810

APPENDIX I.

Act of Mary- ment or investments, shall he reinvested, as aforesaid, for the eventual re-land, demption of the said loans; and the said funds, when obtained under the au-

thority of this act, the said treasurer is hereby directed to pay to the order ofthe president and directors of the Chesapeake and Ohio Canal Company, inconformity to the provisions of the charter of the said company, and to receivetherefor the necessary acquittances ; or, in case it shall be deemed more bene-ficial to the interest of the state, in the estimation of the said treasurer, withthe approbation and concurrence of the governor and council, the said treasurershall be, and he hereby is, authorized and directed, whensoever and as oftenas any instalment on the said subscription of the state shall be demanded, andbecome due, in conformity to the provisions of the said charter, to issue certifi-cates of stock of the state, at par, irredeemable for fifteen years, bearing inte-rest at the rate of five per centum per annum ; the said interest upon such cer-tificates, to commence at the end of one year after the same shall have beenissued, in succession, and to be paid quarterly thereafter; and the said trea-surer is authorized and directed to cause the said certificates to be delivered tothe person or persons authorized to receive the said instalments, as they shallseverally become due, and to demand and receive, from such person or per-sons, upon the delivery of the said certificates, a full acquittance and dischargefor and on behalf of the state, for the instalment for which the said certificateswere issued: provided, always, that, in case a premium of five per centum, orexceeding five per centum, may be obtained upon any loan required for anyinstalment as aforesaid, that then, and in that case, it shall be the duty of thesaid treasurer, with the advice and consent of the governor and council, asaforesaid, to elect the first alternative, as hereinbefore provided : And providedfurthermore, and it is hereby enacted, That, upon the adoption of either alterna-tive, a capital equal to ten per centum, at the least, on the gross amount of eachloan, shall be made from any unappropriated money in the treasury, and thesame shall be invested in some safe and productive stock, as aforesaid ; andthe interest, dividends, or profits, arising therefrom, shall be reinvested, asaforesaid, for the eventual redemption of each of the said loans, to be nego-tiated for as aforesaid.

Sec. 3. And be it enacted, That any act or acts, repugnant to, or inconsistentherewith, 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 Decembersession, 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.