TEEASURER 3519

together with the cost, if any, of advertising said sale as aforesaid; pro-
vided, 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 institution 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 advertising said sale, as aforesaid.

In the event of the redemption of such annuity and mortgage as afore-
said, such banking institution or trust company shall thereupon be obli-
gated and it shall be its duty forthwith to cancel the assignment aforesaid
of such annuity and mortgage, and forthwith to surrender and deliver the
same to the Treasurer or to reassign to the State said annuity and mort-
gage, so that the said annuity and mortgage may be free, clear and dis-
charged 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 assignment thereof had never been made
and the lien hereby authorized had never been created.

An. Code, 1924, sec. 37. 1912, sec. 37. 1916, ch. 127, sec. 5.

37. This and the four preceding sections shall not be construed to create
any debt by the State of Maryland, but the only claim of any such bank-
ing institution or trust company shall be against the said annuity and
mortgage as aforesaid.¹

Sinking Fund.

An. Code, 1924, art. 81, sec. 205. 1912, sec. 194. 1904, sec. 190. 1888, sec. 156.
1884, ch. 419. 1929, ch. 226, sec. 38 (p. 72).

38. All monies remaining in the treasury of the State at the close of
each fiscal year, in excess of one hundred and fifty thousand dollars, and of
the sums required to meet the interest accruing due upon the public debt,
and the expenses of the State government defined by law shall be held by
the treasurer of the State to the credit of the general sinking fund of the
State, and shall be invested by the treasurer in the overdue obligations of
the State; and when the same are not procurable in the obligations of the
State not yet matured, or in the securities issued by the United States, or
in such other productive stocks or bonds as the treasurer, the governor and
comptroller concurring may consider safe and reliable; and the sum of one
hundred thousand dollars, which is directed to be set apart in each year
for the augmentation of the sinking fund, may be invested in the same man-
ner and under the same conditions by the said treasurer; and the invest-
ment so made shall be passed to the credit of the sinking fund.

¹ Secs. 6 and 7 of act of 1916, ch. 127, ratify and confirm any action or thing done by
the treasurer of state in conformity with provisions of said act prior to June 1, 1916,
and provide that in case any portion of said act shall be held unconstitutional or invalid,
same shall not be held to affect any other portion of said act.