LAWS OF MARYLAND.

1843

tion received by said company, of the loan authorised by the
act entitled, an act to ensure the completion of the Susque-
hanna Canal and of the Tide Water Canal, passed at Decem-
ber session eighteen hundred and thirty eight, chapter four
hundred and sixteen ;.and to credit said bond when received,
on the corporate obligation of said company, now held by
said Treasurer as a mode of payment to this State of the
interest and diffeience of exchange of currency on the pro-
portion aforesaid, of the loan aforesaid, up to the period
aforesaid.

chap. 363.

Seo. 2. And be it enabled, That the Treasurer afore-
said, be and he is hereby authorised and directed to receive
the bond of the Tide Water Canal Company, to be issued in
favor of said Treasurer or bearer, for such sum as will equal
the amount that will be due and payable to this State, by
said company, up to the first day of July next inclusive, on
account of interest and difference of exchange of currency,
on the proportion received by said company, of the loan
authorised by the act aforesaid; and to credit said bond,
when received, on the corporate obligation of said com-
pany, now held by said Treasurer, as a mode of payment
to this State, of the interest and difference of exchange of
currency, on the proportion last aforesaid, of the loan afore-

X reasurer to
receive bond.

said, up to the period aforesaid.
Sec. 3. And be it enacted, That it shall and may be law-
ful for the Tide Water Canal Company, to issue bonds or
certificates of debt payable to bearer in sums not less than
fifty dollars, to such an amount not exceeding one hundred
thousand dollars in the whole, as may be necessary and
sufficient to pay in full the several amounts, which said com-
pany may owe or be liable to pay, in the procurement of
the title to lands in Harford county, used or occupied by
said canal and in the adjustment and final settlement of the
various unsettled claims for damages made upon said com-
pany, by the owners of land in Harford county, incluse of
costs of court and interest, and such incidental expenses as
shall be submitted and allowed by Harford county court,
and also to an amount not exceeding twelve thousand dollars,
to pay in full the liabilities of said company, for labor done
and materials furnished in the necessary repairs of said
canal, during the year eighteen hundred and forty-one, and
since, so far as the same may be yet unpaid by said com-

Company to
issue bonds.

pany. Provided, that no bonds or certificates of debt, which
may be issued under the authority of this section, shall be
disposed of by said company, under par, or for any other
or different purpose than is herein specified.

Proviso.

Sec. 4. And be it enacted, That the bonds or certificates
of debt authorised by the third section of this act to be
issued, shall be paid in priority to the claims of this State

Bonds and
certificates to
have priority.