106 Assembly Proceedings, March 13, 1732/3-April 12, 1733.

Session
Laws

and levied, as aforesaid, by the several Naval Officers, shall be, with
all possible Speed, after Receipt thereof, remitted to Mr. Samuel
Hyde, Mr. William Hunt, and Mr. Robert Cruickshank, Merchants
in London, or any Two of them, or other Persons, or the Majority of
them, who shall be intrusted and appointed Trustees in London, ac-
cording to the Directions of this Act, for receiving and laying out
the same, in such Manner and for such Uses, Intents, and Purposes,
as are herein after-mentioned and declared; and the said Naval
Officers are hereby directed and enjoined, to produce and lay before
the General Assembly of this Province, Yearly, and every Year,
Accounts of their Receipts of the said Duty, and in what Manner
they shall have remitted the same to London; which Accounts shall
not be received, unless respectively proved upon Oath, to be just
and true.
And be it further Enacted, That the said Samuel Hyde, William
Hunt, and Robert Cruickshank, the Trustees herein before-
mentioned, or any Two of them, or any other Trustees, for the Time
being, who shall be appointed by Virtue of this Act, or any Two of
them, shall, and they are hereby authorized and directed, to lay out

p. 17

the Moneys so to them to be remitted by the said Naval Officers, as
aforesaid, Yearly, and every Year, as soon as they receive the same,
or as soon after as they conveniently can, in the Purchase of Bank
Stock; which Purchase they shall declare to be, and they shall pro-
cure the same to be entered in the Books of the Company, to be for
the Use, and in Trust, for the Province of Maryland; and the said
before-mentioned Trustees, are hereby also impowered and author-
ized to receive the growing Interest or Dividends on the said so
purchased Stock, Yearly, and every Year, as the same shall grow
due and payable; which Interest and Dividends, so by them received,
they shall immediately lay out in the Purchase of Bank Stock, and
also receive the Interest and Dividends thereof; so as Interest upon
Interest may be made, as much as may be, of the Principal Monies
or Duties remitted from this Province, according to the true Intent
and Meaning hereof. And the said Trustees are hereby directed and
enjoined, to transmit their Accounts to the Commissioners or Trus-
tees in this Province, Yearly, and every Year, of the Receipt of the
Monies from the said Naval Officers; and in what Manner they shall
have laid out the same; and how much Stock is Yearly purchased,
for the Use, and in Trust, for this Province; with proper Testi-
monials from the Bank, of such Entries and Transfers: Which
Accounts and Testimonials shall be Yearly inspected, and laid be-
fore both Houses of Assembly; in which Accounts, there shall be
allowed to the said Trustees, for their Trouble and Commission in
receiving the said Monies, and laying out the same, in Manner afore-
said, Two Pounds per Cent, and no more.