The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1909-08-16

was the amount 'accruing to the coun-
ty from the sale of the stock That
amount was fixed by them at $40 per
share and fly per cent of any amount
received above that sum- The fact that
IL was paid at the Bank of Topeka
makes no difference in the arrange
ment- II the contract had simply been
that the certificate should be turned
over when you had paid to the treas
urer the amount accruing to the coun-
", then upon the payment to the
treasurer OF $50 per share and one-half
or all the stock sold for above that
amount, you would be entitled to the
cert1hcate. Express statutory authority
having been conferred upon the board
they mad the right to make this con-
tract and to prescribe these conditions
and under this contract it was not
necessary that you should pay into the
county any more than the $40 per share
and nifty per cent of the proceeds above
That amount for that was all that ac-
crued to the county. The payment to
the Bank of Topeka, which is a county
depository, is a sufficient compliance
with section of chapter 124, laws of
1875.
I am therefore of the opinion that the
sale was and is valid and that you have
paid into the bank for the county all
the money "accruing' to it from the
sale
Judge J. S.. West, assistant United
States district attorney. is also of the
opinion that the county commissioners
had full power to make a valid sale of
the stock without putting the question
to vote OF the people.
Judge West said:
THE statute vests the county with
power to purchase and hold real and
personal estate for the use of the
county, and
ITO sell and convey any real or per-
sonaI estate owned by the county,
and make such order respecting the
same as may be deemed conducive to
n nf 17oI hit oil
ITO make all contracts and do all
other acts in relation to the property
and concerns of the county, necessary
to the exercise of its corporate or adj
ministrative powers. G. S. 1901. Sec
1903.
The powers of a county as body
polite and corporate shall be exer-
cised by a board of county commits
sioners. Sec. 1906.
I'm r. r. VS.. Miami county. 2 K.
4S3, it was held that the county COM
missioners could, without any specific
legislation, and without any express
authority of the voters. make a valid
sale and transfer of railroad stock
held by the county. The decision was
by Justice Brewer. who cited the
above statutory provisions and others
and said:
$50 far as any question in this case
is concerned. there is nowhere in the
statute any limitation or qualification
of the absolute and comprehensive
power granted by these sections to
the commissioners"
Speaking of stock, he said:
mo trust or Limitation attaches to |
the right to hold, use, or convey it.
1T is true that the title to the act |
of 1875 appears to couple with the |
sale the application of the proceeds |
to the payment of bonds issued there |
for, while the act itself authorizes
the proceeds to be used in purchase |
Or payment of outstanding bonds gen. |
orally. But as the county board had |
full authority to sell without the act |
Of 1875, as shown by the decisions |
cited, and as the significant feature /
Of the act is the prohibition upon |
selling without vote, which restric-
ton is removed by the Amendment
IF 1901, it seems clear that the power
IF the board to sell, is beyond ques-
ion in the case of stock held more
han ten years without dividend.
Whether the duty rests upon the
BOARD to apply the proceeds one way
Or another, this can have no effect
IN the power to SELL