196

LAWS OP MARYLAND.

be held as assigned and transferred to this State and as herein-

after provided, shall be assigned and transferred by this State to

Rights.

said Washington and Cumberland railroad company with all

rights and remedies provided by law for the enforcement of the

same; said Washington and Cumberland railroad company shall
also pay to the treasurer of this State within six months after the

execution of said lease, a sum equal to twenty-five per cent, of

the principal of the bonds known as preferred construction bonds,

issued by said Chesapeake and Ohio canal company under the act

of eighteen hundred and forty-four, chapter two hundred and

eighty-one, such principal amounting to sixteen hundred and

ninety-nine thousand five hundred dollars, which said sum said

Pro rata.

treasurer shall proceed to distribute pro rata amongst the holders

of said preferred construction bonds; upon the payment of such

pro rata share to said bond holders, they shall deliver their said

bonds to the treasurer; if at the end of six months from such

payment to him, any part of said sum so paid to him shall remain

in his hands uncalled for he shall return the same to said Wash-

ington and Cumberland railroad company; said Washington and

Cumberland railroad company shall also pay to the said treasurer

for the use of this State within twelve months after the comple-

tion of its roads from Cumberland to Williamsport the further

sum of fifteen thousand dollars, and shall, thereafter regularly

To pay

pay to this State the sum of fifteen thousand dollars in semi-

annual installments of seven thousand and five hundred dollars

on the first day of January and the first day of July of each year,

which said annuity shall be redeemable by said Washington and

Cumberland railroad company at its option upon six months

notice, upon the payment of three hundred thousand dollars to

this State; upon the full payment by said Washington and Cum-

berland railroad company of the whole of the said hereinbefore

recited bonds and interest thereon issued under said act of eigh-

teen hundred and seventy-eight, chapter fifty-eight, the said

seventy thousand dollars or thereabouts for labor claims, and said

judgment for thirty thousand dollars or thereabouts, and not.

before, such lease shall take effect and the title of the said Wash-

ington and Cumberland railroad company to the said Chesapeake

and Ohio canal its franchises and all property, and property and

water-rights of every description of said company, subject to the
covenants and stipulations of said lease shall accrue, and the prior

liens of this State as mortgagee and creditor upon the said canal

and all its property, property-rights and franchises, shall be

waived and released in favor of and be transferred to and held by

Assign-

said Washington and Cumberland railroad company; and the

ment.

board of public works shall execute and deliver to said Washing-

ton and Cumberland railroad company a good and sufficient-

assignment of all of said liens held by this State to the end that

said liens shall be vested in said railroad company as fully as the