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LAWS OF MICHIGAN.
[No. 1.] An Act to amend an act entitled "An act authorizing
a loan of a sum not exceeding five millions of dollars,” approved March 21, 1837.
Sec. I. Be it enacted by the Senate and House of Represen- Interest not tatives of the State of Michigan, That the governor be, and he per cent. is hereby authorized and directed to negotiate and agree for the loan or loans mentioned in the act to which this is amendatory, at an interest not exceeding six per centum per annum, instead of five and a half per centum per annum, as therein provided.
Sec. 2. The interest which the certificates of stock or bonds Payable Jan to be issued agreeably to the act to which this is amendatory July. shall bear, shall be payable on the first days of January and July in each year, in the city of New York or elsewhere in the United States, or in Europe, should the governor find it advantageous so to contract: Provided, That no interest on said loan or any part thereof shall be made payable in Europe, except when the principal shall be there contracted for and received ; and in the event that said loan or any part thereof shall be contracted for and received in Europe, then all benefit to be derived from difference of exchange or otherwise shall enure to the benefit of this state.
Sec. 3. In case the loan authorized by the act aforesaid, or How reany part thereof, be negotiated in Europe, then it shall be negotiated in redeemable as is provided in said act, at the rate of four dollars and furty-four cents for every pound sterling of Great Britain, or the guilder of Holland at the rate of forty cents for each ; and all payments of interest in Europe shall be also computed at the rates aforesaid, and at no greater rates.
Sec. 4. So much of the act to which this is amendatory, as contravenes the provisions of this act, be, and the same is hereby, repealed.
Approved November 15, 1837.