The Newberry herald. [volume] (Newberry, S.C.) 1865-1884, 1871-05-03

exceed three (3) mills on q dollar
.on ali the taxable property in their
prospective counties for tho fiscal
:year 1871.
Approved March 7, 1871.
IAN ACT TO PROTECT TIE INTERESTS
OF THE STATE WHEREVER PAY
NlENT OF INTEREST NOW DUE RE-
MAINS UNPAID ON BONDS ISSUED
ny ANY RAILROAD COMPANY,
.MND wuEREoN THE GUARANTEE
,OF THE STATE IS ENDORSED.
HEcTreN 1. Be it enacted by the
8snate and House Of Representatives
.of'the State Of South Carolina, noU
met an& sitting in General Assembly,
san'lby $ke authority Of TIE same,
That the attorney. general bo, and
Tho .is hereby, required and author
dzea to cause to be instituted i'm
.modiately after the expiration Of
thirty days aftor the final passage
A,this act, for, on bohalf Of, and
in the 'namc Of this State, an ac-
s;iOn, ssSt or other legal proceeding
IN any court Of this State, or Of
tho United States, against each
railroad company which has, also,
against all railroad companies
which have heretofore issued bonds
hpcn which the guarantee Of tho
State is endorsed, and on which
intcrost is now due and unpaid,
nnloss within thirty days after tho
final passage Of this act, such rail
road company Or railroad compa-
Mes shall fully pay and discharge
such interest; for tho purpose Of
enforcing the payment Of all in
terest duo on tho bonds of such
railroad company, and protecting
and securing tho State against loss
or damage by reason Of said guar
antcc, and to this end, to enforce
tho rights of tho State by virtue
Of tho statutory or other lien or
mortgage held by tho State, or
hold to SECURE the payment Of said
bond or bonds, on all or any Of the
property, assets or effects Of such
company or companies.
SEC. 2. That tho attorney gone
i:Al be, and he is hereby, author
izdd to appear for, on behalf of,
and in tho name Of this State, in
any action, suit or proceeding on
bohalf of'any othor party or par.
tics, against any such railroad
company or railroad companies,
and to bind tho State in such &C.
tion, suit or proceeding, and to
protect tho interest Of this State
therein.
SEC. 3. That if the property in
cludcd in tho statutory or other
lion or mortgage hold to secure
the payment Of tho bond or bonds
named in tho first section of this
act, shall not realize enough upon
any sale or sales Of all tho pro-
porty, assets and effects, undcr
and in pursuance of any order,
judgment or dccreo in such action,
suit or proceeding to pay the prin-
cipal and interest Of such bond or
bonds, the deficiency shall be, and
is hereby, made debt of this
State, and shall bo, and is mado,
payable as such.
SEC. 4. That such deficiency
mentioned in tho last preceding
section may, at tho option of tho
holder Of tho whole or any portion
thereof, be funded into coupon
bonds Of this State, of amounts
not loss than One hnnIrad doljoro
oach, bearing interest at the rate
of six per cont. per year, payable
somi.annu0lly, which said bonds
shall bo payable within twenty
vesrs after tho final passage of
W1tt, and upon tho request of
~'' ~ or owners of such dofi-
"easurer Of this State
. n bond or bonds.
o w 20 annual tax, in
aoUNoIE,or taxes, shall
lr having been property Of tho