1846.

LAWS OF MARYLAND.

CHAP. 93.

and agree that the same shall constitute a prior lien on all
the property, effects and revenue of the Baltimore and
Susquehanna Rail Road Company; and it shall be the
duty of the said president and directors annually, before
making any payment to the State of Maryland, first out of
the revenues of the said company, to pay or provide for
the payment of the interest on the debts hereby authorised:
to be contracted; and furthermore, in each year, appro-
priate and set apart out of the said revenue, the sum of

Form a sink-
ing fund of
$10, 000.

ten thousand dollars, to form a sinking fund for the re-pay-
ment of the principal of said debts, and it shall be the

duty of said president and directors to invest, in each year,
the said sum of ten thousand dollars, and all accruing in-
terest thereon, in such securities as maybe deemed advi-
sable by them and may be approved by the Treasurer of
Maryland, and the same to be held in dust by the said
treasurer for the purposes aforesaid, until the period shall
arrive for the payment of said debts, when such stocks
or other securities shall be disposed of, and the proceeds
thereof applied to the redemption and payment of the ob-
ligations or debts authorised by the provisions of this act.

Bonds, notes,
&c. issued, to
be registered.

SEC. 4. And be it enacted, That upon the face of every
bond, note, certificate or other evidence of debt, that
may be issued by said company in virtue of this act, it
shall appear that the same forms a part of the aggregate
amount of the debt hereby authorised to be incurred, and
every such evidence of debt shall be registered by the
commissioner of loans of the State, whose duty it shall be
to have the word "Registered" written or printed on ev-
ery such bond or other evidence of debt, issued by the

Proviso.

company and presented to him for that purpose, and to
sign his name thereto; provided, the same do not exceed
in the whole the sum of one hundred and fifty thousand
dollars; and it shall be the duty of the commissioner to
return to the Treasurer of the State a correct list of all
bonds, certificates and other evidences of debt, so regis-
tered and signed by them.

Nothing to be
construed to
waive State's
lien upon the
property of the
company.

SEC. 5. And be it enacted, That nothing in this act
shall be construed as waiving the State's prior lien upon
the property, effects and revenue of said company, to any
further extent, or for any other purpose than to secure the
payment of the interest upon the debt hereby authorised
to be created, and the re-payment of the principal there-
of, in the manner aforesaid, and that the mayor and city
council of Baltimore, in the ordinance to be passed by
them, shall expressly agree to this limitation of the ex-
tent of the waiver to be made by the State as aforesaid.