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LAWS OF MARYLAND.
CHAPTER 110.

Passed Feb.
8, 1866.

AN ACT to authorize the Governor, Comptroller
and Treasurer to dispose of all the Bank Stocks
held by the State, and to invest the proceeds
thereof as therein directed.

Authorized
to sell.

SEC 1. And be it enacted by the General Assembly
of Maryland, That the Governor, Comptroller and
Treasurer of this State are hereby authorized con-
jointly or any two of them, to sell at public auction,
at such times and in such sums as they deem most
advantageous to the State's interest, the Bank Stocks
standing in the name of the Treasurer of the Wes-
tern Shore or in the name of the Treasurer of Mary-
land, in trust for, or belonging to, and standing to
the credit of the several counties of this State for
the respective free schools or other schools thereof,
and to receive in payment the bonds and registered
debt due and owing at the date of the adoption of
the Constitution, equal in amount to the price ob-
tained for the same, or to invest the proceeds there-
of in the bonds of the State authorized by the act of

Proviso.

eighteen hundred and sixty-five, chapter thirty-
three, known as the defense loan; provided, that
the said sales shall not be for less than the par val-
ue of the Bank Stocks.

Debt trans-
ferred to
Treasurer.

Sec. 2.. And be it further enacted, That the State
debt, when so purchased, shall be transferred to and
stand in the name of the Treasurer of Maryland
upon the books of the Treasury, in trust for the free
schools or other schools as the case may be, of the
respective counties and for the same purposes as the
said Bank Stocks so sold, were before severally
held, and the interest and proceeds therefrom when
received by the Treasurer, shall be applied by him
for the same purposes, and upon the said trusts as
the dividends of the said Bank Stocks had before
been respectively applied.

Authorized to
dispose of all
the Bank
stacks.

Sec. 3. And be it enacted, That the Governor,
Comptroller and Treasurer of this State are hereby
authorized conjointly or any two of them, to dispose
of all the Bank Stocks held and owned by the State,
and to receive in payment the bonds and registered
debt, due or owing at the date of the adoption of
the Constitution, equal in amount to the price ob-