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Administrative History
A law of 1815 required the Comptroller, as soon as was practicable, to borrow $1,300,000 and to issue stock certificates to shareholders in the loan, the stock to bear 6% interest per year, payable quarterly. The 1817 law establishing the Canal Fund authorized the Commissioners of the fund to borrow money from the people of the state at up to 6% interest and also required the Comptroller to issue stock certificates.
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