ART. 78A] SALE OF STATE'S INTEREST. 1777

thereof to the general assembly, which report shall be printed in the
journal of the proceedings of the senate or house of delegates.

1904, art. 78 A, sec. 9. 1892, ch. 310, sec. 3. 1906, ch. 185.

9. If after advertising, as provided in section 7, for sealed pro-
posals, no such sealed proposal shall be submitted, or if as authorized
in said section, they shall reject all of said proposals, they shall be
authorized to sell and transfer the State's interest in any or all works
of internal improvement and any or all banking corporations at private
sale upon the best terms and highest prices which they can obtain there-
for; and in making said public or private sale or sales they shall be
authorized to employ such agents to assist them in making such sales
to the best advantage as they shall deem necessary to secure the most
advantageous sale or sales of the State's said interest, and to pay said
agent or agents so employed such compensation for their services as
shall be mutually agreed on, such compensation to be paid only out of
the proceeds of sales and not otherwise.

Ibid. sec. 10. 1892, ch. 310, sec. 4. 1906, ch. 185.

10. The sum of five hundred dollars is appropriated out of any
money in the treasury not otherwise appropriated for the purpose of
defraying the costs and expenses which shall be incurred by the board
of public works in carrying this sub-title into effect.

Ibid. sec. 11. 1898, ch. 378, sec. 1.

11. The board of public works is authorized, in the discretion of
said board, to sell for cash and to transfer to the purchaser or purchasers
thereof the annuity of ninety thousand dollars created by virtue or in
pursuance of the provisions of chapter 260 of the acts of the general
assembly of Maryland, passed at the January session of 1854, and
which said annuity is payable by the Northern Central Railway Com-
pany to the State of Maryland; provided, said board of public works
shall not sell and transfer the same for any smaller or less sum of money
than a sum equal to the capitalization of said annuity at the rate of
three and one-half per centum, together with the amounts of such quar-
terly payments as may then be due and unpaid, and interest thereon,
and the proportionate part of the accruing quarterly payment, calcu-
lated to the day of such transfer; and provided further, that said board
of public works may accept in payment or in part payment of the pur-
chase price for said annuity, the bonds of or registered debt owing by
the State at the market value thereof, or cash, in its discretion; and
such purchaser or purchasers, its and their successor, successors or
assigns (if such purchaser or purchasers be a body corporate or bodies
corporate), or his, her or their executors, administrators or assigns (if
such purchaser or purchasers be a natural person or persons), shall,
upon such transfer of and payment for said annuity, succeed to and have
all and every, the rights, incidents, interests and estate now held or
owned by the State of Maryland in said annuity and in the mortgage