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Dec. Ses. 1817
Court to lay
accounts be-
fore the gene-
ral assembly.
Privilege
granted gene-
ral assembly to
pay for roads,
&c.
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said road or roads shall be completed, and until all the costs, char-
ges, and expense of effecting the same, shall be fully paid and dis-
charged; and the aggregate amount of such expenses shall be li-
quidated and ascertained, and if upon such liquidation, or when the
capital stock of the said company shall he nearly expended, it shall
be found that either of the said capital stocks will he insufficient to
complete that respective road, according to the true intent and mean-
ing of this act, it shall and may be lawful for the said president,
managers and company, at. a stated or special meeting to he con-
vened according to the provisions of this act, or their own by-laws,
to increase their number of shares to such an extent as shall be
deemed sufficient to accomplish the. work, and to receive subscrip-
tions on original terms, and demand the money subscribed for such
shares in like, manner, and under like penalties, as are herein before
provided for the original subscriptions, or as shall be provided by
their by-laws.
25. And be it enacted, That the court of inspection aforesaid
shall at the end of every third year from the date of these corpo-
rations, until two years next after the whole or either of the said
roads shall be completed, lay before the general assembly an ab-
stract of the accounts of the said corporation, on the oath or affir-
mation of the persons entrusted by the companies respectively
with keeping of the said accounts, shewing the whole of the
amount of their capital expended in the prosecution of the said
works, and of the income and profits arising from the said tolls,
for and during the said respective periods, together with an exact
account of the costs and charges of keeping the said roads in re-
pair, and all other contingent costs and charges, so that the clear
annual income and profits thereof may be ascertained and known;
and if at the end of two years after either of the said roads shall
be completed from the beginning to the end thereof, it shall appear
from the average profits of the said two years, that the clear in-
come and profits will not bear a dividend of ten per centum per
annum on the capital stock of the said company so expended, then
it shall and may be lawful to and for the said president, managers
and company, to increase the tolls herein before allowed, so much
upon each and every allowance thereof, as will raise the divi-
dends up to ten per centum; and at the end of the three years
thereafter the said companies shall on the oath or affirmation of
the persons respectively employed to keep the accounts of the said
companies, render such like statements to the general assembly:
and if at the end of any such triennial period there shall be a sur-
plus of tolls over and above satisfying the aforesaid ten per cen-
tum, upon all or either of the said roads, the said court of inspec-
tion shall have power, and is hereby authorised to receive such
surplus, and to employ the same in purchasing out the stock of the
said roads respectively.
26. And he it enacted, That the general assembly of Maryland
may at any period after all or either of the said roads shall have
been completed, one year's notice being given to the stockholders,
pay all or cither of the said companies the amount of the costs of
the said road or roads, with such an interest thereon as shall make
it equal with the tolls received to ten per centum from the invest-
ments of their monies, and that thenceforwards the tolls shall be
subject to the regulation of the legislature.
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