Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1842-02-19

shall be signed by such person; bu, no rea! es-
tate shalt be put 10 as stock which does not he
in this State.
SEC. 81. As soon as the board Of directors are
completely organized and empowered to transact
business for such assocIation, they shall give no
tice 10 the subscribers Of stock mentioned IN the
last section, who shall within thirty days ,hereaf-
ter, deposlte their tito papers tor llhel real es>
tate thus subscribed, in the recorders otiice OF
the county in which such subscription was made,
and take from the recorder two receipts therefor,
one of which they may retain and the other shall
be within the said thirty days delivered 10 the
said board of directors.
SEC. 80. The board Of directors shall cause
an accurate list to be made out of al! lands which
they find to have been subscribed as aforesaid,
and forward a copy Of the same to the treasurer
Of State.
SEC. 33. The Governor rs soon as required by
the board Of directors, shall appoint, three suitable
persons, not stakeholder. Of such association. nor
interested directly or indirectly in said work. TO
appraise the real estate thus subscribed, who shall
respectively take the oath before some competent
officer to discharge their duties faithfully, Impair
TALLY, and 10 the best of their Judgment and abil-
,tv, a copy Of which oath, certified tv the officer
administering the same. shall be transmitted 10
the Governor, (whuse duty 1t shall be to give i'm
meGiate notice thereof 10 said board of directors, J
who shall be paid a reasonable compensation for
their services bv said company
SEC. 81. Said board Of directors as soon as no.
tilted tina, said appraisers are prepared TO enter
upon their duties, shall deliver over to them a list
of said lands, together with The abstracts OF title
furnished bv said subscribers 10 the commission
ers aforesaid.
Sec. 35. Said appraisers shall record IN two
several books to be kept by them for that purpose
the authority by which they act, and the oath
they have taken as endorsed thereon by the 9th
Ger administering The same they shall examine
the titles Of said subscribers, and If satisfied with
the validity and correctness OF the same, shall
appraise said lands at their fair cash value at the
lime. and shall enter IN the books aforesaid the
description and quantity thereof, the amount per
acre at which it is valued, the name of the own
er, the place of his residence; and when The whole
is completed the same shall be signed by SAID ap-
praisers and deposited, one copy with SAID board
nf directors, and the other with tho Treasurer Of
State.
SEC. Sc. As soon rs said appraisemeni is com
pleied and filed with the board of directors, as re-
CURED III the preceding section. the secretary Of
the board shall give written notice to each OF said
e"hsnfibers of the valaa at which bio land thus
subscribed Is appraised.
Sec. 81. Each Of said subscribers shall within
twenty days after receiving such notice, several
ly convey all his interest. title, claim and demand
in such land subscribed by him, by a good and suf-
hclent title TO the president and directors afore-
said, for the use of said association, TO be disposed
of in the manner and for the purposes specified in
this act.
SEC. IS. If any of such subscribers shall fail
TO convey as aforesaid. or otherwise to satisfy The
board of directors 10 this behalf, such subscriber
shall be bonnd TO pay his share of the expenses
IN and about appraIsing said land, 10 which said
association may have been put, and when the
same is truly mada out and presented 10 him by
the treasurer, If he shall fail or refuse to pay The
amount on demand, tho same shall be recovered
by the association IN m action OF ~assumpsii, to-
gether with ten per cent. damages thereon.
SEC. 81. As soon as any subscriber shall have
executed a conveyance to said association as a
bove required, the TILE papers de posted with the
recorder of the proper county shall be delivered
over to the board Of directors. If any subscri-
Der shall fail to convey as herein required. the
fac, shall be certified by the secretary of The board
TO the proper recorder as soon as such subscriber
shall have paid the COSTS and expenses required
to be paid by him, in the last preceding section,
and the said recorder shall then return TO such
subscriber his title papers Aforesaid. For the
ce :,iicat ties required to be given by said recorder
10 persons who have subscribed real estate stock,
and deposited the requisite deeds with said recor
der, he shall be entitled TO receive from such per-
sons ten cents for each tract Of land specified In
said certificate; and it shall be the duty Of said
recorder TO keep and preserve said deeds and little
papers, to be disposed Of as herein required.
SEC. 40. At any time before any scrip shall
have been issued on the lands thus conveyed TO
such association said board OF directors may
compound, arrange, or settle such real estate sub
scrip'Ion with the person subscribing the same,
In such manner, 10 whole or 10 part, as said board
Of directors may judge mos, beneficial to the IN
ierests Of the association.
Sec. Al. As soon as The board of directors shall
obtained the requisite conFeyances Of the
land thus convened as stock, thew shall make out
correct list thereof, verified by the secretary Of
the board, and cause the same TO be flied in the
office Of the treasurer OF State, and shall also pro.
cure and keep IN their Office. proper lists, maps,
and descriptions of said tracts OF land. for the in
Of all persons wishing 10 examine the
same.
SIC. IL. The land thus subscribed and convey
shall be subject TO taxation. as the property
1f the association, as other lands; but the stock
based thereon shall not be subject to taxsiion, IN
ii The land is conveyed away By the association,