Maryland independent. [volume] (Port Tobacco, Md.) 1874-current, 1896-05-15

AN ACT TO REPEAL SECTION 2 OF
CHAPTER $40 OF THE ACTS OF AS
sEMBLY OF MARYLAND OF 1892. EN-
TITLED AN ACT PRESCRIBING
THE REGULATIONS AND coNDI-
TloNs UPON WHICH THE BOARD
OF PUBLIC WORKS SHALL SELL
THE STATES INTEREST IN ALL
WORKS OF IMPROVEMENT.
Section l. Be it enacted by the General
Assembly OF Maryland, That Section of
Chapter $40 Of the Acts of Assembly Of
Maryland Of 1902 be, and the same is. here
by repealed and re-enacted so as to read
as follows;
Section ?. The Board Of Public Works
are hereby authorized and directed when
ever they shall determine 1t TO be for the
best interest Of the state, to sell the whole
or any part OF the following state stocks,
ana securities, to wit: Fifty-fve hun
dred shares Of the capital stock Of the
Washington Branch Of the Baltimore and
Ohio Railroad Company. six hundred
shares Of the capital stock Of the Annap-
oils Water Company, fifteen hundred and
gorty-nine shares of the capital stock of
the Farmers National Bank of Annapolis,
mortgage Of the Northern Central RAN
road Company to the state Of Maryland,
securing an annuity OF ninety thousand
dollars to the said state OF Maryland ali
now held and owned by the state
OF Maryland, and IN making sale Of
Board Of Public Works are direct
ed 10 proceed as directed ia Section
Of the said Acts of Assembly of 1892, Chap
ter 80. But the said Board OF Public
Works may exchange any OF the said state
securities at their actual market value
for an equal amount Of the standing
bonds or certificates Of Indebtedness OF the
state OF Maryland, and full authority IS
hereby given them TO execute and deliver
such transfers or assignments as may be
necessary 70 effect such sale, exchange or
transfer And whenever there shall be
any sale or transfer OF such state securi-
lies By the Board Of Public Works, the
proceeds thereof shall be applied TO the
payment and cancellation OF a like
amount OF the outstanding bonds or Ger
tlncates Of debt Of the state Of Maryland:
and whenever any Of the outstanding
bonds or certificates OF debt Of the state
shall he paid the same shall be cancelled
aud entered by designation and number
bN the Treasurer IN the book in his office
known as the "Treasurer's Record Of
Bonds Paid and Cancelled" and the
Treasurer and Comptroller are hereby d.
/ r.
and prior to the csose Of the fiscal year
next preceding the meeting of the Cen
eral Assembly to charge off on their
books Of account all such state bonds and
certificates OF debt which have been paid
or redeemed. SO as 10 reduce the accounts
Of such bonds and certificates or debt to
the amounts then actually outstanding
and unpaid, 30 that the said books at the
time the Comptroller's report is made VIII
show the actual outstanding debt Of the
state; and the Treasurer shall report the
same 10 the next succeeding General As
semhly fully and in detail. and the Com
mittee OF Finance Of the Senate and the
Committee OF Ways ind Means OF the
House Of Delegates shall examine said
books Of the Treasurer during the first
thirty DAYS Of the session, and shall burn
and destroy all the state bonds and GER
tiheates Of debt which have been paid. re-
deemed and charged OF rs aforesaid, and
make report and certificate thereof 10 the
General Assembly, which report shan be
printed In the journal OF the proceedings
Of the Senate or House OF Delegates.
Section 2. And be Il enacted. That this
Act shall take effect from the date OF It's
passage.
Approved April 2. 1896
lloyd I.OHNDES, Governor
WILLIAM cABEfiL BRUCE,
President OF the Senate.
SYDNEY T.. MEpD,
L. 90 > -.