1847.

LAWS OF MARYLAND.

CHAP. 196.

pany pro rata, including the city of Baltimore and the
State of Maryland, the stork of individuals to be com-
puted at two hundred and fifty thousand dollars, of the
city of Baltimore at nine hundred and fifty thousand
dollars, and of the State of Maryland at one hundred

Surplus to be
invested by the
State treasurer.

thousand dollars, and if in any year there should remain
any balance after the payment of interest on the debt
due the State and a six per centum dividend to the stock-
holders as herein provided, then said balance shall be
paid by said company forthwith to the Treasurer of the
Western Shore, to be invested by him in six per centum
bonds of the State, or in other safe stocks approved by
said treasurer and the said Baltimore and Susquehanna
rail road company, to constitute a sinking fund for the
redemption of the bonds authorised to be rescinded by
said treasurer by the second section of this act, and the
said treasurer shall be and he is hereby authorised and
directed to apply the said movies that may be so receiv-
ed from said company, and all dividends upon stocks in
which it may be invested, to the constitution of the
sinking fund hereinbefore provided for, and to report to
the said company if requested, annually, the amount and
condition of said sinking fund.

Regulations to
be observed in
certain contin-
gencies.

SEC. 4. And be it enacted, That if the sinking fund
provided for in the third section of this act, shall at any
time before the bonds received by the treasurer under
the second section of this act may become due equal
the amount of said bonds, then it shall immediately be
applied to the payment thereof, and said bonds shall be
cancelled and returned to the said Baltimore and Sus-
quehanna rail road company, and from thenceforth the
revenues and receipts of the company shall be applied
first to the payment of the interest due to the State
upon her loan, and the residue be distributed pro rata
among the stockholders, including the State and city of
Baltimore, and if the sinking fund aforesaid shall not be
equal in amount to the said bonds when the same become
due, then said sinking fund shall be applied to the pay-
ment pro tanto of said bonds, and the balance remaining
due shall thenceforth be added to the principal of the
debt due the State, and shall have the like priority, and
bear interest at the rate of six per centum per annum, and
the interest upon the whole preferred debt thus increas-
ed by the addition of said balance shall first be paid,
and the balance of the revenues of the company dis-
tributed among the stockholders in the manner herein-
before provided.