78

MARYLAND MANUAL. [ART. XII

lic Works. The provisions of the Act of the General
Assembly of Maryland of the year 1867, chapter 359, are
hereby declared null and void.

Sec. 3. The Board of Public Works is hereby author-
ized to exchange the State's interest as Stockholder and
Creditor in the Baltimore and Ohio Railroad Company
for an equal amount of the bonds or registered debt now
owing by the State, to the extent only of all the pre-
ferred stock of the State on which the State is entitled to
only six per cent, interest, provided Such exchange shall
not be made at less than par, nor less than the market
value of said stock; and the said Board is authorized,
subject to such regulations and conditions as the Gen-
eral Assembly may from time to time prescribe, to sell
the State's interest in the other Works of Internal Im-
provement, whether as a Stockholder or a Creditor, and
also the State's interest in any banking corporation,
receiving in payment the bonds and registered debt now
owing by the State, equal in amount to the price obtained
for the State's said interest; provided, that the interest
of the State in the Washington Branch of the Baltimore
and Ohio Railroad be reserved and excepted from sale;
sind provided further, that no sale or contract of sale of
the State's interest in the Chesapeake and Ohio Canal,
the Chesapeake and Delaware Canal, and the Susque-
hanna and Tidewater Canal Companies shall go into
effect until the same shall be ratified by the ensuing Gen-
eral Assembly.

Powers.

[Sec. 3. The Board of Public Works is hereby
authorized, subject to such regulations and conditions as
the General Assembly may from time to time prescribe,
to sell the State's interest in all works of internal im-
provement, whether as a Stockholder or a Creditor, and
also the State's interest in any banking corporation,
receiving in payment the .bonds and registered debt
now owing by the State, elual in amount to the price
obtained for the State's said interest.]*

*Thus amended by Act 1890, ch. 362, and ratified by the people November
3rd, 1891.