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Proceedings and Acts of the General Assembly, May, 1730-August, 1732
Volume 37, Page 349   View pdf image (33K)
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Acts. 349


said Commissioners, or the major Part of them, are hereby im-
powered and directed, to give publick Notice thereof, in either or
both the Manners aforesaid; and to place the same out at Interest, at
Five Pounds per Cent, for any Number of Years not exceeding Seven
Years, to any Person or Persons applying for the same, (not exceed-
ing Two Hundred Pounds, nor under Twenty Pounds, to any Per-
son) who shall give good personal Security, in the Name of the Lord
Proprietary, with an Indorsement, viz. For the Use of the Province
of Maryland; pursuant to an Act, entituled, An Act to make and emit
Thirty Six Thousand Pounds, Current Money of Maryland, in Bills
of Credit; and for easing the Inhabitants of this Province; and to
raise a Fund, to sink the said Bills of Credit; for the Re-paiment
of the same, either in Bills of Credit, Bills of Exchange, with Al-
lowance of Thirty Three Pounds, Six Shillings, and Eight Pence,
for every Hundred Pounds, and in Proportion for a greater or lesser
Sum, or Gold or Silver: And the said Commissioners are hereby
directed, to require and receive, Annually, the Interest thereof, for
the Use of the Sinking Fund, aforesaid, until such Bond becomes
paiable, and then to receive the principal Sum, so lent as aforesaid ;
and the Bills of Credit, if Re-paid, either for Interest or Principal,
after the necessary Charges and Expences of the said Office are
defraied, to be destroied as aforesaid.
Provided Always, That when and as often as the said Commis-
sioners shall have just Cause to suspect, that the Borrower or Bor-
rowers, of any of the said Bills of Credit, and their Sureties, are in
Danger of becoming Insolvent, that in all Cases, the said Com-
missioners may demand new or further Security for the Paiment of
the Contents of the said Bills of Credit, so borrowed, according to
the Condition of any Obligation to be passed for the same; and on
the Borrowers refusing or neglecting to give such Security, it shall
and may be lawful for the said Commissioners, to put such Obliga-
tion or Obligations in Suit, and to prosecute the same to Judgment
and Execution, altho' the Time limited in such Obligation for Pai-
ment, be not come; any Law, Usage, or Custom to the contrary, not-
withstanding.
And Be It Further Enacted, by the Authority aforesaid, by and with
the Advice and Consent aforesaid, That the Governor for the Time
being, or the President for the Time being, in the Absence of the Gov-
ernor, may at any Time or Times, during the Continuance of this Act,
and when he shall think proper, remove any of the said Five Commis-
sioners, from the Office and Trust aforesaid, and nominate and ap-
point other Commissioner or Commissioners, in the Room or Place
of such Commissioner or Commissioners so removed. And also, that
the said Commissioners shall lay their Accounts before a Committee
of both Houses of Assembly, to be for that Purpose appointed, every
Assembly, during the Continuance of this Act, in order for their

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Proceedings and Acts of the General Assembly, May, 1730-August, 1732
Volume 37, Page 349   View pdf image (33K)   << PREVIOUS  NEXT >>


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