1838.

LAWS OF MARYLAND.

CHAP. 386.

For special benefit

of education.

panies, into the Treasury of this State, for the special
purpose of education, to be distributed in such manner
as the Legislature shall hereafter direct.

In case bonds are

hypothecated.

Sec. 2. And be it enacted, That should any of the
bonds, or certificates of stock delivered to the Chesa-
peake and Ohio Canal Company under the resolution
of the General Assembly of December session eigh-
teen hundred and thirty-seven, number sixty-eight,
entitled resolutions relative to the Chesapeake and
Ohio Canal Company, and the Baltimore and Ohio
Rail Road Company, be under hypothecation so, that
the said canal company are not able to deliver the
same as herein provided, then and in that event, the

Treasurer to ap-

point persons to

negociate an ex-

change for this

stock.

said treasurer shall be and lie is hereby authorised to
appoint, with the approbation, and at the expense of
the said canal company, some suitable person to nego-
tiate and provide for the exchange of the bonds so hy-
pothecated, for those now created, upon such terms as

five per cent sterling stock hereby created may be
substituted in the place of the bonds, or certificates of
stock, so far as practicable, delivered under the resolu-
tion aforesaid.

Canal company

may receive such

amount of 5 per

cent stock equiva-

lent.

Sec. 3. And be it enacted, That the said canal com-
pany shall be, and it is hereby authorised to receive
from the said commissioner of loans who is hereby
directed to deliver the same, such amount of the said
five per cent sterling bonds, or certificates of stock
hereby created, as shall be equivalent to the sum, or
sums of money heretofore paid by said canal company

to other internal improvement companies, under the

resolution aforesaid.

On subscription

becoming due.

Sec. 4. And be it enacted, That whenever any sub-
scription, or appropriation now made, or hereafter to
be made by the State, to any work or works of inter-
nal improvement, shall become due and payable ac-

cording to the terms thereof, the Treasurer of the

Western Shore, shall be, and he is hereby required

Treasurer shall pay

out of any unap-

propriated money.

And provide the

means by sale of

stock.

Requisition autho-

rised.

to pay the same out of any unappropriated monies in

the treasury, and to provide for the payment of the

same by the disposal of such amount of stock similar

to that hereby created and which amount the commis-
sioner of loans upon the requisition of the treasurer,
shall, and he is hereby required to issue and deliver