Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1871-06-29
Acts and Joint Resolutions. Passed
BY the Legisla asure-SessiollS 1870
and 1871, IS
OFFICIAL.

.tffF. he
OFFICIAL.
AN ACTto Protect the Interests of tie
State sv6eaecer RaynSent of interest
Noao Dtse Rensauas Depaid on
Bonds lssuea 6y, aay Railroad
: C6p,paaay. and :lohefson Me Guar
: urty of tie State is Endorsed.
I SECTION l. Be 1t enacted by the
Senate and House Of representatives
of the State of South Sdna, now
met and sitting in General Assembly,
and by the authority Of the, same,
That the Attorney General be, and
he is hereby, required and authorized
to cause to be instituted Immediately
after the expiration Of thirty. days
after the final passage of this Act,
for, on behalf Of, and in the name Of
this State, an action, suit or other le-
gal proceeding in any Court of this
State, or of the United States, against
each Railroad Company which has,
also, against all Railroad Companies
which have heretofore issued bonds
upon. which the guaranty of the State
is endorsed, and on which interest is
now due and unpaid, unless, within
thirty days after the final passage of
this Act, such Railroad Company or
Railroad Companies shall fully, pay
and discharge such interest,". for the
purpose of enforcing the payment Of
all interest due on the bonds of such
Railroad Company, and protecting
and securing the State against loss
OF damage BY reason Of said guaran-
ty, and to this end, to enforce the
rights of the State by virtue Of the
statutory or other lien or mortgage
held 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. Ttlat the Acknowledgement
be, and he is hereby, authorized to
appear for, on behalf of, and in the
name of this State, in any action, suit
or proceedings on behalf of any 9TH
er party or parties, against any such
Railroad Company or Railroad Com
panies, and to bind the State in such
action, suit or proceeding and to
protect the interest Of this State there
in.
SEC. 8. That if the property in
cludedi in the statutory or other lien
or mortgage held to secure the pay
ment of the bond or bonds named in
the first Section Of this Act, shall not
realize enough upon any sale or sales
of ell the property, assets and effects,
under and in pursuance of any order,
judgment or decree, 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 be, and is made, payable as
such.
SEC. 4. That such deficiency men
toned in the last preceding Section
may, at the option Of the holder of
the whole or any portion thereof, be
funded into coupon bonds of this
State, of amounts not less than one
hundred dollars each, bearing inter-
est at the rate of six per cent. per
year, payable semi-annually, which
said bonds shall be payable within
twenty years after the final passage
of thi; Act, and upon the request of
the owner or owners of such defcien-
cy, the Treasurer of this State shall
issue such bond or bonds.
Sec. 5. That an annual tax, in ad-
dition to all other taxes, shall be levi
ed upon the property Of the State
sufficient to pay the interest upon the
bond or bonds hereinbefore authoriz-
ed, and upon the Indebtedness arising
out Of such aforementioned deficiency
at the times when such interest shall
fall due.
Sec. 6. That the Attorney-General
be, and he is hereby, authorized to
employ such counsel as he may deem
best for the interest of the State, to
assist him in performing the duties
imposed by this Act, and to pay
therefor such compensation as he
shall deem just, which shall be paid
by the State Treasurer upon the
certificate of the Attorney-General.
Sec. 7. All Acts and parts Of Acts
inconsistent with this Act, are hereby
repealed.
Approved March Z, 1871.