1827

LAWS OF MARYLAND.

CHAP, 105

lats: And provided, also, that the instalments thereon, similar
to that required to be paid on behalf of the state, and all the
previous instalments which may have accrued thereon, shall
have been paid before any payment shall be demanded on ac-
count of the state's subscription.

Payments to be
made in certif-
cates of stock of
the state.

SEC. 2. And be it enacted, That the said subscription is au-
thorised and directed upon the condition, that the said presi-
dent and directors of the said Chesapeake and Ohio Canal
Company, shall certify to the said treasurer their agreement,
under the corporate seal of said company, to accept and re-
ceive in payment of the instalments which may become due
cm any such subscription as they may be called for, certificates
of stock of the state of Maryland, at par, irredeemable for fif-
teen years, and bearing an interest of five per centum per an-
num, payable quarterly, to commence at the end of one year
after the same shall have been issued, in succession, and that
upon any such subscription being made, the said treasurer is

Authority to con-
truct loans.

further authorised and directed, to borrow on the credit of the
state, on the best obtainable terms, from time to time, the
funds necessary to meet and discharge the first advance, and
each successive payment, whenever, and as often as any
instalment on the said subscription of the state shall be de-
manded, and become due, in conformity to the provisions of
the charter of the said company, and to issue for the same
certificates of stock of the state, bearing interest at the rate of
five per centum per annum payable quarterly provided, that
the said stock shall be redeemable at the pleasure of the state
at any time after fifty years, from each successive issue of

Invest premium

certificates, as aforesaid, and the premium, if any, on each
and every of the said loans, shall be 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 interest, dividends or profits, arising from
such investment or investments, shall be re-invested as afore-
said, for the eventual redemption of the said loans; and the

Pay to C. and O.

Canal company.

said funds, when 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 Chesapeake and Ohio Canal
Company in conformity to the provisions of the charter of
the said company, and to receive therefor, the necessary ac-
quittances; or, in case it shall he deemed more beneficial to

Discretion allowed

the interest of the state, in the estimation of the said treasurer,
with the approbation and concurrence of the Governor and
Council, the said treasurer shall be, and he hereby is autho-
rised and directed, whensoever and as often as any instal-
ment on the said subscription of the state shall be demanded

May issue certifi-
cates of stock.

and become due, in conformity to the provisions of the said
charter, to issue certificates of stock of the state, at par, irre
deemable for fifteen years, bearing interest at the rate of five,
per centum per annum, the said interest upon such certificates,
to commence at the end of one year after the same shall have
been issued, in succession, and to be paid quarterly thereafter;
and the said treasurer is authorised and directed, to cause the
said certificates to be delivered to the person or persons au-