The Sumter watchman. [volume] (Sumterville, S.C.) 1855-1881, 1871-03-29

AN ACT TO PROTECT THE INTERESTS OF
THE STATE WHEREVER PAYMENT OF
INTEREST NOW DUE REMAINS UNPAID
ON BONDS ISSUED BY ANY RAIL ROAD
COMPANY, AND wdEREON TIE GUAR
ANrY OF TIE STATE IS ENDORSED.
SECTION l. Be IL enacted by the Sen
ate and House of Representatives. cf the
State of Soath Carolina. noU met and
sitting in General assembly. and by the
autlority ofMc same, That the Attorney
General be, and he is hereby required
and authorized to cause to be instituted
immei iiately after the expiration Of
thirty days after the 6ual passage Of this
Act, for, on behalf of, and i'll the name
of this State, an action, suit or other
legal proceeding in any Court of this
State, or of the United States, against
each Rail Road Company, which have
heretofore issued bonds upon which the
guaranty Of the State is endorsed, aud
on which interest is now due and un
paid, unless within thirty days after the
final passage Of this Act, such Rail Road
Company or Rail Road Companies shall
fully paw and discharge such interest /;
for the purpose of enforcing the pay
meut of all interest due on the boz ds
of such Rail Road Company, aud pro-
tecting and securing the State against
loss or damage by reason ofsaid guaran-
ty, aud to this end, to enforce the rights
Of the State by virtue of the statutory or
other lien or mortgage held by the
State, or held to secure the payment of
said bond or bonds, on all or any Of the
property, assets or effects of such com
pauy or companies.
SEC. 2. That the Attorney-General
be, and he is hereby authorized to ap-
pear for, on behalf of, aud in the name
of this State, in any action, suit or pro
ceediug on behalf Of any other party or
parties, against any such Rail Road
Company or Rail Road Companies, and
to bind the State in such action, suit or
proceeding, and to protect the interest
of this State therein.
Sec. 8. That if the property included
in the statutory or other lien or mort
gage held to secure the payment Of the
bond or bonds named in the first Section
of this Act, shall uot realize enough
upon any sale or sales Of all the proper
ty, assets and effects, under and in
pursuance Of any order, judgment or de
cree in such action, suit or proceeding.
to pay the principal and interest Of
such bond or bonds, the deficiency shall
be, and is hereby ma !e debt Of this
State, and shall be, and is made payable
as such.
Sec. 4. That such deficiency men
.ioued 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 interest 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 this Act. aud 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 annual tax, in addi-
ton to all other taxes. shall be levied
upon the property of the State sufficient
to pay the interest upon the bond OF
boeds hereinbefore authorized, and
upon the indebtedness arising out oi
sqchafcrsmeutioned deficiency at the
Etinsss when such interest shall fall
due. saisss ssess.s e 'aa s.@
SEc. 6. That the Attorney.General
be, aud be Is hereby authorized to EN-.
rloy sesheouasel as lie.may deem for
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