THOMAS W. VEAZEY, ESQUIRE, GOVERNOR.

1837.

CHAPTER 308.

CHAP. 308.

A supplement to the act, to invest the State's share of
the surplus Revenue of the United States, and for
other purposes.

Passed Mar. 29,
1838.

SECTION I. Be it enacted by the General Assembly of
Maryland, That the monies now in deposite in the
Union Bank of Maryland, and the Franklin Bank of
Baltimore, in virtue of the provisions of the act to
invest the State's share of the Surplus Revenue of the
United States, and for other purposes, passed at De-
cember session eighteen hundred and thirty-six, chap-

Money designa-
ted.

ter two hundred and twenty, shall be deposited in some
incorporated bank or batiks in Baltimore, or else-
where in this State, at the discretion of the Treasu-
rer for the Western Shore, upon condition that
such bank or banks shall pay an interest of not

Deposite direct-
ed.

less than five per cent per annum, and give such
security for the repayment thereof, as to the said trea-
surer, shall appear sufficient, subject to the future con-
trol and operation of the next General Assembly; and
the interest thereon, after deducting the sum of one
thousand dollars per annum, which is otherwise appro-
priated by an act of the present session, entitled an act
to provide for the instruction of indigent blind persons.

Condition 5 per

cent.

in this State, shall be distributed amongst the several
counties of this State and the city of Baltimore, for
the support of Free schools, as provided for by one
other act passed at the present session, provided how-
ever, that the said monies shall be continued on depo-
site in the Union Bank of Maryland, and the Frank-
lin Bank of Baltimore, in case the said banks will
consent to retain the same on the conditions herein be-
fore provided.

Distribution of
the proceeds
directed.
To Free schools.
Proviso.

SEC. 2. And be it enacted, That if none of the incor-
porated banks will accept of the deposite of the afore-
said money, upon the terms hereinbefore provided, and
give adequate security to the treasurer for the pay-
ment thereof, the said treasurer shall be, and hereby
is authorized to invest the same in the stock of this
State, or in any other safe and productive fund, at his
discretion.

In case the
Banks decline.