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Proceedings of the Senate, 1916
Volume 658, Page 1344   View pdf image (33K)
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of land on each side of said canal to be in addition to the
said canal channel proper, which said canal channel proper
shall not exceed forty (40) feet in width, at mean low water,
as hereinbefore set forth; and the said company shall have all
the rights, powers and privileges which are granted by the
General Laws of the State of Maryland applicable to a pub-
lic service corporation of the character and created for the
objects and purposes of this company, including the right and
power of condemnation.

'Sec. 4. And be it enacted, That where said canal at any
point shall cross any county road or county roads, that
a suitable bridge must be constructed by said canal company
and be approved by the County Commissioners of Dorchester
county, as to the character of the bridge or bridges to be con-
structed; and that said bridge or bridges shall be maintained
by said canal company in safe traffic condition and be open
to inspection at all times by the said County Commissioners
for Dorchester county and be kept in a condition of repair
satisfactory to said County Commissioners.

'Sec. 5. And be it enacted, That the capital stock of said
company shall consist of not more than one h'undred thousand
dollars ($100,000), to be divided into shares of fifty dollars
($50) each, which stock shall be issued to the subscribers
therefor by said company on the payment of the entire sub-
scription price therefor; and in the event that the amount of
capital stock subscribed prove insufficient to construct, com-
plete and fully equip the said canal hereinbefore mentioned,
including the acquisition, costs and ownership of the rights of
way for the canal channel proper and the forty-foot strips of
land on each side of said canal channel proper, as hereinbefore
provided for, then the directors of said company from time to
time, as the occasion and necessity therefor shall arise, may
issue in the name of said company, mortgage bonds to an
amount sufficient in the judgment of said directors to com-
plete and fully equip said canal, and secure the payment of
such bonds by mortgage of all, or any part, of the property,
rights, franchises, tolls and revenues of said company.

'Sec. 6. And be i,t enacted, That the affairs of said com-
pany shall be managed by a board of fifteen directors (one of
whom shall be elected president), who shall serve for one year
and until the election and qualifications of their successors;
the incorporators named herein shall be the directors to serve
for the first year and until the qualification of their success-
ors, and shall serve until their successors are elected and
qualify, and thereafter the directors shall be elected by a


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Proceedings of the Senate, 1916
Volume 658, Page 1344   View pdf image (33K)   << PREVIOUS  NEXT >>

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