WILLIAM GRASON, ESQUIRE, GOVERNOR.

1838.

stock delivered up by the said companies respectively
as aforesaid, and in thus changing the bonds or certifi-
cates of stock already issued under the act aforesaid,
for the bonds or certificates of stock hereby created,
the said commissioner of loans shall give to the said

CHAP. 386.

companies respectively in the proportion of three thou-
sand two hundred dollars of the bonds or certificates
of stock hereby created for every three thousand dol-
lars of the bonds or certificates of stock, so to be de-

In proportion pre-

scribed.

livered unprovided however, that the said companies
respectively shall secure by mortgage or other lien,
on all the property and revenues of said companies
respectively, to the satisfaction of the said Treasurer of

Proviso—mortgage

required.

the Western Shore, the payment of the interest at the
rate of five per centem per annum on the stock created
by this act, semi-annually, at least ninety days before
the first day of January and July, in every year for
the term of three years from the date of the bonds or

Securing semi-an-

nual payment of

5 per cent interest.

certificates of said stock together with the cost of,
transmitting said interest to London to be there paid,

And costs of trans-

mitting.

and also the difference in the exchange of currency
between London and the City of Baltimore, or shall

And balance of ex-

change.

for the same purpose, to secure the payment of the in-
terest as aforesaid, leave in the hands of the said
Treasurer, an amount of said stock or bonds to which
they may be respectively entitled, equivalent to the in-
terest and expenses aforesaid, winch bonds or stock,
or the proportioned and equal part thereof, shall be im-

Or leave in the
hands of Treasur-

er stock equivalent

thereto.

mediately delivered to the respective companies on the
payment by them or any part thereof, of the interest,
on the terms and in the manner required by the provi-

Deliverable upon

payment of said

costs.

sions of this act, and in case of failure of the compa-
nies, or cither, to pay the interest as required by this

In case of their

failure.

act, it shall and may be lawful for the Treasurer to
sell such part of the bonds retained as aforesaid, as
may be necessary to supply the deficiency occasioned

Treasurer may sell

to amount of defi-

ciency.

by the failure to pay the interest us aforesaid; provi-
ded also, that the entire excess in the sale of said five
per cent sterling bonds or certificates of stock so ex-
changed for the bonds or certificates of stock already

issued, above the par of the bonds or certificates of
stock already issued and to be delivered up as afore-
said, after the payment of the interest and expenses
aforesaid, shall be paid ratably by the respective com-

The entire excess

to be paid rate-

ably.