APPENDIX I.

809

1. Be it therefore enacted hy the General Assembly of this Commonwealth , Act of Virginia.That the assent of this legislature in and to the amendments to the “ Act in-

corporating the Chesapeake and Ohio Canal Company, ” as contained in theforegoing act of the General Assembly of Maryland, is hereby as fully andcompletely given, as if the said amendatory act had been passed by thispresent General Assembly .

2. This act shall be in force from the passing thereof.

ACT OF THE STATE OF MARYLAND .

A further supplement to the act , entitled “ An act for the promotion of internal March 3, 1828.

Whereas by the act, entitled “ A supplement to the act, entitled an act forthe promotion of internal Improvement,” passed at December session, eighteen land,hundred and twenty-six, chapter two hundred and twenty-one, it is, amongstother things, provided, that one of the conditions upon which the treasurer ofthe Western Shore shall be authorized to subscribe for five thousand shares inthe capital stock of the Chesapeake and Ohio Canal Company , is, that when-ever the United States shall have authorized subscriptions for not less than ten

t of Mary-

thousand shares of the capital stock of the Chesapeake and Ohio Canal Com-

pany ; and whereas it is important, with reference to the interest of the state,that the grant already made by her, to that company, should be made dependentupon such other conditions and restrictions, as will effectually secure the com-pletion of this work, if ever commenced, and the previous payment of the in-stalments upon all other subscriptions; and that some mode of payment ofthe subscription already made, should be provided, having reference to the ex-hausted condition of the treasury, in lieu of the mode of payment provided bythe terms of the original subscription : Therefore,

Sec. 1. Be it enacted by the General Assembly of Maryland, That the trea-surer of the Western Shore be authorized to subscribe the aforementioned fivethousand shares of the capital stock of the Chesapeake and Ohio Canal Com-pany , whenever the commissioners, their successors, or a majority of them,appointed on the part of this state, to aid in opening books, and taking sub-scriptions to the stock of said company, shall certify that the sum of two mil-lions five hundred thousand dollars has been subscribed by bona fide sub-scribers, with such additional securities as to them may be deemed ample, toensure the faithful compliance on the part of the subscribers of the aforesaidtwo millions five hundred thousand dollars: and provided, also, that the in-stalments thereon, similar to that required to be paid on behalf of the state, andall the previous instalments, which may have accrued thereon, shall have beenpaid, before any payment shall be demanded on account of the state’s sub-scription.

Sec. 2. And be it enacted, That the said subscription is authorized anddirected upon the condition, that the said president and directors of the saidChesapeake and Ohio Canal Company , shall certify to the said treasurer, theiragreement, under the corporate seal of said company, to accept and receive, inpayment of the instalments which may become due on any such subscription,as they may be called for, certificates of stock of the state of Maryland , at par,irredeemable for fifteen years, and bearing an interest of five per centum perannum, payable quarterly, to commence at the end of one year after the sameshall have been issued in succession, and that, upon any such subscriptionbeing made, the said Treasurer is further authorized and directed to borrow, onthe credit of the state, on the best obtainable terms, from time to time, the fundsnecessary to meet and discharge the first advance, and each successive pay-ment, whensoever and as often as any instalment on the said subscription of thestate shall be demanded, and become due, in conformity to the provisions ofthe charter of the said company; and to issue for the same, certificates of stockof the state, bearing interest at the rate of five per centum per annum, payable -quarterly : provided, that the said stock shall be redeemable at the pleasure ofthe state, at any time after fifty years from each successive issue of certificatesas aforesaid; and the premium, if any, on each and every of the said loans,shall be invested in some safe and productive stock, at the discretion of thesaid treasurer, with the advice and consent of the governor and council, for thetime being; and the interests, dividends or profits, arising from such invest-

uo uciiig , ami ni.

Vol. IV.—102

3 y 2