1834

LAWS OF MARYLAND.

vied, that such price shall not be less than fifteen per
centum above the par of said stock

Issue certificate

Or bon [ ]

Sec 2 And be it enacted, That the certificates of said
stock, or in lieu thereof, the bonds of the State of Mary-
land, shall be issued from time to time by the said Treasurer
or by the Commissioner of Loans of this State, as the said
Treasurer shall direct, and as the same shall be required for
the purposes of said Company, and for such amount in the

Limit - two mill

ions

aggregate, as shall be necessary to complete said Canal to
Cumberland, not exceeding in all two millions of dollars.
Sec 3 And be it enacted, That the excess or advance
which the said treasurer shall obtain above the par or sum
of the certificates of said stock or bonds, with all the inter-
est that i ay accrue thereon, shall form, and be set apart as a
sinking fund for the payment of the interest and the redemp-
tion of the principal of the debt of this State, created or
contracted under the second section of this act

Pay over to the

orde of C com

pany

Sec. 4. And be it enacted, That the said treasurer shall be
and he is thereby authorised and directed to pay to the pre-
sident and directors of said company or to their order, from
time to trine, out of the money which he shall recerve from
purchaser or purchasers of said stock, the sum of the cer-
tificates or bonds, that he may issue in pursuance of the se-
cond section of this act, and as soon as may be after said
money shall be received by him, and he shall take from the

Acknowledgements

and obligation

therefor

said president and directors, appropriate acknowledgments
of the payments of said money, and the obligation of said
company, conditioned for the payment of the interest that
shall accrue thereon, quarterly and in advance, at least ten
days previous to the first day of the several months afore
mentioned, at the rate of six per centum per annum, to the
said treasurer or othef commissioner of loans of this State,
as the said treasurer may from time to time direct and also
for the payment of the aggregate sun of the principal of
said certificates or bonds at least one month before the day
on which they shall respectively become or be made redeem
able

Pledge or rev-

nues &c

Sec 5 And be it enacted, That lor the purpose of pro-
viding a fund on the part of said company, to secure the fi-
nal payment of the debt which it may owe this State, for
money that may be loaned to it in pursuance of his act, the
said company shall also stipulate in the aforementioned cove
nant and obligation, for the payment to the said treasurer of
the whole of its net revenues, and the proceeds of the sales
or leases ol the whole of the property hitherto or hereafter