WM. T. HAMILTON, ESQUIRE, GOVERNOR.

243

corporate bodies may lawfully possess for the pur-

pose mentioned in this act.

SEC. 2 Be it further enacted, That the capital

stock of said corporation shall be thirty million dol-

Capital stock.

lars, to be divided into shares of one hundred dollars

each, which said capital stock shall be personal pro-

perty, and shall be transferable in such manner as

the by-laws of said corporation may prescribe; and

said corporation, whenever it shall seem to the direc-

tors thereof necessary or expedient for the purpose

contemplated by this act, shall have power also to

issue and sell, on the best terms that can be obtained

Issue and sell

for same, the bonds of said company, in such sums

bonds.

as may be convenient, payable after such a number

of years as may be deemed proper, and bearing in

the mean time interest at the rate of six percentum

per annum, provided that the gross amount of said

bonds, so issued by said company, shall not exceed

the sum of thirty millions dollars, and for the pur-

pose of securing the payment of the principal and

interest of said bonds, the said company may exe-

cute and deliver a mortgage or mortgages of the said

canal, and of all other estate that may belong to it,

or may convey the same by deed to such trustees as

may be appointed, upon such trusts as may be rea-

sonably advised or devised for said purpose of secur-

ing the payment of principal and interest of said

bonds.

SEC. 3. And ne it enacted, That the said Henry

C. Smith, John E. Hurst, William H. Baldwin, Jr.,

William T. Dixon, Joseph E. Bruff, Eugene Lever-

ing, Daniel J. Foley, John W. Garrett, Isaac L. Ad-

kins, William H. Smith, William McKenny, James

Wallace, George B. Wescott, William K. Lockwood,

James H. Holmes, William J. S. Clarke, Thomas

S. Hodson, James Pander, J. Turpin Moore, Albert

Curry, James R. Lofland, and Edward L. Martin

shall be and they are hereby constituted commission-

Constituted

ers to receive subscriptions to said capital stock, and

commissioners

shall designate the time and place of which said

subscriptions shall be taken by giving one week's

notice thereof in one or more newspapers published

in the city of New York, the city of Baltimore, and

in the State of Delaware; and in case more stock

is subscribed than is necessary for the full and ample

completion of said canal, the said commissioners