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712 TREASURER.. [ART. XCV
Ly advertisement inserted once a week for four successive weeks prior
to said sale, in at least two daily newspapers published in the City of
Baltimore, and in at least one daily newspaper published in the City of
New York, State of New York, of the time, place and terms of said
sale. The proceeds of any such sale shall be paid by the purchaser to
such banking institution or trust company and to the treasurer jointly,
and out of the proceeds such banking institution or trust company shall
be paid the amount of the aforesaid deposit, together with interest as
herein provided, and the expense of such sale; and the balance shall be
paid to the Treasurer for the State of Maryland.
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1916, ch 127, sec. 4.
36. The Treasurer of this State, on behalf of this State, shall have
the right and privilege, and he is hereby authorized and empowered to
redeem and receive back the said annuity and the mortgage securing
the same at any time prior to a sale thereof, as hereinbefore provided,
by the return to such banking institution or trust company of the afore-
said deposit of one-million-five-hundred-thousand-dollars ($1,500,000),
with interest thereon, at a rate not exceeding three and on&half per
centum if such redemption is made on or before the first day of October,
1916, together with the cost, if any, of advertising said sale as afore-
said ; provided, however, that if the Treasurer notifies such banking
institution or trust company, on or before the first day of September,
1916, of the State's desire to extend such period of redemption until
the thirty-first day of December, 1916, then and in this event the said
annuity and mortgage may be redeemed and received back as aforesaid,
at any time prior to the sale thereof, by the return to such banking insti-
tution or trust company of the aforesaid deposit, with interest thereon,
at a rate not exceeding three and one-half per centum up to the first day
of October, 1916, and at a rate not exceeding four per centum for such
further time as may elapse from the first day of October, 1916, until
the time of such redemption, together with the cost, if any, of advertis-
ing said sale, as aforesaid.
In the event of the redemption of such annuity and mortgage as
aforesaid, such banking institution or trust company shall thereupon be
obligated and it shall be its duty forthwith to cancel the assignment
aforesaid of said annuity and mortgage, and forthwith to surrender and
deliver the same to the Treasurer or to reassign to the State said annuity
and mortgage, so that the said annuity and mortgage may be free,
clear and discharged from any and all claims of any and every kind
of such banking institution or trust company, or any one claiming
under it or on its behalf, to the end that the said annuity and mortgage
may be held by the State in every respect as if the aforesaid assign-
ment thereof had never been made and the lien hereby authorized had
never been created.
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