| 1790.
CHAP.
XLI. |
LAWS of MARYLAND.
stock, created under the act of congress aforesaid, bearing an immediate
interest of six
per cent. to the full amount of the principal sums mentioned in
the said certificates. |
Trustee appointed,
&c. |
III. And,
in order to establish for making the said payment to the subscribing
creditors, Be it enacted, That
Benjamin Harwood, of the city of Annapolis,
be and he is hereby appointed a trustee for the purpose of subscribing,
to
the loan proposed by congress, the continental paper now in the treasury
of this
state, and for other purposes herein after mentioned. |
Treasurer to
deliver all
continental
paper, &c. |
IV. And be it
enacted, That the treasurer of the western shore be and he is
hereby directed to deliver to the said trustee all the continental
paper now in the
treasury, which may be subscribed to the said loan under the act of congress
aforesaid,
taking his written declaration, acknowledging the receipt of the said paper,
as trustee for the state, and that the said trustee shall subscribe the
same in his
own name, and shall deliver the certificates, which he shall receive therefor
from
the continental commissioner, to the treasurer of the western shore. |
Stock to be
transferred to
any creditor
producing a
certificate,
&c. |
V. And be it
enacted, That when any creditor or creditors of this state, who
shall subscribe to the said loan, shall produce to the said trustee any
certificate
granted by the said commissioner, bearing an interest of three per cent.
or any certificate
granted by such commissioner, bearing an interest of six per cent. after
the
year eighteen hundred, and shall assign and transfer the said certificates
to the
said trustee, in due form of law, it shall be lawful for the said trustee,
and
he is hereby required, to transfer to the said creditor or creditors, in
exchange
therefor, so much of the stock herein before mentioned, bearing an immediate
interest of six per cent. as shall amount to the principal sums
mentioned in such
certificates; and the said trustee shall deliver all certificates, transferred
to him
by any creditor or creditors as aforesaid, to the treasurer of the western
shore for
the use of this state: Provided always, that the said trustee shall
first be satisfied
that the certificates, so produced by any creditor, shall have been received
from
the said commissioner on loans subscribed in certificates issued by this
state. |
Trustee to receive
interest,
&c. |
VI. And be it
enacted, That it shall be the duty of the trustee appointed, or
to be appointed in virtue of this act, to receive the interest which shall
become
due on the stock which he shall hold in trust for the state, and to pay
the same
to the treasurer of the western shore. |
How a vacancy
is to be
filled. |
VII. And be
it enacted, That in case the said trustee, or any other trustee
to
be appointed in virtue of this act, shall refuse to act, or die, or
refuse or neglect
to give security as herein after required, the governor and council shall
appoint
another person in his stead. |
Trustee to
give bond,
&c. |
VIII. And be
it enacted, That every trustee appointed, or to be appointed in
virtue of this act, shall, within thirty days after notice of his appointment,
and
before he proceeds to act, give bond to the state, with good security,
to be approved
of by the governor and council, in the sum of five thousand pounds current
money, for the faithful performance of the trust reposed in him by this
act; and
the said bond shall be recorded by the clerk of the general court for the
western
shore, and a copy thereof, certified by the said clerk under his hand and
seal of
office, shall be received as evidence in any court of law or equity of
this state. |
Manners in
which certain
debtors may
pay, &c. |
IX. And,
whereas the taking out of circulation the certificates issued by this
state, will be injurious to the debtors of the state, who were permitted
to make
payment in the said certificates by the act, entitled, An act respecting
the debtors
and creditors of this state under the act to establish funds to secure
the payment of
the state debt within six years, and for the punctual payment of the annual
interest
thereon; Be it enacted, That all debtors
who installed, or might have installed,
under the act aforesaid, shall be allowed to make payment of their debts
as follows:
That is to say, all arrears of interest to the first day of December,
in the year
seventeen hundred and ninety, and two thirds of the principal, in specie,
or in
depreciation or other liquidated state certificates, or in stock created
under the act |
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