1835.

LAWS OF MARYLAND.

CHAP. 395

directed by their charters, and also to acquire at any

Or purchase from

time by purchase from individuals, such stock as may

individuals And pay by loan

have been taken or subscribed for or at any time own-ed by individuals, and to pay for the same by money

Levy tax for pay-ment thereof

procured on loan or otherwise, and provide for the pay-ment of the; principal and interest on such loan or loans

Reducing toll for-

as they shall find necessary and deem proper; Provided,

bid, &c.

that neither the president and directors of the said Ma-

ryland Canal Company or stockholders therein, shall

so reduce the tolls oh said canal, as to prevent the pay-

ment to the State of Maryland, of six per cent per an-

num, upon the State's stock in said canal.

On acceptance of this tew

SEC. 11. A?id be it enacted, That so soon as the

Chesapeake and Ohio Canal Company, and the Balti-

more and Ohio Rail Road Company shall have respec-

tively communicated to the Governor of Maryland,

their assent to the terms of this act in the manner

Three commissions ers to be appoint-

hereinbefore provided, the Governor shall be and he

ed to procetd to Europe to negotii

hereby is authorised to nominate, and by and with the

ate loan

advice and consent of the council, to appoint and com-

mission three discreet, competent and suitable persons

who or a majority, or in case of resignation or death

in Europe, the remainder of whom, shall have authori-

ty, and hereby are directed to proceed to Europe, and

there, in the name and on behalf of the State of Mary-

land, to negotiate and agree for a loan or loans for the

purposes of this act, upon the best and most favourable

terms and conditions that can in their determination

Issues of certificates

of stock or bonds

be obtained, and for the purposes of the loan or loans

Of this State

aforesaid, there shall be issued by the commissioners

of loans of this State under the seal of the State and

drawn in favour of, and delivered to said commissioners

as such, and the survivors or survivor of them in such

form as they and the said treasures shall devise, certi-

ficates of stock or bonds of this State, or both, trans-

ferable for such loan or loans Ly said commissioners or

their survivors or survivor, and in such sums not ex-

ceeding in the aggregate of said certificates of stock

Not exceeding 8 million dollars

and bonds, eight millions of dollars, as said commis-

sioners shall direct, to be redeemable at the pleasure of

the State, at any time after the expiration of fifty years

from the date thereof, and to bear interest at the rate