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

ISOLATION, in the prosecution of the work under its
control; and all issues Of scrip as hereinafter pro-
vided for, and all entries Of the land belonging 10
said association.
SEC. IL. As soon as the requisite conveyan-
ces shall b. perfected of The real estate stock to
said association, the board Of directors shat ISSUE
certificates uf stock TO the amount Of the apprais-
eP value thereof TO the subscribers of such stock
as IN other cases.
SEC. 10. The stock of The stockholders Of said
ASSOCIATION shall be considered personal property,
and may be sold on execution issued against the
stockholders as other personal property, and trans.
ferred on the books of The company by the officer
selling the same IN the same manner that tho
same could be transferred bv The owner thereof.
and when such transfer shall have been legally
made If the execution defendant shall refuse TO
transfer and deliver The certificate Of sald stock
to such purchaser. il shall be the duty of the board
of directors 10 make and deliver TO such pnrchas.
es a new certificate thereof.
SEC. 40. When any real estate shall have been
subscribed as stock IN any such ASSOCIATION, and
shall have been conveyed thereto as herein pro-
vided, such board Of directors shall ISSUE from
time to time, on such real estate in payment, for
labor and services perfprmed and ma ter,nis fur
nIshed on account Of such work, an amount Of
scrip of denominations not less than five dollars,
equal IN all TO the appraised value of such real
estate so conveyed as aforesaid, specif, ing IN such
scrip the amount for which IT Is issued, and that
ii is receivable from the holders 10 the entry aud
payment Of the lands thus conveyed TO such as
sociatlcn IN The manner IN this act specified: Pro-
vided however, that nothing IN this act shall be
so construed as 10 confer on any such association
any banking powers.
SEC. Al. Said scrip shall be signed BY the pres
,dept of The board and attes,cd BY the secretary:
and before issued shall DO enclosed by the Treas
urer OF State. and The amount and number regis
tered by him in a book provided for that purpose
Provided such endorsement shall in no way bind
the State of Indiana to redeem The same, and the
taspn ~ 4 4 Winch Grim IN n III rbolt ~, -..-- -
amount of the appraised value Of such lands:
whenever the amount Of scrip signed by the said
Treasurer of State shall be equal to the aRgre-
gate appraised value Of such land, he shall give
notice thereof 10 SAID board Of directors, and
shall not endorse or register any moro thereof:
AID a.! scrip issued .s any such association &C.
coTdiDg 10 the provisions Of this act, shall cons,i-
tute in the hands Of tho holders thereof. a lien
upon every par, and parcel Of such real estate
subscribed and conveyed as stock aforesaid, ex.
copt such parts and parcels thereof as have been
or may hereafter be entered and paid for in ecrip
rs herein provided; and such lien shall have pre-
terence over all debts, mortgages, Judgments, La
bili,ies and other liens Of whatsoever da,e and
character against any such association.
SEC. is. If any officer Of said association shall
issue or put IN circulation any Of said scrip until
The same shall be endorsed by the Treasurer Of
State as above required, or otherwise than in paw.
neni Tor work done or materials furnished for the
proper work, he shall be deemed guilty of forgery
and upon con viction thereof shall be Imprisoned
at hard labor in the State Prison for not less than
one nor more than seven years.
SEC. 10. Such board Of directors shall hold all
such lands subscribed as stock and conveyed az
aforesaid, subject to enlry by the holders Of said
scrip, and shall have power TO deter mine the size
OF the tract or tracts Of land subject to such en-.
try, and such scrip shall not be Otherwise redeem.
able than IN payment for said lands.
SEC. 30. Uron any person holding such scrip
making application at the Office of sa i'd bonrd Of
difeci"rs 10 the secretary and paying 10 the ireas-
ur'f an amo:n' Of such scrip equal TO the apprsis-
ed value Of tho iract of land he wishes 10 enter,
the said secretary and treasurer shall make such
entries and certificates thereof az are no. rcquir-
ed 10 be made by tho registers and receivers OF
United States land Offices, the secretary perform
ing The duties Of register and The treasurer of re-
ceIyeF.
SEC. 81. Upon the presentment 10 the rresi-
Cent and secretary of such board Of a certificate
of such secretary, that The person named therein
has entered and paid for in such scrip the tract Of
land specified 10 said certificate, il shall be the du-
ty OF said president and eecTeiarv TO execute and
deliver TO him a good and sufficient deed therefor.
Conveying 10 such person any such tracts Of lend
Tree from any claim, interest or demand thereon
oil the SAID association or any Of The siockholders
thereof. which deed shall vest said land 10 such
grantee IN fee simple 10 him, his heirs md assigns
forever, a registry of which deed shall be made
ana Kept by sad secretary in the Office Of said
board for the inspection Of all persons wishing 10
enter lands thus held by the association.
SEC. 81. As such scrip is thus received from
the holder thereof by The said hoard, II shall DO
the duty Of tbs secretary 10 record The numbers,
date and amount thereof, a copy Of which state
fnent shall be transmitted TO the Treasurer of
State;-ihe scrip shall be cancelled IN The pres.
ence OF Inc board of directors al The next meet
ing after IT has been received; no scrip ihus re-
deemed shall be reissued, but shall be returned
10 the treasurers Office, and b, him (be1 destroy
cd and be entered on The register.
SEC. %. Said Treasurer of State shall. receive
for his several services under the provisions Of
his act a reasonable compensation, 10 be paid by
the said ASSOCIATION.