1838.

LAWS OF MARYLAND.

CHAP. 387.

Instalments paya-

ble.

Proviso.

the same is hereby repealed, and that from and after
the passage of this act, the said capital stock shall be
payable at such times and in such instalments as the
president and directors of the said company shall re-
quire; provided nevertheless, that so much of the act to
incorporate the Annapolis and Elkridge Rail Road
Company, as prohibits the Treasurer of the Western
Shore from paying any instalments the stock of said
company subscribed for on the part of this State, until

Not payable from

Treasury till pro-

portionable pay-

ment is made by

stockholders.

after an equal proportional payment shall have, been
made by the other stockholders on their shares of the
capital stock of the said company, shall be, and the
same is hereby so far repealed or modified as to autho-
rise and require the said treasurer to pay to the said
Annapolis and Elkridge Rail Road Company any in-
stalment on the stock of the said company subscribed
for, on behalf of the State, which may be called for by

But so soon and in

proportion.

said company, so soon as it shall be made to appear
to the satisfaction of the said treasurer, that an equal

proportional payment has been made by the other

stockholders, or some of them, on the aggregate of stock
held by the private stockholders, and so far likewise
as to authorise and require the said treasurer to pay to
the said company the full balance of the State's sub-
scription to the capital stock of said company how re-
maining due, on its being made to appear to the said
treasurer, that the said company has received from its
private stockholders, or by loans negotiated on the
credit or pledge of stock owned by private stockhold-
ers, the full par amount or value of the capital stock
of said company subscribed for and held by private

No loan therefor.

stockholders as aforesaid, hut no money raised on any
loan negotiated or effected on the general credit of the
company, or for which the State's interest in the capi-
tal stock of the said company can be made liable, or in
any wise affected, shall be treated or accounted as
money received for the purpose of entitling the said
company to demand an additional payment from the
treasurer under the provisions of this act; provided
nevertheless, that nothing herein contained shall be so
construed as to affect the State's prior lien on said
stock or tolls of said company.