JAMES THOMAS, ESQUIRE, GOVERNOR.

1834

centum per annum, payable quarterly on the first days of
the months of January, April, July, and October, in each
year, at the loan office of this State in the city of Baltimore
and after the time limited in said advertisements for receiving
such prososals shall have elapsed the said treasurer may
and shall dispose of so much of said stock as, may be neces
sary for the objects of this act in reference to the said Bal-
timore and Susquehanna Rail Road Company, for the high

CHAP 241

est price that shall he offered for the same, provided, that
such price shall not be less than fifteen per centum above
the par value of said stock

Limitation of price

Sec. 11 And be it enacted, That the certificates of said
stock or bonds of the State of Maryland, shall be issued
from time to time by the said treasurer, or by the commis-
sioner of loans of this State, as the said treasurer shall di-
rect, and as the same shall be required for the purpose of
enabling said company, to extend its Rail Road to the Bo-

rough of York in the State of Pennsylvania, not exceeding
in the whole, one million of dollars

Limit one million

dollars

Sec. 12 And be it enacted, That the excess or advance
which the said treasurer shall obtain, above the par value of
the said certificates or bonds, with all the interest that may
accrue thereon, shall form a Sinking fund for the redemption
of the debt of this State, contracted or created under the
eleventh section of this act

Premium &c

constitued a

sinking fund

Sec 13 And be it enacted, That the said treasurer shall
be, and he is hereby authorised and directed to pay to the
president and directors of said company, or to their order
from tune to time, out of the money which he shall receive
from the purchaser or purchasers of said stock the sum of
the certificates or bonds that he may issue in pursuance of
this act in reference to the said company and as soon as
may be after the said money shall be received by him, and
he shall take from the said president and dircctors appropri

ate acknowledgments of the payment of said money, and
the obligation of said company, conditioned among other
thrngs for the payment of the interest that shall acciue
thereon quarterly and in advance, at least ten days previous
to the first days of the several mouths aforementioned, at
the rate of six per centum per annum, to the said treasurer
or to the commissioner of loans of this State, as the said
treasurer may from trme to time direct, and also for the pay
ment of the principal of said certificates or bonds, at least
one month before the day on which they shall respectively
become or be made redeemable

Acknowledgement
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