WILLIAM GRASON, ESQUIRE, GOVERNOR.

1838.

directed to be issued, shall become redeemable, and
also to pay to the said treasurer, or the commissioner

CHAP. 395.

of loans, as the treasurer shall direct, interest at the

rate of six per cent per annum, on the whole amount of
certificates or bonds which are to be issued under the
provisions of this act, quarterly, and in advance at

And interest quar-

terly in advance.

least ten days previous, to the first days of the several

month's aforesaid, which said payments of interest
shall commence to be made in advance of the first pay-
ment of interest, which shall be required to be made by

To commence.

this State on such certificates or bonds, and shall con-
tinue to be made as aforesaid, until the repayment, by
the said company to this State, of the principal sums

of money which shall or may be advanced to said com-

pany as aforesaid; but if after the completion of the
said roads, their supply with carriages for travel and
transportation, and the payment of the debts of the
company as aforesaid, it shall appear, that the whole,
of the aforesaid sun. of seven hundred and fifty thou-
sand dollars has not been paid over to the said presi-

dent and directors, and applied by them to the pur-

And continue till

final payment.

poses aforesaid, then any surplus which remains in the

hands of the said president and directors, of the monies
which may have, been received by them from the said

Case of any surplus

remaining.

treasurer as aforesaid, shall be forthwith returned to
the said treasurer, and such surplus, together with any
part of the said sum of seven hundred and fifty thou-

the said treasurer uncalled for by the said president
and directors, and any premium or excess above the
par value of said certificates or bonds which may be re-

ceived on the sale thereof, shall be by said treasurer

To be paid to trea-

surer.

transferred to the credit of the sinking fund of the
State, and thenceforth the said company shall be liable

to pay the State, interest at the rate and in the man-

ner aforesaid, on such sum only as shall have been

paid over to the said president and directors and ap-

plied to the purposes aforesaid.

And with other

monies transferred

to Sinking Fund.

Interest payable

thereafter.

Sec. 5. Be it enacted, That nothing herein contain-
ed shall be taken and construed to release, or impair,

or in any manner to affect the rights, or liens of this

State created, or recognized by the act to provide for

the completion of the Chesapeake and Ohio Canal to

Cumberland, and to provide for the completion, of the

This act not to

impair prior liens.