SAMUEL SPRIGG, ESQ. GOVERNOR.

53

of the state to furnish it with such resources as may enable it to pay
its debts—Therefore,
Sec. 1. Be it en acted By the General Assembly of Maryland,
That the Treasurer of the Western Shore of Maryland, be, and he
is hereby authorised and empowered, to cause to be constituted, cer-
tificates of stock, signed by the Treasurer of the Western Shore, and
countersigned by the clerk of the council, in favor of the original
holders thereof or their assignees, for the sum of thirty thousand
dollars, bearing an interest of five per cent per annum, the same to be
issued in certificates of not less than five hundred dollars in amount;
and the Treasurer of the Western Shore is hereby authorised to
cause (he said certificates of stock to be delivered to such person or
persons as may subscribe therefor, upon the terms required by this
act, and credit or credits to the proprietors thereof, shall thereupon
be entered and given on the books of the treasury, which said cre-
dits or stock shall thereafter be transferable only on the books of
the treasury of the state of Maryland, by the proprietor or proprie-
tors of such stock, his or their attorney.

Dec Ses. 1821.

Certificates to
be issued—a
mount- trans-

fers.

2. And be it enacted, That subscription hooks shall be open-
ed in the city of Annapolis, and Baltimore, by the Treasurer of the
Western Shore, as soon after the passage of this act as the same
may conveniently be done, for the sale of said stock, the treasurer
giving such notice in the public papers as he may think proper; and
the purchaser or purchasers thereof shall, upon subscribing for
the said stock, and before they receive the certificates therefor, depo-
sit the amount subscribed for in the Farmers' Bank of Maryland,
or in the Bank of Baltimore, subject to the order of the Treasurer
of the Western Shore; and the treasurer is authorised and directed,
before he shall take any subscription for said stock, to require such
premium for the same as he may deem reasonable.

Books to be o-
pened—premi-
um.

3. And be it enacted, That the state of Maryland shall pro-
vide such funds as may be deemed advisable for the quarterly pay-
ment of the interest on said stock, and for the redemption of the
principal thereof at the expiration of thirty years; and for the re-
demption of the principal; and the punctual payment of the interest
of the said stock, the pledge and guarantee of the state of Mary-
land is hereby given.

Payment of in-
terest and re-
demption of
principal.

4. And be it enacted, That in case the state of Maryland
should not redeem the said stock at the expiration of thirty years,
that then the said stock shall bear an interest of six per cent per
annum from that time until paid.

If not redeem-
ed.

5. And be it enacted, That Reverdy Johnson, John Bar-
ney, John P. Kennedy, John E. Howard, Jr. Elisha De Butts,
Granville Sharp Pattison, Maxwell M'Dowell and David Hoffman,
or a majority of them, be commissioners to audit and ascertain the
debts which may have been contracted by the University of Mary-
land, and which now remain unliquidated; and when the same shall
have been audited, to report the same, with the vouchers thereof, to
the Treasurer of the Western Shore.

Commissioners
to audit ac-
counts.

6. And be it enacted, That it shall be the duty of the Trea-
surer to pay from the proceeds of the stock created by virtue of this
act, all orders drawn by the said commissioners, or a majority of
them, for any sum not less than five hundred dollars, except in the
case of a final balance for the payment of such debts of the Univer-

Treasurer to
pay orders.