220

LAWS OF MARYLAND.

Canal Company, and under the mortgages executed to

the said state under the provisions of said respective

acts, shall be reduced, accounting from and after the

first day of January in the year eighteen hundred

and eighty-four, to four and one-half per centum

per annum, payable on the first day of July and Jan-

uary in each and every year.

SEC. 2. And be it enacted, That the provisions of

the preceding section shall not take effect unless the

How effective.

Philadelphia and Reading Railroad Company, the

lessee of the said Susquehanna canal, shall pay into

the treasury of this state, within thirty days after the

approval of this act, the arrears of interest due to the

State of Maryland to the first day of January, in the

year eighteen hundred and eighty-four, by the Susque-

hanna and Tide Water Canal Companies, under the

obligations and mortgages in the last preceding sec-

tion of this act mentioned; nor unless the said Phila-

delphia and Reading Railroad Company shall also,

within said thirty days, deposit with the Pennsylvania

Company, for insurance on lives and granting annui-

Deposit one
million dollars.

ties, one million of dollars of its second series tive per

cent, consolidated mortgage bonds, as collateral secur-

ity for the payment henceforth semi-annually, as the

same shall accrue, at four and one-half per centum in-

terest, as the same shall accrue and become payable

under the provisions of this act, upon the indebted-

ness of the Susquehanna and Tide Water Canal Com-

panies, referred to in the first section of this act.

SEC. 3. And le it enacted, That the mortgages

heretofore made by the Susquehanna and Tide Water

Canal Companies to the State of Maryland, in pur-

suance of the provisions of the act of December ses-

sion, eighteen hundred and thirty-eight, chapter four

hundred and sixteen, and in pursuance of the provi-

sions of the act of December session, eighteen hundred

Mortgages ex-

and forty-three, chapter three hundred and sixty-three,

pressly reserv-

and each of said mortgages, and all the remedies re-

ed.

served to the State of Maryland under each of said

mortgages against the said Susquehanna and Tide

Water Canal Companies, or either of them, or against

the properties or franchises of either of said compa-

nies, or both of them, are hereby expressly reserved ;

but it is also expressly provided that the said remedies

of the state against the said Susquehanna and Tide

Water Canal Companies, or either of them, or the