The Democratic advocate. [volume] (Westminster, Md.) 1865-1972, 1872-05-18
CecIe'aty oI tne Senate
MILTON Y. KIDD,
Chief Clerk House OF Delegates.
Approved April lst, 1872.
CHAPTER 2f8.
AN ACT

CHAPTER 2f8.
AN ACT
To provide for can ceiling the Stocks or
Bonds of the State of Maryland, now
held by the Treasurer 10 the credit of
the Sinking Fund, and to provide for
The investment Of the auEmsntaLions OF
said lunds.
Section /. Be it enacted By the General
Assembly of Maryland, That the Treasurer
be, and he is hereby, directed on or before
The LIST day of May next, in the presence of
Governor aud Comptroller, to cancel and
destroy all the bonds aud certificates Of the
stock OF this State, now held in his Office TO
the credit Of the sinking fund aud all
further payment by the State of interest on
said bonds or certificates aforesaid, 40
required to be cancelled and DESTROYED.
shall cease from aud after the LIST day OF
April next.
Sec. 2. And be it further enacted. That
before cancelliug the said bonds and CERT
| hcates as aforesaid, the Treasurer be, and
be is thereby, authorized and required TO
cause TO be made out q list of the said
bonds and Certificates, with the numbers
and amounts Of the same, and the nam.
OF the persons to whom said certificates are
payable, and shall carefully examine and
compare the same and file the said list in
his office for preservation.
| Sec. 3. And BIZ it im Their enacted, That
| the Comptroller shall, on the LIST day of
July next, and on the LIST day of j iy in
every subsequent year, set apart to the
credit Of the sinki 9 fund, the SUN of on ,
hundred thousand dollars, which, in add.
ton to all sums otherwise according to the
augmentation ofthe sinking fund Is hereby
| appropriated for the purpose of taxing 40
the existing debt OF this State. and the
Comptroller shall cause the same to be
invested in stock or bonds of this State,
purchased Mt par or less, aud said bonds
alter being cancelled as hereinafter direct
ed, shall be credited to the sinking fund
and held by tile Treasurer, subject to the
future action ofthe General Assembly.
Sec. 4. And be it further enacted, That
whenever in the Judgment OF this Comp.
Ioler there shall be SURPLUS in the
| treasury over above the amoant necessary
10 meet the current expenses Of the State
as provided by law, he shall cause the
same 10 be invested in the bonds or certifi
Gates OF debt OF this State purchased at par
or less, and in all purchases OF bonds or
certificates hereby directed to be made the
Treasurer shall give the preference to this
overdue debt OF the State, aud the Comp
trolier and Treasurer may. at any time,
require the ,aid overdue deot or some
class thereof which can DO regulated aud
accurately described TO be presented at III I
| place where made payable for payment, by
| giving not less than thirty days notice to
the holders OF such overdue debt, that on a
day named in said notice, interest on sal d
overdue debt or class thereof will Cease,
and It said bonds or certificates so overdue
aud particularly described in said published
notice, be not presented for payment by
said day, the payment Of interest on the
same shall cease, and no farther pay menl
Of interest on the same shall be made.
Sec. 8. And be il further enacted, That
il the overdue bonds or certificates Of tins
State shall not be proearaDle in sufficient
amounts, the Treasurer may Invest the sum
! or sums required by this Act 10 any bond: