86

LAWS OF MARYLAND.

Dec. Ses. 1821.

• of stock may not amount to that sum; which said managers shall
assemble and choose from among themselves a president, and shall
elect a treasurer and other necessary agents and officers; and the
said president, managers and treasurer, shall in all things act as
such until a president, managers and treasurer are elected in the
month of October next thereafter, as provided for by the first sec-
tion of this act.

Road shall be
stoned.

: 5. And be it enacted, That this road shall be cleared out,
stoned and made in the same manner as is the Baltimore and Fre-
derick-Town Turnpike Road, and shall in no place rise or fall more
than will form an angle of five degrees with a horizontal line;

Proviso.

Provided, That where in the opinion of the said company, any part
of the said road will not require stoning, and they can and do, at a
diminished expense, make such parts of said road without stoning;
then and in that case they shall be entitled to the same tolls as if
the same had been stoned; Provided, That such parts of said road
be kept in good and sufficient repair, and answer all public purposes
as well as if the same had been stoned.

When to be
commenced
& completed.

; 6. And be it enacted, That if the said company shall not
commence the making of the said turnpike road within two years
from the passage of this act, and shall not complete the same in
four years thereafter, the right of the said company to the said road
shall revert to the state of Maryland, and the charters of the said
banks are hereby declared not to be continued or extended by vir-
tue of this act.

Tax on capital.

7. And be it enacted, That on the first day of January 1836,
and on the first day of January annually thereafter, the president,
directors and company of the aforesaid banks shall pay, or cause to
be paid to the treasurer of the Western Shore of the state of Mary-
land, the sum of twenty cents on every hundred dollars of the capi-
tal stock of each bank actually paid m, or which may hereafter be
paid in; and any of the said banks neglecting to make such payment
for the space of six months after the same shall have become paya-
ble, shall thereby forfeit their charters, which shall then be consid-
ered null and void, and no longer continued under the provisions
of this act.

Charters of
banks accept-
ing extended.

8. And be it enacted, That the charters of such of the afore-
said banks as comply with the provisions and conditions of this
act, shall be renewed and continued until the year eighteen hun-
dred and forty-five, and the session of the general assembly next
thereafter; and such of the said banks as agree to accept of the
renewal of their charters upon the terms and conditions herein con-
tained, are required to transmit to the executive of this state a cer-
tificate of such their determination, on or before the first day of Ja-
nuary next.

Free school
fund.

9. And be it enacted, That the Treasurer of the Western Shore,
be, and he is hereby directed, from time to time, to invest in such
manner as he may be hereafter directed by law, all such sums of
money which he may hereafter receive in virtue of this act, toge-
ther with the dividends arising from such investment; and he is
hereby required to keep an account of such investment, which he
shall denominate a fund for the establishment of free schools, Sepa-
rately from the rest of the funds of the state of Maryland, and
make a report thereof annually to the general assembly.