1832.

LAWS OF MARYLAND.

CHAP. 220.

for securing the interest and principal aforesaid, shall be
deemed to be a security, and to stand pledged for payment

How to stand

pledged

to the state, in the first instance, of all sums that the state
under said guaranty may pay for the interest aforesaid,
and all loss that it may suffer by the guaranty aforesaid;
and that after full payment to the state as aforesaid, the
principal of said loan shall be taken to be secured by said

Company to depo-

sit amount of in-

terest to hey cre-

dit of the Treas.

W. Shore

conveyance.
Sec. 4. And be it enacted, That the said Baltimore and
Susquehanna Rail Road company, shall deposit in one of
the incorporated banks, in Baltimore, to the credit of the
treasurer of the state, and subject to his draft, the amount
of interest becoming due upon the said loan, at least twen-

Holier ihcrrot

ty days before the same shall be payable, and notify the
treasurer thereof, who shall pay over the same to the right-
ful holders of the said certificates, or their legal represen-
tatives, in the proportions to which they may severally be
entitled.

State not liable for

principal.

Sec. 5. And be it enacted, That nothing in this act
contained, shall be construed to render the state in any
wise, liable for the principal sum herein authorised to be

the endorsement authorised by this act, he shall first have
received such testimony as to him shall be satisfactory,
that the loan effected on the stock authorised by this act,
will be obtained at such rate, that the said company will

Amount required

to b erealized on

said loan

actually receive not less than ninety-five dollars in the
hundred, free and clear of all costs and'charges for effecting
the said loan, so that the nett sum hereby authorised
to he borrowed, shall be applied to the construction of the
road herein designed to be conveyed to the state, as an
indemnity for her liability for interest on said loan, as

Insurance also re-

quired

herein prescribed. And provided also, That before the
treasurer shall give the endorsement, authorised by this
act, he shall first have received such testimony as to him
shall be satisfactory, that the state is made fully, and abso-
lutely secure from the payment of the interest on the said
loan by a satisfactory policy of Insurance.