1830.
CHAP. 119.
Authorised to
fcorrow money.
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LAWS Of MARYLAND.
Sec. 2. And be it enacted. That upon any such sub-
scription being made the said treasurer is further authorised
and directed, to borrow, on the credit of the state, or on
the best obtainable terms, from time to time, the funds ne-
cessary to meet and discharge the first advance, and each
successive payment, whensoever and as often as any in-
stalment on the said subscription of the state shall be de-
manded and become due, in conformity to the provisions
of the charter of the said company, and to issue for the
fame, certificates of stock of the state bearing interest at
the rate of four and a half per centum per annum, payable
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Provisos.
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quarterly; Provided, that the said stock shall be redeema-
ble at the pleasure of the state at any time after fifty years
from ench successive issue of certificates as aforesaid, and
the premium, if any, on each and every of the said Joans,
shall he invested in some safe and productive stock, at the
discretion of the said treasurer with the advice and con-
sent of the governor and council for the time being, and
the interest, dividends or profits, arising from such invest-
ment or investments, shall be reinvested as aforesaid for
the eventual redemption of the said loans; and the said
funds, when obtained under the authority of this act, the
said treasurer is hereby directed to pay to the order of the
president and directors of the Baltimore and Susquehanna
Rail Road Company, in conformity to the provisions of
the charter of the said com pan v, and to receive therefor
the necessary acquaintances, or in case it shall be deemed
more beneficial to the interest of the state, in the estima-
tion of the treasurer, with the approbation and concurrence
of the governor and council, the said treasurer shall be,
and he hereby is authorised and directed, to provide for
the payment of the instalments on said subscription, as
they may become due, in the manner provided by the first
section of this act, and that in the event of the adoption
of this last mentioned alternative, it is further enacted,
that upon such subscription being made, the said treasur-
er be, and he hereby is authorised and directed, whenso-
ever and as often as any instalment on the said subscrip-
tion of the state shall be demanded and become due in con-
formity to the provisions of the said charter, to issue cer-
tificates of stock of the state at par, irredeemable for fif-
teen years, bearing interest at the rate of four and a half
per centum per annum, the said interest upon such certifi-
cates to commence at the end of one year after the same
shall have been issued in succession, and to be paid quar-
lerlv thereafter; and the said treasurer is authorised and
directed to cause the said certificates to be delivered to the
person or persons authorised to receive the said instalments
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