268

LAWS OF MARYLAND.

CHAP. 185

exchange or transfer. And whenever there shall be any sale
or transfer of such State securities by the Board of Public
Works, the proceeds thereof shall be applied to the payment
and cancellation of a like amount of the outstanding bonds
or certificates of debt of the State. And whenever any of
the outstanding bonds or certificates of debt of the State
shall be paid, the same shall be cancelled and entered by
designation and number by the treasurer, in the book in his
office known as the " Treasurer's record of bonds paid and
cancelled," and the Treasurer and Comptroller are hereby
directed, during the month of September and prior to the
close of the fiscal year next preceding the meeting of the
General Assembly, to charge off on their books of account
all such State bonds and certificates of debt, which has been
paid or redeemed, so as to reduce the accounts of such
bonds and certificates of debt to the amounts then actually
outstanding and unpaid, so that the said books, at the time
the Comptroller's report is made, will show the actual out-
standing debt of the State, and the Treasurer shall report
the same to the next succeeding General Assembly, fully
and in detail. And the Committee of Finance of the Senate,
and the Committee of Ways and Means of the House of

Books of Treas-
urer to be
examined,
etc.

Delegates, shall examine said books of the Treasurer during
the first thirty days of the session, and shall burn and
destroy all the State bonds and certificates of debt which
have been paid, redeemed and charged off as aforesaid, and
make report and certificate thereof to the General Assembly,
which report shall be printed in the journal of the proceed-
ings of the Senate or House of Delegates.

SEC. 3. If after advertising, as provided in Section 1, for
sealed proposals, no such sealed proposal shall be submitted,

Authorized to
sell and
transfer the
State's inter-
est at private
sale.

or if as authorized in said section, they shall reject all of
said proposals, they shall be authorized to sell and transfer
the State's interest in any or all works of internal improve-
ment and any or all banking corporations at private sale
upon the best terms and highest prices which they can
obtain therefor; and in making said public or private sale
or sales they shall be authorized to employ such agents to
assist them in making such sales to the best advantage as
they shall deem necessary to secure the most advantageous
sale or sales of the State's said interest, and to pay said
agent or agents so employed such compensation for their