1827

LAWS OF MARYLAND.

CHAP. 104

r al, bind the said company to allow the state to subscribe for
the remaining five thousand shares on the same terms, at any
time during the session of the next General Assembly.

Treasurer to con-
tract loans to pay
instalments -con-
ditions

SEC 4. And be it enacted. That upon any such subscription
being made, the said treasurer is further authorised and di-
rected to borrow on the credit of the state on the best obtaina-
ble terms, from time to time, the funds necessary to meet and
discharge the first advance and each successive payment
whensoever and as often as any instalment on the said sub-
scription of the state shall be demanded and become due in
conformity to the provisions of the charter of the said com-
poray, and to issue for the same, certificates of stock of the
state, bearing interest at the rate of five per centum per annum,

Premiums to be
invested to redeem
the debt.

payable quarterly: Provided, That the said stock shall be re-
deemable at the pleasure of the, state, at anytime after fifty
years from each {successive issue of certificates, as aforesaid,
and the premium if any, on each and every of the said loans,
shall he invested in some safe and productive stock at the
discretion of the said treasurer, with the advice and consent
of the Governor and Council, for the time being, and the in-
terest, dividends or profits arising from such investment or
investments, shall be re-invested as aforesaid, for the even-
tual redemption of the said loans, and the said funds whea

Payments
company

obtained under the authority of this act, the said treasurer
is hereby directed to pay to the order of the president and
directors of the Baltimore and Ohio Rail Road Company, in
conformity to the provisions of the charter of the said com-
pany, and to receive therefor the necessary acquittances, or in
case it shall be deemed more beneficial to the interest of the
state in the estimation of the treasurer, with the approbation
and concurrence of the Governor and Council, the said trea-

Discretion allowed

surer shall be, and he hereby is authorised and directed to
provide for the payment of the instalments on said subscrip-
tion., as they may become due in the manner provided by the
third section of this act, and that in the event of the adoption
of this last mentioned alternative, it is further enacted, that
upon such subscription being made, the said treasurer be, and
he hereby is authorised and directed, whensoever and as often
as any instalment on the said subscription of the state shall
be demanded and become due, in conformity to the provisions

May issue certifi-
cates of stock.

of the said charter, to issue certificates of stock of the state at
par, irredeemable for fifteen years, bearing interest at the rate
of five per centum per annum the said interest upon such cer-
tificates to commence at the end of one year after the same
shall have been issued, in succession, and to be paid quarterly
thereafter: an J the said treasurer is authorised and directed
to cause the said certificates to be delivered to the person or
persons authorised to receive the said instalments as they
shall severally become due, and to demand and receive from
such person or persons upon the delivery of the said certifi-
cates, a full acquittance and discharge for and on behalf of the
slate, for the instalment for which the said certificates were

Proviso

issued : Provided always, That in case a premium of five per