Vermont watchman and State journal. [volume] (Montpelier, Vt.) 1836-1883, 1851-11-27

shall be stamped their face secured by the pledge of
public stocks and real estate"
SEC s. The real so morgaged must be improved
productive uncumbeed lands in this state exclusive of any
buildings thereon and the for which said lands
morgaged must not exceed two-ffhs of the value of said
lands shall any mortgage be received for greater
than five thousand dollars each and the prescribe
such regulations for ascetanng the title and value of such
lands he may deem necessary aud such bonds shall be pay
able within such time rs the treasurer may direct
SIC Q The treasurer may, i'll his disceton re-assgn the
said bonds and mortgages of them, the
who transferred the receiving other approved bonds
and mortgages public stocks of the description mentioned
the second section of this act of equal amount and when
any Of the principal of the bonds and mortgages
emed to the treasurer, shall be paid him, he shall notify the
association that transferred the bonds and mortgages of such
payment. and may pay the such association,
ccyng other approved bonds and mortgages of equal amount
SEC TO- The association, assigning such bonds and mort
cages to the treasurer may receive the annual interest to
thereon unless default shall be made IN paying the bills or notes
be c0unersgued aforesaid unless the opinion of the
treasurer the bonds and mortgages stocks pledged shall
become insufficient security for the payment of such bills
notes.
Sec Ia case such association shall fail or refuse to pay
such bills demand. the specified in the
fourth section of TINS act the treasurer after the days
ce therein mentioned may proceed to sell at public auction the
public pledged the bonds and mortgages assign
ed any either of hem and out of the proceeds OF such
sale shall pay and cancel the said bills or notes default IN pay
ing which Shall have been made aforesaid but nothing in
this act contained shall be considered implying any pledge
the part the State for the payment of said bills notes
beyond the proper application oil the securities pledged to the
treasurer for their redemption.
SIC H. Tho public stocks and bonds and norAi ages to be
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