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so offered for sale to the highest bidder or bidders, and by
such apt and sufficient conveyance or conveyances or other
instruments as the Attorney General shall approve, they
shall transfer to the purchaser or purchasers the interest so
sold to him or them, but if the highest price or prices shall
in their judgment be insufficient they shall have the power,
and it shall be their duty, to reject said bid or bids; the
provisions of this section being subject, however, to the pro-
viso contained in the following section in relation to the sale
of the fifty-five hundred shares of the capital stock held by
the State in the Washington Branch of the Baltimore and
Ohio Railroad Company.
SEC. 2. The Board of Public Works are hereby authorized
and directed whenever they shall determine it shall be for
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CHAP. 185
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the best interest of the State to sell the whole or any part
of the following State stocks and securities, to with, fifty-five
hundred shares of the capital stock of the Washington
Branch of the Baltimore and Ohio Railroad Company; six
hundred shares of the capital stock of the Annapolis Water
Company; fifteen hundred and forty -nine shares of the capital
stock of the Farmers' National Bank of Annapolis, all now
held and owned by the State of Maryland, and in making
sale of such stock or securities the said Board of Public
Works are directed to proceed as directed in the preceding
section; provided, however, that in the event that the Board
of Public Works shall receive an offer of two million five
hundred thousand dollars or more for the said fifty-five hun-
dred shares of the capital stock of the Washington Branch
of the Baltimore and Ohio Railroad Company, the said
board may sell the said stock at private sale, without adver-
tising for sealed proposals, as prescribed in the preceding
section, and without any other or further formality or delay,
or in their discretion they may advertise for bids for the
purchase of the whole of the State's holdings and interest
in the said Washington Branch for such time, in such mode
and subject to such regulations and conditions as they shall
see fit to prescribe. But the said Board of Public Works
may exchange any of the said State securities at their actual
market value, for an equal amount of outstanding bonds or
certificate of indebtedness of the State, and full authority
is hereby given them to execute and deliver such transfers
or assignments as may be necessary to effect such sale,
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Authorized to
sell stocks
and securi-
ties.
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