The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1876-04-19

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Of the State Of Mississippi, That the electors
Of each township in Choctaw county, MIssls
snp SHALL on the first Monday OF June, 1876,
at IL O'Clock, NJ, assemble at some puo1c place
on or near to the 10th section, ana organize, pY
electing chairman and secretary, and there
nnon to proceed to elect, by ballot or popular
choice. five discreet persons, resident IN the
township trustees, for the purpose herein
after set forth, and the secretary shall, forth
with. report the result OF such election 10 the
chancery clerk of said county.
SEC. >. Be Il Turfher enacted That said
trustees shall hold their offices for two years
from the date Of their election. or until their
successors are elected and qualified; also, the
said trustees, on Saturday next after their
election. shall meet and organize permanently
bv electing of their number president, and
secretary and treasurer, and, when organized,
they and their successors, shall constitute a
body polite and corporate by the name and
stvle of the board Of school LAID 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 usually
incident to such offices. The secretary shall
keep a minute of the proceedings had by the
board in a we'll bound book to be provided for
such purpose, and keep on file such reports as
NAV be made to the board. The treasurer
shall demand and receive from the cOun-
tv treasurer of said county, 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 sschool 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 or other valuable thing;
and said treasurer of the board of trustees shall
hold and control such funds hereinafter di-
rected; and said treasurer Of the board is
thorized 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; Pr0cided, That before he enters the
duties Of his office, such treasurer of the board
shall execute bond with two more solvent
sureties, to be approved by the president of
said board of trustees IN 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-
sisspp and conditioned that he will, we'll and
truly perform the duties of his office and pay
over all money or funds collected by him,
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 fled in the chancery clerks
office of said county
Sec. 4. Be 1t further enacted, 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-
force able and collectable in the courts of this
State by process of law; Pr0cided, That the
rate of interest fixed and designated as afore-
sad shall not in any event be greater than 20
per cent nor less than ten per centum Of the
amount of the loan.
SEC. g. BE It further eHacted, That, at the
regular meeting to be held on the first Monday
Of February Of each year, by said boards of
trustees they shall ti& 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 sureties, payable to the said board
Trustees, in which notes shall be set out the
rate of interest to be paid for such and also
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 we'll
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: 800. BY
the first day of January, 1877, we, or either of
US promise to pay to the Board of Trustees of
the school land fund of township -, range
- the sum of 49,. 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 .....n, 49,"
SEC. 6. BE 1t further onacted That the treas
urer of the board Of trustees shall keep we'll
bound record book in which he shall record all
notes taken by him in pursuance of the re-
quirements of this Act, in the order in which
the same are taken; also a record of the re-
cepts and Disbursements OF interest on the
said fund by him had and made giving the
names of those paying, as well as those receiv-
ing the same also the amount received from
or paid to each, and the names Of benefciaries
of the amounts discussed, and the amount paid
to ACCOUNT of each beneficiary of the fund dis
bursed; and tbs said treasurer is authorized,
in his discretion to renew the notes taken in
pursuance of this Act from year to year, for a
period of three years consecutively, when the
same shall have become due and PAYABLE in
cases where the maker furnishes ample and
approved security, and pays promptly the
amount Of interest due upon the loan And
when the payers Of noie iaken IS aforesaid.
shall neglect or fail to pay the amount Of their