The Daily clarion. [volume] (Jackson, Miss.) 1866-1888, 1876-04-15

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OF each township in Choctaw county, Missis-
slppl, shall, on the first Monday of June, 1876,
at IL o CLOCK, NJ, assemble at some public place
on or near to the 10th section and organize by
elecung chairman and secretary and there
upon 10 proceed to elect, by ballot or popular
choice, five discreet persons, resident in the
township, as trustees, for the purpose herein
alter set forth, and the secretary Shall, forth
with, report the result of such election to the
chancery clerk of said county.
SEC. = BE "a FURTHER endcted, That said
| trustees shall hold their offices for two wears
from the date OF their election, or until their
successors are elected and qualified; also. the
sad trustees, on Saturday next after their
election, shall meet and organize permanently
| oy electlng OF their number a president, and
secretary and treasurer, and when organized
| they, and their successors, shall constitute a
| body polite and corporate by the name and
style OF "the board of school land fund, of
township ....,..., range ...... of Choctaw county,
Mississippi" and as such may sue and be sued
plead and be impleaded, in any court of law or
equity in this State, and do such other acts as
may be necessary to a proper discharge of the
duties imposed upon them by this Act
SEC 3. BE 1t further enacted, That the presi-
dent OF the board of trustees shall preside over
the deliberations of the board when in session,
and discharge such other duties as are usually
incident to such Offices The secretary shall
keep minute of the proceedings had bv the
board, III we'll bound book to be provided for
such purpose, and keep on file such reports as
may be made to the board The treasurer
shall demand and receive from the coun-
ty treasurer of said county, or from any
other person having the custody of the
same, by whatever authority, all the funds
designated in section 1925 Of Code of 1871. as
the ''schOOl land fund" which may have accrued
from the sale or lease. Of the 10th section of
his township and range, whether the same be in
money, bonds, notes other valuable thing:
and said treasurer of the board of trustees shall
hold and control such funds as hereinafter di-
rected; and said treasurer of the board is au-
thorlzed hereby to institute and maintain in
the name of the board of trustees of his town
ship and range, any proceedings IN law or
equity which may be necessary to enable him
to recover and retain possession of any such
funds; Pr0Uided, That before he enters the
duties of his office, such treasurer of the board
shall execute bond with two or more solvent
sureties, to be approved by the president of
said board OF trustees, in a penal sum to be
fixed by said board, not less than double the
amount of the fund of such township and
range, and made payable to the State of Mis-
sissippi and conditioned that he will, we'll and
| truly perform the duties of his office and paw
over all money or funds collected by him. or
which may come into his hands by virtue of his
said Office to the party or parties entitled by
law to receive the same, which bond, when
executed, shall be filed in the chancery clerks
office of said county.
| Sec. f. BE 1t further enucted, That the said
| board of trustees be and are hereby author
lied to fix and designate by order, the rate of
interest to be charged and stipulated for by the
treasurer of said board for loans of the fund
aforesaid, during any period of time which in
terest so fixed and designated by said board and
stipulated for by said Treasurer, shall be en-
forceable and collectable in the courts Of this
State by process of law; Pr0vided, That the
rate of interest fixed and designated as afore-
said, shall not in any event be greater than 20
per cent nor less than ten per centum of the
amount of the loan.
Sec s. BE 1t further enacted That, at the
regular meeting to be held on the first Monday
of February of each year, by said boards of
| trustees, they shall fix and designate the rate
of interest to be charged by the treasurer for
loans of said school land fund during the then
ensuing year. after which said Treasurer shall
lend the money of the said fund in his hands
to responsible persons, and shall take from
such persons promissory notes due by the 1st
day of January following, with two or more
solvent suretes, payable to the said board
trustees, in which notes shall be set out the
rate of interest to be paid for such, and also a
stipulation to the effect that if it be necessary
to enforce the collection of the note by process
of law, the payers of such notes. shall pay the
reasonable expenses which may be incurred by
the payees in the collection of such notes. not
to exceed 10 per cent. of the amount of the
Judgment in the premises, for which expenses
the payees may have judgment entered as well
as for costs of suit The note required by this
section to be taken by the said Treasurer shall
be in form substantially as follows: $500. By
the first day of January, 49,, we, or either of
US promise to pay to the Board of Trustees of
the school land fund of township ...., range
.., the sum of ..... dollars, for value received,
with interest at the rate of ...... per cent. per
annum from date We also agree to pay the
reasonable expenses which may be incurred by
the payees herein in enforcing the collection
of this obligation by process of law, if we
make default of payment as promised. Janu-
airy ....., 49,"
SEC. g. BE II f,tIther enacted That the treas.