SAMUEL SPRIGG, ESQ. GOVERNOR.

101

thousand dollars, bearing an interest of five per cent per annum, the
same to be issued in certificates of not less than five hundred dollars
in amount; and the Treasurer of the Western Shore is hereby au-
thorised to cause the said certificates of stock to be delivered to such
person or persons as may subscribe therefor, upon the terms requir-
ed by this act, and credit or credits to the proprietors thereof,
shall thereupon be entered and given on the books of the treasury;
which said credits or stock shall thereafter be transferable only on
the books of the treasury of the state of Maryland, by the proprie-
tor or proprietors of such stock, his or their attorney.

Dec. Ses. 1821.

2. And be it enacted, That subscription books shall be open-
ed in the cities of Annapolis and Baltimore, by the Treasurer of the
Western Shore, as soon after the passage of this act as the same
may conveniently be done, for the sale of said stock, the Treasurer
giving such notice in the public papers as he may think proper; and
the purchaser or purchasers thereof shall, upon subscribing for the
said stock, and before they receive the certificates therefor, deposit
the amount subscribed for in the Farmers' Bank of Maryland, or in
the Bank of Baltimore, subject to the order of the Treasurer of the
Western Shore; and the Treasurer is authorised and directed, before
he shall take any subscription for said stock, to require such premi-
um for the same as he may deem reasonable.

Subscription
books to be o-
pened.

3. And be it enacted, That the state of Maryland shall pro-
vide such funds as may be deemed advisable for the quarterly pay-
ment of the interest on said stock, and for the redemption of the
principal thereof at the expiration of thirty years. And for the re-
demption of the principal, and the punctual payment of the interest
of the said stock, the pledge and guarantee of the state of Maryland
is hereby given.

Interest.

4. And be it enacted, That in case the state of Maryland
should not redeem the said stock at the expiration of thirty years,
that then the said stock shall bear an interest of six per cent per an-
num from that time until paid.

State not re-
deeming.

5. And be it enacted, That Philip E. Thomas, Luke Tier-
nan, Edward G. Woodyear, or a majority of them, be commission-
ers to audit and ascertain the debts which may have been contract-
ed by the Penitentiary of Maryland, and which now remain unli-
quidated; and when the same shall have been audited, to report the
same with the vouchers thereof to the Treasurer of the Western
Shore.

Commissioners.

6. And be it enacted, That it shall be the duty of the Treasu-
rer to pay from the proceeds of the stock created by virtue of this
act, all orders drawn by the said commissioners, or a majority of
them, for any sum not less than five hundred dollars, except in the
case of a final balance, for the payment of such debts of the Peni-
tentiary as may have been audited as aforesaid, to an amount not
exceeding twenty-eight thousand dollars.

Treasurer to

pay orders.

7. And be it ENACTED, That it shall be deemed and taken to
be felony to forge or counterfeit any certificate of said stock or any
letter of attorney for the transfer thereof; and any person so offend-
ing shall be held liable to the same penalties and forfeitures as are
at present attached to the forging or counterfeiting bank notes in
this state.

Felony to
forge.