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LAWS OF MARYLAND

Chapter 389.

AN ACT to repeal chapter two hundred and thirty-

two of the Public General Laws of eighteen

hundred and eighty, entitled "An Act to create

a loan to provide for the exchange or redemption

and payment of the debt of the State called

the ' Defence Loan,' issued under the act of

eighteen hundred and sixty-eight, chapter two

hundred and thirty five, and to enact in lieu

thereof certain provisions for the creation of a

State Defence Redemption Loan."

SECTION 1. Be it enacted by the General Assem-

bly of Maryland, That a loan be and is hereby

created to be called the "Defence Redemption

Loan created.

Loan," and certificates of debt in the name of the

State of Maryland, to be signed by the Treasurer

and countersigned by the Comptroller, are hereby

authorized to be issued to an amount not to exceed

three millions of dollars, bearing an interest at the

rate of three and sixty-five hundredths per centum per

annum, payable semi-annually on the first day of

January and the first day of July of each year;

one half of said issue shall hereupon certificates of

indebtedness, and one-half thereof shall be regis-

tered certificates of indebtedness, which said certifi-

cates of debt shall all bear the same date, and be

redeemable in fifteen years from such date; and

Exempt from

such certificates of debt shall be exempt from all

taxation.

State, county and municipal taxation.

SEC. 2. And be it enacted. That the Governor,

Comptroller and Treasurer, or a majority of them,

be and they are hereby directed to issue and

Issue and
exchange.

exchange, at not less than par, new certificates

issued under this act for the certificates of the

old indebtedness of said " Defence Loan," as such

maybe presented for exchange, giving at least three

months' notice thereof prior to the date of the expi-

ration of such "Defence Loan," viz: January the

first, eighteen hundred and eighty four, in a manner

How con-

to be hereinafter provided for; provided that noth-

strued.

ing in this act shall in any way prevent the Gov-

ernor, Comptroller and Treasurer, or a majority of