Wheeling times and advertiser. [volume] (Wheeling, Va. [W. Va.]) 1839-1849, 1843-02-17

a BILL. entitled an aei L. complete The chssapeake
ond ONO Canal. and far other purposes. Il
BE ~ enacted by the Srncrrl Assemble Of N,r,.
lahd' Iha, Whenever me Chesageake and Ohm
canal Company. m a general meeting Of the ,,oct
holders assembled. shaIi approve. sssent. aud agree
" The prosis'ens Of this act. and shall n We commu.
niea'ed 10 HE Treasurer of The wrs,er, Sh.r. -,
approval. assem- aud agreement. under The r.r,~-,.
seal, aud signature Of the Pre.idsn, of sa,d cum %.
ns'the said company shall be. ana " hereby .u.
'"oFScd To BORROW such sum or sums OF upsney mn,
exceeding Inc sum hereinafter limited. a. .h.ll az
may De necessary 10 complete the ches,peake and
So'o Canai Cumberland. and 10 c .nsirsc, n br.p,.b
"".reo' ey sack water nas 'gs,isn. car o .herwise. from
Somherand 10 the esa, and iron banks. a, or near
HE 'noath of Savage nser, upn the bop.Is 4, ,hl,.
s'f'iis cl sad company. bearing an ,ntcre., ma,
eNSee1i'y the rate oi seven per crnium DER .nnum
payao'e ha'fyeariy, ON the first days III July and
y'nnafy. VI each and every year. aud the principal
."e'e"i 10 lie paid on OF belore the 6r-l day ofJan'y.
''ne year OF oar Lefd eighteen hundred aud seventy
ano 'he SAID cufrran my IN Case IL shall he found by the
s"'' company CO Pedsenttodoso. instead oil horrpwine
money on the bombs or obligari,ns Of sard cumpany
'S ao'esa'd' mali have power aud authority To is us
ana deliver lis bends cor obligations as aforesaid. ,o
sucn person or PERSONS. n shall aa.le,ta q or contract
win said company. io complete The said canal or
:" c"ns'rnct the said srstieh or extension ihsreof ss
Aforesaid. IN payascrf OF his or their claims ag,,,.,
snid company Tor such work. Provided. ,bs, m.
oohds 0ruhl'gaiions OF sand Company. issued u,J-r
." me powers ond authorities. grated by iiis sec.
ZION and lor The purposes aforesaid. shsll-in M, c,se
exceed IN Tho ogetcgaic, Tho ssm OF shsee milli,ns
OF dollars.
Sec :. And be a enacted. That the nett revenues
'no p'on's ui said c"ns2any shall he. and with the
consent OF said company ms aforesaid. ne bsrebv
declared TO he pledged and appropriated n The nav.
ment OF tho interest on the bonds OF obligations 10
DC issued under the prov Isiofs nf the aforesaid Sec
Ton. and alsn VI annual sum of fifty iho,,sand d,llarz
which shall be sol q art ms n sinking fund f,, The
redemption OF The principal of the said Londs or
oo'igaiions. and paid over 10 the Treasurer of the
western shore, 10 be by him applied 10 that purpose.
and all The rights OF this Stale under The mortgages
a1h liens heretofore made. ard executed by ih- said
chesapeake and Ohio Canal Company 10 This Sla,e
as far as regards The prioritirs - WHICH mi. S,oie !.
"r may be entitled ia law or equity. upon the ,oIIs
aud resources OF saNd company. shall be and the came
are hereby declared TO be deferred and postponed.
IN iavor OF the ho ders OF the aforesaid binds or oh
lgairOnslo the e1lenI, and for the purposes aforesaid.
and ior no other purpose. and 10 no other extern,
whatever, except % hereinafter provided.
Sec 5. Aud he IL enacted. That the said emma.
ny be, aud They are here anthn. ised and empowered
to issue The bonds or obligations Of said cumpanv IN
secure Tho payment ofIhe existing debt Of said cum
pany. and the REDEEM, dion Of The scrip Of said com.
pany' hereiofore paid out for work done Oh said canal
cor for other purposes. Provided, that the bonds a,
"oiigatinns so 10 he issued, shall be made payahle n,
The end OF twenty years or sooner. nj the olaiun Of
The Stale OF Maryland. or OF said COMPANY. AMI
shall moi bear an interest exceeding The rate of sS
per cenium per annum. payable half yearly. ON the
hfs' days OF iuly and january. IN each aud every
year and the rights and psiorites to which The State
OF Maryland May be entitled, spoR the isis and
revenues OF said company. under the mor,gages and
tiers made and executed rs aforesaid or which
hereafter may be made and executed By said com.
pany 10 This State. shlll he. and The same are n .rebv
further deferred AMI postponed 10 the holder Of ali
oonhs or ooiig Hions issued by said company. under
and 10y yirtne Of The provisions Of this section.
Sec 4. And he Z enacted That in no case whai.
ever shall The aggregate amOnni Of The cor.iracl.
entered INTO by said company for The completion of
The said canal 10 Cumberland exec ed The sum Of two
millH'ns OF dollars OF the bonds or obligations nf,re.
said. or The aggregate amount Of The contracIs
entered into isr constructing The branch canal. or
sloek wafer navigation, 10 OF near the mouth oil
Savage river. exceed the sum of ne miIIion oil
dollars ofsa'd bonds or obligations.
SEC 5. And be IL enacted, That nothing in tb,.
act cnniainesi. nor any provision thereof. nor any
thing lone uader The same. shall be Construed Ia
lake away, or IN any manner Impair. Ihe right oil
the SIaie Of Maryland 10 loreclose anv mortgage or
enforce any lien or liens heretofore executed 10 the
SAID Stale by the said Chesapeake and Ohio CaraIl
Company, whenever the SAID State by a rcspIutioo
OF The General Assembly. shall. order ar dirre, sh~
samo 10 lie done. nor shat IL he necessary 20 make
any persoi 90 persons. owning OF Interested in anv
ot The bonds. liens, or moTtgeges. thai may I've issued
or executed as provided fR in thi. nct, par,ie, 20 anv
proreeiIngs that may DO Instituted for This purpose
and "a case any mortgage or mortgages as aforesaid,
snail he ioreclOsed. the capital sl0ck. estates, goods.
chatleis. rights and securities. tails aud revenues od
said cunaI. shall he held by this State, subject 10 ali
The lien. and pledges by Ihis act made. created and
provided for.