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Dec. Ses. 1816.
Stock to be
transferred.
Trustee to give
bond.
Chancellor to
order terms of
sale.
Proceedings of
trustee to be
returned to
chancery court.
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deed from Samuel C. Watkins, of the county aforesaid, to Jona-
than Waters, duly executed, acknowledged and recorded, in liber
N. H. number twelve, folio five hundred and eleven, one of the
land records of Anne-Arundel county aforesaid, by which said
deed the said lands were conveyed to the said Jonathan Waters,
in trust for the use of himself ami his wife, Sarah Ann Waters,
during; their lives, with remainder to their eldest son Thomas
Gassaway Waters, in fee-tail general, remainder over to the
right heirs of the said Sarah Ann Waters; and the same when
sold, and on the payment of the. whole purchase money, and not
before, to make over and convey, by good and sufficient deed or
deeds, to the purchaser or purchasers thereof; and the money
arising therefrom, after defraying all legal and necessary expenses
attending the same, to apply, under the direction of the chan-
cellor, to the purchase of stock in the Farmers Bank of Mary-
land, or other monied institution, and to hold the said stock,
when purchased, in his name, in trust for the said Jonathan Wa-
ters, and Sarah Ann his wife, and their son Thomas Gassaway
Waters, and the right heirs of the said Sarah Ann Waters, and
the dividends or interest arising thereon, as they become due, to
pay over to the said Jonathan Waters, and Sarah Ann his wife,
or to their order, during their lives, and to the survivor of them,
or his or her order, during his or her life, and after the death of
both of them, to the guardian or guardians of the said Thomas
Gassaway Waters, if he be not then of age, for his use, or in
rase of his death at that time, to the person or persons entitled
by law to receive the same.
2. And be it enacted, That if the said Thomas Gassaway Wa-
ters shall be of full ago at the death of the said Jonathan Waters,
and Sarah Ann his wife, and of the survivor of them, or as soon
thereafter as he shall be of age, the said trustee shall and he is
hereby authorised, under the direction of the chancellor, as here-
in after required, to transfer the stock, so to be purchased as
aforesaid, on the books of the said bank, or other institution, to
the said Thomas Gassaway Waters, or in case of his death at
that time, or at any time thereafter, and before the said transfer,
and without issue living, to the person or persons entitled by law
to a transfer of the same.
3. And be it enacted, That before the said trustee shall make
any sale in virtue of this act, he shall file with the register of the
court of chancery a bond to the state of Maryland, in such pe-
nalty, and with such security, as shall be approved of by the chan-
cellor, conditioned for the faithful performance of the trust re-
posed in him by this act.
4. And be it enacted, That the chancellor be and he is hereby
authorised and empowered, on application of the said trustee, to
direct and order the terms and manner of the sale of the said
lands, and upon the death or resignation of the trustee appointed
by this act, to appoint a trustee, or trustees for the purposes afore-
said, or so much thereof as shall remain to be effected, who, before
he acts as such, shall give bond in manner and form as herein-
before directed.
5. And be it enacted, That the said trustee, or any future trus-
tee to be appointed by the chancellor in virtue of this act, shall
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