The Abbeville press and banner. [volume] (Abbeville, S.C.) 1869-1924, 1871-03-24

1 ing. he shall, on conviction thereof, b,
subject to a fne Of not less than ON
hundred nor more than one til ousan<
dollars, and imprisonment not less thar
three, nor more than six months, ant
shall be dismissed from office, and dis
qualified from holding any Office O
trust and profit under the State of Soutl
Carolina. =.
Approved March 9, 1871.
IAN ACT to Protec: the Interests Of The
stale Whenever payment Of LatereS
go,v due Remains Unpaid on Bonds
Issued by ami RaN Road Company
and Whereon the Guaranty Of tht
States is Endorsed.
SECTION /. Be it enacted by the Sen
ate and House of Representative of the
State of South Carolina, now met ano
sitting in General Assembly, and by
the authority of the same, That the At.
torney- General be, and he is hereby
required and authorized to cause to De
instituted Immediately after the eXpira,
ton. of thirty days after the final pas.
sage of this Act, for, on behalf of, and
in the name of this State, an action,
suit or other legal proceedings in any
Court of this State, or o! the United
States, against each Railroad Company,
which has, also, against all Rail Road
Companies which have heretofore issu-
ed bonds upon which the guaranty OF
the State is endorsed, and on which H.
terest is now due and unpaid, unless
within thirty days after the final pas
sage of this Act, such Rail Road Com
pany or Rail Road Companies shall full
Iy pay and discharge such interest; for
the purpose Of enforcing the payment
of all interest due on the bonds of such
Rail Road Company, and protecting and
securing the State against loss or DAM
age by reason-of said guaranty, and 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 company or
companies.
Sec. 9. That the Attorney General be,
and he is hereby authorized to appear
for, on behalf of, and in the name of
this State. in any action, suit, or pro-
cecding OH behalf of any other party or
parties, against any such Railroad Com
pany 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. 3. 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 not realize enough upon
any sale or sales of all the property,
assets and effects, under and in pursu-
ance 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 made payable as such.
Sec. 4. That such deficiency mention
ed 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-annuaIly,
which said bonds shall be payable with
in 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 bends.
Sec. S. That an annual tax, in addi,
tion to all other taxes, shall be levied,
upon the property of the State sufficient
to pay the interest upon the bond or
bonds hereinbefore authorized, and
upon the Indebtedness arising out Of
such aforementioned deficiency at the
times when svch interest shall fall due.
SEC. 6. That the Attorney-G General be,
and he is hereby authorized to employ
such counsel as he may deem for the
best interest of the State, to assist him
in performing the duties imposed by
this Act, and to pay therefor such COM
gensation 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 in
consistent with this Act, are hereby re-
pealed.
Approved, March 1st, 1871.
JOINT RESOL UTION, Directing that
that Funds knoaVn as Canby School
Fund, Remaining in hands Of County
1reasavers, be appropriated to the
Free School Fund.