JOSEPH KENT, ESQUIRE, GOVERNOR.

1827

centum, or exceeding five fer centum, may be obtained upon
any loan, required for any instalment as aforesaid, that then
and in that ease it shall be the duty of the said treasurer, with
the advice and consent of the Governor and Council as afore-
said, to elect the first alternative as herein before provided

CHAP. 104.

And provided furthermore, and it is hereby enacted, that upon
the adoption oi either alternative, a capital equal to ten per
centum at the least, on the gross amount of each loan, shall be
made from any unappropriated money in the treasury, and the
same shall be invested in some safe and productive stock as
aforesaid, and the interest, dividends or profits arising there-
from, shall be reinvested as aforesaid, for the eventual re-
demption of each of the said loans to be negotiated as afore-
said.

In either alterna-

tive,

CHAPTER 105.

A further supplement to the act, entitled an act, for the pro mo-
tion of Internal Improvement,

Passsed March, 24
1823.

WHEREAS by the act, entitled a supplement to the act, en-
titled, an act for the promotion of Internal Improvement, pass-
ed at December session, eighteen hundred and twenty-six,
chapter two hundred and twenty-one, it is amongst other
things, provided, that one 6t the conditions upon which the
treasurer of the Western Shore shall be authorised to sub-
scribe for five thousand shares in the capital stock of the
Chesapeake and Ohio Canal Company, is, that whenever the
United States shall have authorised subscriptions for not less
than ten thousand shares of the capital stock of the Chesa-
sapeake and Ohio Canal Company; and whereas it is impor-
tant with reference to the interests of the state, that the grant
already made by her to that company, should be made depen-
dant upon such other conditions and restrictions, as will effec-
tually secure the completion of this work, if ever commenced;
and the previous payment of the instalments upon all other
subscriptions, and that some mode of payment of the sub-
scription already made, should be provided, having reference
to the exhausted condition of the treasury, in lieu of the mode
of payment provided by the terms of the original subscrip-
tion: Therefore,

Preamble.

SECTION I. Be it enacted by the General Assembly of Mary-
land, That the treasurer of the Western Shore, be authorised
to subscribe the aforementioned five thousand shares of the
capital stock of the Chesapeake and Ohio Canal Company,
whenever the commissioners, their successors, or a majority
of them appointed on the part of this state, to aid in opening
books and taking subscriptions to the stock of said company,
shall certify that the sum of two millions five hundred thou-
sand dollars has been subscribed bv bona fide subscribers, with
such additional securities as to them may be deemed ample
to ensure the faithful compliance on the part of the subscri-
berss, of the aforesaid two millions five hundred thousand dol-

Treasurer author-
ised to subscribe
for 500 shares in
Chesapeake and

Ohio canal— provi-
ded.