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Virginia, and the said Chesapeake and Ohio Canal Company, shall also be obtained, in like manner, before this act goes into operation, except so far as it requires the assent of Maryland to the right to make a rail-way through the territory of that state. SECT. 3. And be it further enacted by the authority aforesaid, That, as a condition on which this act shall pass, no greater tolls shall be charged or paid on goods, commodities, and produce, entering and transported on the said Chesapeake and Ohio Canal, from such lateral canals, than are charged and paid on other goods, commodities, and produce of the same kind, transported on the said Chesapeake and Ohio Canal: And, provided, further, That the aforesaid Chesapeake and Ohio Canal Company shall extend the Chesapeake and Ohio Canal to, and terminate the same at, the city of Pittsburg. SECT. 4. And be it further enacted by the authority aforesaid, That the said Chesapeake and Ohio Canal Company shall have full power and authority to alter and change the route of the western section of the said canal, so that the same may commence at the town of Cumberland, situated near the junction of Wills' creek with the north branch of the Potomac, and be continued from thence, by the valley of Wills' creek and Castleman's river, to the Youghiogany, and from thence to the city of Pittsburg: Provided, That the United States' board of internal improvement, or a majority thereof, should deem and report that route to be the best. SECT. 5. And be it further enacted by the authority aforesaid, That, should the United States of America, subscribe to the stock of the said Chesapeake and Ohio Canal Company, the said company shall within six months after receiving the sum subscribed, commence the western section of said canal, at such point or points as may be deemed most advantageous to the interests of the said company, and it shall be their duty to apportion at least one half of the subscription of the United States to the western section of the said canal. And whatever amount of stock may be subscribed by the citizens of Pennsylvania, shall be expended wholly on the western section, unless authority is given to the said company, by the Pennsylvania subscribers, to expend their subscriptions differently; and in case of failure of the said company to comply with the provisions herein set forth, this act shall cease to have any force or effect whatever. SECT. 6. And be it further enacted by the authority aforesaid, That, if the net annual dividend of said company shall, for any two years in succession, exceed the amount of fifteen per cent, such excess shall be equally applied, by the president and directors, to the accommodation of the inhabitants of the shores of the Youghiogany and Monongahela rivers, and the country drained by the tributary streams thereof, now navigable, or which may hereafter become so, in the same manner, in proportion to the distance, as is directed for the accommodation of the inhabitants of the shores of the Potomac and its tributary streams, by the 11th section of an act of the state of Virginia, entitled “An act incorporating the Ohio and Chesapeake Canal Company,” passed the twenty-seventh day of January, one thousand eight hundred and twenty-four. SECT. 7. And be it further enacted by the authority aforesaid, That it shall and may be lawful for the said Chesapeake and Ohio Canal Company, at any place within this commonwealth, on the route of the said canal, to sell or lease the use of the water contained therein, or in any embankment, dyke, pond, or other improvement connected therewith, to any individual or individuals, or private company or companies, for that purpose incorporated by the state of Pennsylvania, for mills, or any other water works, or for irrigating any lands, or for supplying bleach grounds, tan pits, or brick yards, and the profits or rents resulting therefrom, to take and receive to, and for the use and benefit of, the said corporation, in addition to the tolls and profits allowed to be taken by the act of Virginia: Provided, That the navigation of the said canal be not thereby impeded or obstructed: And provided further, That the said Chesapeake and Ohio Canal Company shall not, at any time, be, directly or indirectly, engaged or concerned in any banking, merchandising, milling, or the erecting of mills, manufacturing, or mining, or in any other business whatsoever, except such as may be neces: sary and proper for the construction of such canal and appurtenances, and the performance of the several functions of a canal company. Sect. 8. And be it further enacted by the authority aforesaid, That, as a further condition on which the assent of this state is given to the Virginia act, aforesaid, that, so far as regards the territory of Pennsylvania, whenever the said canal shall cross any public or private laid out road or highway; or shall divide the ground of any person or persons, so as to require a ford or bridge to cross the same, the jury, who shall inquire of the damages to be sustained, in manner directed by the fifteenth section of the Virginia act; shall find and ascertain whether a passage across the same shall be admitted or maintained by a ford or bridge; and, on such finding, the said Ohio and Chesapeake Canal Company shall cause a ford to be rendered practicable, or a bridge fit for the passage of carts and wagons to be built, and forever hereafter maintained and kept in repair, at all and every places so ascertained by the said jury, at the cost and charges of the said company; but nothing herein contained shall prevent any person from erecting and keeping in repair any foot or other bridge across the said canal, at his own expense; when the same shall pass through his ground: Provided, The same shall be of such height above the water, as shall be usual in the bridges erected by the company: And provided also, That such foot or other bridges, so to be erected by the owners of such lands, shall not interfere with any of the locks, buildings, or other works of the company, or with the navigation of the said canal. SECT. 9. And be it further enacted by the authority aforesaid, That the assent of the legislature of this commonwealth to the said act of the legislature of Virginia, is given and granted upon the further express conditions, that any mesne process which may be issued against the said company, may be served on any toll gatherer, director, or other officer of the company; and such service shall be held good, valid, and effectual, as a service of such process upon the said Ohio and Chesapeake Canal Company; and that said o shall annually report to the legislature of Pennsylvania the progress they may make in constructing the said canal; and also an annual abstract of their accounts, certified by the oath of the president of the said company, showing the amount of capital stock actually paid in, and the sums deposited with the treasurer for contingent and current expenses, and the profits which may have accrued, and the dividends made or declared during the preceding year.
AN ACT OF THE STATE OF VIRGINIA.
An act giving the assent of this state to an act further to amend the act incorporating the Chesapeake and Ohio Canal Company, passed by the state of Maryland. [Passed Feb.26, 1828.]
Whereas it is represented that the general assembly of the commonwealth of * hath passed, at their present session, an act entitled “An act further to amend the act incorporating the Chesapeake and Ohio Canal Company,” in the words following, to wit: “Whereas it is represented to this general assembly, that it may tend greatly to the promotion of the object of the original act incorporating the o: and Ohio Canal Company, to authorise a subscription for its stock by aliens; and doubts have arisen, whether, under said act, such stock may be held by others than citizens of the United States; and whether the stock of said company is to be regarded as real or personal property— 1. “Be it enacted by the general assembly of Maryland, That it shall and may be lawful for the commissioners for the time being, and for the president and directors of said company, whensoever the same shall be duly organised, agreeably to the provisions of the original act aforesaid, to receive subscriptions for any number of shares of the capital stock of the said company, from any alien or aliens, who are hereby declared competent to hold the same; and, if in their judgment it be necessary, to appoint an agent or agents to visit Europe for that purpose. 2. “And be it enacted, That the shares of the capital stock of the said Chesapeake and Ohio Canal Company, shall be deemed and taken to be personal estate, and as such to be liable to be assigned and transferred: Provided, That it shall not be lawful for any stockholder in said company to assign any share or shares, by him or her held, unless it be in person, or by attorney, upon the books of said company: And provided also, That no transfer or assignment shall be made, except for one or more whole share or shares, and not for any part of such share or shares; and that no share or shares shall at any time be assigned or transferred, or held in trust for the use and benefit, or in the name of another, whereby the said president and directors, or stockholders, of the said company, or any of them, shall or may be challenged or made to answer concerning any such trust; but that every person appearing as aforesaid to be stockholders, shall, as to others of the said company, be, to every intent, taken absolutely as such; but as between any trustee, and the person for whose benefit any trust shall be created, the common remedy may be pursued. 3. “And be it enacted, That the words “nor any payment demanded within any year from the commencement of the work,' inserted in the proviso to the fifth section of the original act incorporating the Chesapeake and Ohio Canal Company, passed the twenty-seventh day of January, eighteen hundred and twenty-four, by the general assembly of Virginia, and subsequently confirmed by the general assembly of Maryland, be, and the same are hereby repealed and expunged from the aforesaid proviso; and henceforth the said proviso shall be construed in the same manner, and have the same effect, as if the aforerecited words had never been recited therein. 4. “And be it enacted, That this act shall commence and be in force as soon as it shall have received the assent of the legislature of Virginia, of the Congress of the United States, of the Patowmac Company, and of the
stockholders of the said Chesapeake and Ohio Canal Company, to be given at their first general meeting after the passage of this act.” 1. “Be it therefore enacted by the general assembly of this commonwealth, That the assent of this legislature in and to the amendments to the “Act incorporating the Chesapeake and Ohio Canal Company,” as contained in the foregoing act of the General Assembly of Maryland, is hereby as fully and completely given, as if the said amendatory act had been passed by this present general assembly. 2. This act shall be in force from the passing thereof.
A further supplement to the act, entitled “An act for the Promotion of Internal Improvement.”
Whereas by the act, entitled “A supplement to the act, entitled an act for the promotion of Internal Improvement,” passed at December session, eighteen hundred and twenty-six, chapter two hundred and twenty-one, it is, amongst other things, provided, that one of the conditions upon which the treasurer of the Western Shore shall be authorised to subscribe for five thousand shares in the capital stock of the Chesapeake and Ohio Canal Company, is, that whenever the United States shall have authorised subscriptions for not less than ten thousand shares of the capital stock of the Chesapeake and Ohio Canal Company; 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 dependent upon such other conditions and restrictions, as will effectually secure the completion of this work, if ever commenced, and the previous payment of the instalments upon all other subscriptions; and that some mode of payment of the subscription already made, should be provided, having reference to the exhausted condition of the treasury, in lieu of the mode of payment provided by the terms of the original subscription: Therefore, SEC. 1. Be it enacted by the general assembly of Maryland, That the treasurer of the Western Shore be authorised to subscribe the afore-mentioned five thousand shares of the capital stock of the Chesapeake and Ohio Canal Company, whenever the commissioners, their successors, or a majority of them, appointed on the part of this state, to aid in opening books, and taking subscriptions to the stock of said company, shall certify that the sum of two millions five hundred thousand dollars has been subscribed by bona fide subscribers, with such additional securities, as to them may be deemed ample, to ensure the faithful compliance on the part of the subscribers of the aforesaid two millions five hundred thousand dollars: and provided, also, that the instalments thereon, similar to that required to be paid on behalf of the state, and all the previous instalments, which may have accrued thereon, shall have been paid, before any payment shall be demanded on account of the state's subscription. SEc. 2. And be it enacted, That the said subscription is authorised and directed upon the condition, that the said president and directors of the said Chesapeake and Ohio Canal Company, shall certify to the said treasurer, their agreement, under the corporate seal of said company, to accept and receive, in payment 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 per annum, payable quarterly, to commence at the end of one year after the same shall have been issued in succession, and that, upon any such subscription being made, the said treasurer is further authorised and directed to borrow, on the credit of the state, on the best obtainable terms, from time to time, the funds necessary to meet and discharge the first advance, and cach successive payment, whensoever and as often as any instalment on the said subscription of the state shall be demanded, and become duc, in conformity to the provisions of the charter of the said company; and to issue for the same, certificates of stock of 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 of the state, at any time after fifty years from each successive issue of certificates as 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 the said treasurer, with the advice and consent of the governor and council, for the time being; and the interests, dividends, or profits, arising from such investment or investments, shall be reinvested, as aforesaid, for the eventual redemption of the said loans; and the said funds, when obtained under the authority of this act, the said treasurer is hereby directed to pay to the order of the president and directors of the Chesapeake and Ohio Canal Company, in conformity to the provisions of the charter of the said company, and to receive therefor the necessary acquittances; or, in case it shall be deemed more beneficial to the interest of the state, in the estimation of the said treasurer, with the approbation and concurrence of the governor and council, the said treasurer shall be, and he hereby is, authorised and directed, whensoever and as often as any instalment on the said subscription of the state shall be demanded, and become due, in conformity to the provisions of the said charter, to issue certificates of stock of the state, at par, irredcemable for fifteen years, bearing interest at the rate of five per centum per annum; the said interest upon such certificates, to commence at the end of one year after the same shall have been issued, in succession, and to be paid quarterly thereafter; and the said treasurer is authorised and directed to cause the said certificates to be delivered to the person or persons authorised to receive the said instalments, as they shall severally become due, and to demand and receive, from such person or persons, upon the delivery of the said certificates, a full acquittance and discharge for and on behalf of the state, for the instalment for which the said certificates were issued; provided, always, that, in case a premium of five per centum, or exceeding five per centum, may be obtained upon any loan required for any instalment as aforesaid, that then, and in that case, it shall be the duty of the said treasurer, with the advice and consent of the governor and council, as aforesaid, to elect the first alternative, as hereinbefore provided : Jìnd provided furthermore, and it is hereby enacted, That, upon the adoption of either alternative, a capital equal to ten per centum, at the least, on the gross amount of each loan, shall be made from any unappropriated money in the treasury, and the same shall be invested in some safe and productive stock, as aforesaid; and the interest, dividends, or profits, arising therefrom, shall be reinvested, as aforesaid, for the eventual redemption of each of the said loans, to be negotiated as aforesaid. SECT. 3. And be it enacted, That any act or acts, repugnant to, or inconsistent herewith, be, and the same are hereby, repealed. We hereby certify the aforegoing to be a true copy from the original act,