LAWS OF MARYLAND.

1842

conveyance or transfer of all the interest of the state in the
said Chesapeake and Ohio Canal Company, provided how-
ever, that the bonds issued for the benefit of the Baltimore
and Ohio Rail Road Company, and remaining unsold on
the first day of January last, in the hands of said Baltimore
and Ohio Rail Road Company, or its agent or agents, ex-
cept the sum of five thousand pounds sterling already sold,
shall not be received directly or indirectly, in payment of
the State's interest as aforesaid, and provided further, that
before any transfer shall be made of the interest of the
state in the said Chesapeake and Ohio Canal, the Chesa-
peake and Ohio Canal Company shall in proper form secure
to the holders of scrip and other creditors of said compa-
ny the payment of said scrip and debts within twenty years
from the date of said transfer with annual interest at six
per cent, the capital of said bonds to be payable at the
option of said company either in current money or state
bonds out-standing.

CHAP. 301.

Provisoes.

SEC. 3. And be it enacted, That on or after the day de-
signated in the first section of this act, upon delivery of
state bonds or certificates of debt bearing an interest of not
less than live per cent to the treasurer aforesaid, not less in
amount than four millions two hundred thousand dollars, it
shall be the duty of the treasurer, and he is hereby autho-
rized and directed to convey to the purchaser or purchasers
in proper form, all the stock which the state holds in the
Baltimore and Ohio Rail Road Company, and the Wash-
ington branch thereof, and upon the execution and delivery
by said company to the treasurer of a mortgage in proper
form upon the profits of said company arising from the
Washington branch of said rail road for the payment of a
perpetual annuity of thirty thousand dollars payable quar-
terly at the State treasury, the treasurer is authorized and
empowered to execute to said company a release of the tax
of one-fifth of the passage money on said Washington
road branch secured to the state by existing laws, and
the charter of the company shall from thenceforth be con-
tinued until the first of July eighteen hundred and sixty-
three, and the said company are hereby authorized to bor-
row one million of dollars, and to pledge the property of
the company therefor.

Upon delivery
of bonds or
certificates,
treasurer to
convey, &c.

SEC. 4. And be it enacted, That on or after the day de-
signated in the first section of this act, upon the delivery to
the treasurer of the western shore of state bonds, or certi-
ficates of debt, bearing an interest of not less than five per
cent to the amount of one million of dollars, and the inter-
est then due to the state by the Susquehanna and tide-water
canal company, the treasurer is hereby authorized and em-

Treasurer au-
thorised to
convey.