac
company.

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 Potowmac compa-
ny, who shall not have vested his demand against the same in the
stock of the Chesapeake and Ohio canal company, to pay such cre-
ditor or creditors annually, such dividend or proposition of the nett
amount of the revenues of the Potowmac company, on an average
of the last five years preceding the organization of the said pro-
posed company, as the demand of the said creditor or creditors at
this time, may bear to the whole debt of one hundred and seventy
five thousand eight hundred dollars.

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

13. And be it enacted, That whenever the Potowmac 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 com-
pany to surrender 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 en-
joyed 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 Potowmac company now hold, possess and.
occupy the same by law; and thereupon the charter of the said Po-
towmac company shall be, and the same is hereby vacated and an-
nulled; and all the rights and powers thereby granted to the Po-
towmac company shall be vested in the company hereby incorpora-
ted; and it shall be the duty of the said last mentioned company,
until every section of the contemplated canal shell be completed,