The Orangeburg news. [volume] (Orangeburg, S.C.) 1867-1875, 1871-06-10
OFFICIAL.
Acts sssass Joisa. Resolutions
Passed by the Lcgislatnre-.-
Session 1870 and 1871.

@"t ACt ~ TFOtcCt tHe Interests OF NE
Stote ,cheneocr Payment Of Inhrea
No,o Due Remains tlnpam OH Bonds
issued by any RaHroad Company, and
achereon the Guaranty e/tAc State is
Endorsed.
SECTION l. BE- IL enacted by the
Senate and House of Representatives of
the State of Soutl, Carolina, now met
and sitting in General Assembly, and
by the authority ofthe same, That the
Attorney General be, and he is hereby,
required and authorized to cause to be
instituted immediately ,aftcr the expira
tion Of thirty days after tho final
passage of this act, for, on behalf of,
aud in tie name Of this S,ate, an action,
suit or other legal proceeding in any
court of this State, or of the United
States, against each Railroad company
which has, also, against all Railroad
companies which nave 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 cnfor-
cling 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
guaranty, and to this end, to onforce the
rights of the State by virtue of the
statutory or other lien or mortgage held
by the State, or held to secure the pay
ment OF said bond or bonds, on all or
any OF the property, assets or effects of
such company or companies.
SEC. .. That the attorney general be,
anu he is hereby, authorized to appear
tor o., behalf of, aud in the name of
this State, in any action, suit or proceed
ing on behalf of any other party or par.
ties, against any such Railroad company
or Railroad companies, and to bind the
State in such action. suit or proceeding,
and to protect the intcsest of this State
therein.
SEC. 3. That if the property included
in the statutory or other licnor mort gage
held to secure the payment of the bond
or bonds named in tho first section of
this act. shall mot realize enough upon
any sale or sales of all the property,
assets and effects, under and in pursu-
ancc of any order, Judgment or decree,
in such action, suit or proceeding. to
pay the principal 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 mention
ed IN the last prcccdings 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,
bcarcg interest at the rate of six per
cent, per year, payable scmi-anually.
which said bonds shall be payable within
twenty years after the final passage of
this act, and upon the request Of the
owner or owners Of such deficiency, the
treasurer of this State shall issue such
bond or bonds.
SEC. 5. That an anual tax, in addition
to all other taxes, shall be levied unon
the property of the State sufficient to pay
the intrest mnon the bond or bonds here
inbcfore authorized, and upon the iudeb-
tedness arising out of such aforemen-
toned delicicncy at the times when such
interest shall Eai, due.
SEC. g. That the attorney general be,
and lie 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 i:nposcd by this
act, and to pay therefor such componsa-
ton as he shall deem just. which shall
be paid by the State Treasurer upon
the certificate of the attorney general.
SIC. Z. All acts and parts of acts in
consistent with this act, are hereby re.
pealed.
Approved March Z, 1871.
An Act to Incorporate tie Breper Gold
Mining Company, Of iScunh Carolina.