1828. purchased for the U.S. which shall, from time to time, be due to the United States for 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 Maryland hath passed, at their present session, an act entitled "An act further to amend the act incorporating the Chesapeake and Ohio Casal 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 Chesapeake and Ohio Canal Company, to authorize a subscription for its stock by aliens; and doubts have arisen, whether, under said act, such stock may be beld 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 organized, agreeably to the provisions of the original act aforesaid, to receive subscriptions for any number of shares of the capital stock of 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 beuefit, 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 beuefit any trust shall be created, the cominon 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. CHAP. 87. An ACT to enlarge the powers of the several Corporations of the 1827. [SECT. 1.] Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That the Corporation of Washington, the Corporation of portions Corporations of Georgetown, and the Corporation of Alexandria, within the Georgetown, and 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 authorized 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 authorized 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 authorized to subscribe the aforementioned 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 instalmiemts, 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 authorized 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, iu 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 centuni 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 authorized 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 each successive payment, 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 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, shail 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 Washington, 1828. have severally full District of Columbia, shall, severally, have full power and auAlexandria, to thority to subscribe and pay for shares of the stock of the Chespower, &c. to sub- apeake and Ohio Canal Company; and all such subscriptions the stock of the as shall have been already made by either of the said CorpoChesapeake and rations, shall, and the same are hereby declared to be valid and binding on the said Corporations, respectively. scribe for shares of Ohio Canal Company. Corporations, sen to borrow money terest not exceed SECT. 2. And be it further enacted, That the said Corporaerally, authorized tions shall, severally, have power and authority, from time to at any rate of in- time, as the same may be deemed by them, respectively, either ing six per cent. necessary or expedient, to borrow money, at any rate of interest, not exceeding six per centum per annum, to pay their respective subscriptions, and the interest accruing thereon, to the amount which they have subscribed, or shall hereafter subscribe. per annum.. Certificates of stock for the sums SECT. 3. And be it further enacted, That the said Corporaborrowed to be tions shall be, and the same are hereby, respectively, empowered to cause to be constituted certificates of stock for the sums borrowed, in pursuance of the authority severally vested in constituted. 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, authorized 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, irredeemable for fifteen years, beating 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 authorized and directed to cause the said certificates to be delivered to the person or persons authorized 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 csse, 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: And 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 negociated as aforesaid. Sec. 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, which passed both branches of the Legislature of Maryland at their December session, eighteen hundred and twenty-seven. Given under our hands, at the city of Annapolis, this third day of March, -eighteen hundred and twenty-eight. WILLIAM H. MARRIOT, President of the Senate of Maryland. J. G. CHAPMAN, Speaker of the House of Delegates them by this act; each of said certificates shall be of the form City or Town of [here insert the title of the City or Town.] Be it known, That there is due from the Corporation of the poration. -, Mayor. Register, or other Recording Officer of the Cor Forin, 1828. tificates denoting be deposited with A list of all such certificates, denoting their respective num- A list of such cerbers, dates, and sums, and the persons to whom the same shall their respective have been issued, authenticated by the Mayor, subscribing the numbers, &c. to same, shall be deposited by said officer at the time of subscrib- the Secretary t ing the same, or within ten days thereafter, with the Secretary of the Treasury of the United States. the Treasury. be issued for Jess The said certificate shall not be issued, in any case, for a Certificate not to less sum, each, than one hundred dollars: The forgery of any than 100. such certificate, or of any transfer thereof, or of any power of attorney purporting to authorize such transfer, shall be punishable in like manner with the forgery of a certificate of the pub-" lic debt of the United States. gents to be em subscriptions to SECT. 4. And be it further enacted, That the said Corpora- An agent or ations are, respectively, empowered to employ an agent, or ployed for the puragents, for the purpose of obtaining subscriptions to the loan pose of obtaining or loans authorized by this act, or of selling, from time to time, the loan or loans the certificates of stock which may be created in pursuance act. thereof, and to fix the compensation of such agent or agents, which they shall respectively pay, as well as all other expenses attending the said loans, out of the proceeds thereof, or of any other funds which they inay respectively provide. of one per centum thirteen hun assessed val SECT. 5. And be it further enacted, That a tax, at the rate A tax at the rase of one per centum and thirteen hundredths of one per centum, per annum and on the assessed value of the real and personal estates within dredths of one per the City of Washington, as shall appear by the appraisement centum levied on thereof, made under the authority of the Corporation, or of the ue of the real, &c. several acts of Congress, hereinafter declared to be revived city of Washing and in force, within the said corporation to be existing, at the time hereinafter limited for the collection of the said tax; and at the rate of fifty-six hundredths of one per centum on the as estates within the ton. 1828. certificates of any such loan shall be entitled to receive, at the (*See Vol. 7, pi 208.] ties of tonnage or in the ports of said sels, &c. of the U. to issue his procla & C CHAP. 83. An ACT in addition to an act, entitled "An act concerning dis criminating duties of Tonnage and Impost,"* and to equalize the duties on Prussian vessels and their cargoes. [SECT. 1.] Be it enacted by the Senate and House of Repre sentatives of the United States of America in Congress assembled, Where no dis. That, upon satisfactory evidence being given to the President criminating du- of the United States, by the government of any foreign nation, impost are levied that no discriminating duties of tonnage or impost are imposed nation upon ves- or levied in the ports of the said nation, upon vessels wholly S. the President belonging to citizens of the United States, or upon the promation declaring, duce, manufactures, or merchandise, imported in the same from the United States, or from any foreign country, the President is hereby authorized to issue his proclamation, declaring that the foreign discriminating duties of tonnage and impost, within the United States, are, and shall be, suspended and discontinued, so far as respects the vessels of the said foreign nation, and the produce, manufactures, or merchandise imported into the United States in the same, from the said foreign nation, or from any other foreign country; the said suspension to take effect from the time of such notification being given to the President of the United States, and to continue so long as the réciprocal exemption of vessels, belonging to citizens of the United States, and their cargoes, as aforesaid, shall be continued, and no longer. |