Page:United States Statutes at Large Volume 4.djvu/856

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or investments, shall be reinvested, as aforesaid, for the eventual redemption of the said loans; and the said funds, when obtained under the authority of this act, the said treasurer is hereby directed to pay to the order of the president and directors of the Chesapeake and Ohio Canal Company, in conformity to the provisions of the charter of the said company, and to receive therefor the necessary acquittances; or, in case it shall be deemed more beneficial to the interest of the state, in the estimation of the said treasurer, with the approbation and concurrence of the governor and council, the said treasurer shall be, and he hereby is, authorized and directed, whensoever and as often as any instalment on the said subscription of the state shall be demanded, and become due, in conformity to the provisions of the said charter, to issue certificates of stock of the state, at par, irredeemable for fifteen years, bearing interest at the rate of five per centum per annum; the said interest upon such certificates, to commence at the end of one year after the same shall have been issued, in succession, and to be paid quarterly thereafter; and the said treasurer is authorized and directed to cause the said certificates to be delivered to the person or persons authorized to receive the said instalments, as they shall severally become due, and to demand and receive, from such person or persons, upon the delivery of the said certificates, a full acquittance and discharge for and on behalf of the state, for the instalment for which the said certificates were issued: provided, always, that, in case a premium of five per centum, or exceeding five per centum, may be obtained upon any loan required for any instalment as aforesaid, that, then, and in that case, it shall be the duty of the said treasurer, with the advice and consent of the governor and council, as aforesaid, to elect the first alternative, as hereinbefore provided: And provided furthermore, and it is hereby enacted, That, upon the adoption of either alternative, a capital equal to ten per centum, at the least, on the gross amount of each loan, shall be made from any unappropriated money in the treasury, and the same shall be invested in some safe and productive stock, as aforesaid; and the interest, dividends, or profits, arising therefrom, shall be reinvested, as aforesaid, for the eventual redemption of each of the said loans, to be negotiated for as aforesaid.

. And be it enacted, That any act or acts, repugnant to, or inconsistent herewith, be, and the same are hereby, repealed.

We hereby certify the aforegoing to be a true copy from the original act, which passed both branches of the legislature of Maryland at their December session, eighteen hundred and twenty-seven.

Given under our hands, at the city of Annapolis, this third day of March, eighteen hundred and twenty-eight.

,

President of the Senate of Maryland.

,

Speaker of the House of Delegates.