JRESS. (TiiE NICARAGUA CANAL.) 



Company fbr the 



of theaaidcanal,asia 



provided fur in this act, and after the acceptance of 



t> ; " . - - r -..- ;..,-.- ' ' '',- 



!-: 



i of said eotnpanv at a meeting dulv called and 

 eld for this purposeTa distribution and disposition 



,',-..: V ' - ., .. ' 



ofXicarag u shall be made by the ofncers of 



a I..;: 



r -. . -. : ii d ..-. " . aa] Mai sto K 

 of said coai|>snv st the par value thereof shall IKS 

 bur*i to the United State* in consideration 

 of the booda of the company aa pr 

 A of this art, and the aakUtock ao to be is- 

 i..ll be full paid and nonassessable and shall 

 bedepositr. 



Second. That $,ooo.ooo of the said 

 at the par value thereof ahall he issued t<> li 

 enunem of the KepabUe of Nicaragua, and $1,500,- 

 000 of the aaid stock at the par value thereof shall be 

 to the Government of Costa Rica, accord in,; to 



panv to take up, cancel, and extinguish all issues of 

 its atock heretofore made, except those made to the 

 governments of Nicaragua and Conta Ki.-a. and all 

 ouuundinf obligations for stock, l-nds. or bond 

 scrip heretofore entered into by said company. the 

 atock of aaid company, with tin- approval Of tlic Sec- 

 retary of the Treasury, shall be itwucd to the persons 

 or corporations to be designated by aai<l .in|>ai)v 

 not to exceed in the aggregate the sum of $7,000,- 

 000 at ita par value, which atock shall be nonassess- 

 able. The amount of atock ao to be issued Hhall be 



:_'. That the President "f the United State* 

 i- In n b\ aiithori/-d and <1 

 nn<l detailed estimates and to be made, 



me t.. time, by duly appointed ii 

 his own selection, but not lex- "it. n than juartcrlv 



tin- actual cost of all th. \\..rk dol 

 of the plant, material, and services Mi).i>lii.l 

 canal, inrhiililig reasonable C.MS <.t a.lmini 

 luring each quiirtcr. r hinee the la>t pn .-,,lii, 



mate, ant upon the filing with t).. .-f the 



Trvasin. -:itii-.l by the in- 



spectors, the said ^ ;,ll d- 



-uid Maritime < 'anal Company 



Mutmteed a- 



Miiii.tothe amount njBoient to p ; ,\ MI. h ( 



tin- amount of the interest t" !.., n,,. due 

 ii|Nin it.s oiit.-tandinLT bond- }< \\ .juartcrly 



e.Htimat*- : but the total amount of Mich hon,, 

 delivered cliull Hot e\<-eed the total e<.-t of M4 il .-anal 

 and it> e<iuipm nt ; and the proceeds of all said bonds 

 shall be wholly applied in payment of the ,-.,>t of t) H . 

 c..i^tniction. equipment, maintenan 

 of Mi-h canal and of the railroal. telegraph lr 

 vessels used in the oOOatmctiOD thereof'. <>r incidi -ntal 

 thereto, and rcanonabli t administration, 



and the accrued int-rest ii]>n the out.-tandin^ p bonds 



of the company, and Mich i.ond> shall not b. 



dit*p08cd of at lew than par: and it shall be sati-fac 

 torfly shown to th- ^ury. before 



delivering any installment of lnmls as aforesaid, that 

 the proceed* of irior inttaUmenti "f bonds have been 

 properly applied in the payment of the cost 

 struct io'n and maintenance' as aforesaid and [| 

 on the bonds of the company. A sum or SUN.- 

 sary to pay t) >f tnakingthe inspection> and 



estimates provided for in this section i> hereby ap- 

 propriated, out of any monev in the Treasury not 



' 



finally determined by the Secretary of the Tn-asurv, <.therwise appropriated, but all expenditure* fo'madv. 

 on principle, of justice and equity, but shall not ex- by the Inited Mates i ' 



construction of the said canal, and the company 

 offer the said stock for subscription and sale at 

 time or times and at such rice or rices as they s 



Sic, . That the proceeds of the remainder of the 

 stock, jf sold, be applied to the 



may 



such 



itheyabalL 



to their diecmion, determine, but in no ease shall the 

 amid stock or any part thereof be issued or sold ex- 

 cept for cash, nor at any price less than its par value. 

 Sao. 10. That the working capital immediately 

 available for continuing the construction of the canal 

 may be derived from the proceeds of sale of the com- 

 pany's treasury atock, as provided in section 9 of this 

 act, but should the company not be able to dispose of 

 said atock at par within a reasonable time the Secre- 

 tary of the Treasury ahall, upon the application of 

 the board of directors, deliver to the said Maritime 

 Canal Company bonds of said company, guaranteed 

 aa aforesaid, amounting at the par value thereof to 

 the sura of $2.000.000. said bonds to bear interest 

 from the date of the delivery ; and the proceeds of 

 said bonds, when sold >y order of the company, *hall 

 be used m a working capital, and shall be applied 

 exclusively to the construction of aaid canal and shall 

 beaceoantedforbyaaidconii Hnal settle- 



meat of tea accounts for con 



from the total amount of bonds which it may become 

 entitled to receive under the provisions of this act. 



: 1. That the Secretary of the Treasury shall 

 cause an account to be stated with the Maritime 

 Canal Company of Nicaragua, aa soon aa practi'nblc 

 afUr the passage of this act. which shall include all 

 Beeeasary and proper expenditure made by said com- 

 pany since the 3d day of June, 1889, in and aU.ut the 

 of the said canal, or in- 



eluding the railroad and telegraph lines built by aaid 

 company. For the liquidation of the amount 



*o ascertained, and by him approved, 

 he shall deliver to i,| Maritime Canal Company the 



'-'> ' ' ' ' .. .-.; not 



to exceed $MOO,00". with the guarantee 



thereon, aa provided in section 6 of thb act. 



Mates shall be refunded and repaid by 

 the said company uj*>n a final accounting. 



SKC. 13. Tliat to secure the proper applic:r 

 the aid to be furniwhed by the Vn > this 



act, and for the better and more economical 

 tion of the powers confern-d by this act and the a<-t 

 to which it is an amendment, section 4 of the a-t ap- 

 proved Feb. 20, 1889, entitled "An A. t t incor- 

 porate the Maritime Canal Company of Ni, : .' 

 be, and is, so amended that 10 of th< 1* d 

 of said company shall be ai-jM-inted by the I'r 

 of the United States, by and with the advi.-e ami e..n- 

 seot Of the Senate, not more than .'. of \\hom shall 

 be apjM.inted from one polit'u-al party; and 6 of 

 whomshull hold office for one year and :> for two 



years, as maybe <b>l L Miat d in their appointmenta) 

 od tneir auooeaaori nlmll hold otli.-<- f<,r t\\ 

 And all parts of said act approved Feb. 20, 1 - 

 consihtcnt with this act are hereby repealed. 

 SBC. 14. That all the riirht.s and jxwcrs P 

 .Tress by section 8 of the act to whieli tl 

 amendment ore hereby reserved, and shall apply also 



- act 



SEC. l. r >. That in order to make certain of th 

 bility. jH-rnnui' in-e. and cost of the >aid canal and it* 

 accessory workx a board of re i- hereby 



;:cd. the memb<T>* of which muv be H< 

 by the President of the United Mat.-. 1 from the 

 Corps n*, United States army, 1 from the 



engineers of the navy, and 1 from civil life, and if 



n -idem, in .-ill so di; 



said board of engineers, under the direction of the 

 Secret^,' full) in-peet 



the route of the said canal, to examine and consider 



the tihr peciti'-atioris 



variotiH parti*, and r .[.on to the 



f the- I'nited St;.' 



I hat. for the purpose of paying tl 

 cessary expenses of the board of engineer! <-n-ated bv 

 section 16 of this act. i: enl of the United 



States shall apf--int them and call them into 

 the sum of $15,000, or so much thereof as may be ne- 

 cessary. is hereby appropriated, out of any money in 



