The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1912-02-21

S'i'i' SiNc the WEIGHT, STdue ana num-
Der of each bale of cotton. or descrip-
tion of other commodity. The said
receipts to be transferred only by
written assignment, and the cotton
VT other commodities which it rep
resents deliverable only upon the pro-
duction of the original receipt, which
is to be marked cancelled" when
the cotton or other commodity is
taken from the warehouse. All cot
ton or other commodities on storage
shall be fully insured.
Sec. s. The State warehouse COM
mission is hereby and herein author
lied and empowered to issue coupon
bonds In an amount not to exceed
$25O.0O0 in denominations not less
than $500 each. and running for a
term of thirty 600 years from the
date of issue. bearing interest at
rate not to exceed six (6) per cent.
per annum, the interest on said
bonds to be payable semi-annually,
and to execute as security for said
bonds a mortgage or deed Of trust
on any real estate said commission
may then own. with the right to said
commission to retire by purchase any
or all of said bonds. at the end of
twenty (20) years from the date of
issue. the proceeds Of said bonds to
be used only for carrying out the
objects and purposes Of this act. In
the meantime and until said COM
mission shall find itself able to issue
and negotiate the sale Of said bonds
as herein provided. 1t shall have
power and authority to borrow mon
ey upon the notes Of said commission
not exceeding the sum Of $25O,O0O,
said notes to run for not exceeding
hve (5) years. and to bear interest at
a rate nor exceeding six CO. per cent.
per annum. said notes being subject
to renewal from time to time in the
discretion Of said commission, and
the proceeds Of said notes to be used
In carrying out the objects and pur-
poses Of this act, and that as security
for the money SO borrowed on said
notes said commission shall have
the right to pledge by way Of mort
gage or deed Of trust any property.
real, personal or mixed, which II may
then own: Provided. That said notes
shall be taken up and retired when
the bonds herein provided for have
been issued. negotiated and sold: Pro-
vided, further. That the bonds and
the notes herein provided to be issued
are not to be debt or obligation Of
the state Cr South Carolina. Provid-
cd. further. That nothing contained
~ this section is intended TO prohibit
said commission from borrowing. tenn
porarily from limo 10 time on its
notes. such amounts of money, not
exceeding $4,000. as 1t may find nec-
essary for the proper conduct Of the
business Of said commission.
Sec. 8. In fixing the charge for
handling and storing cotton, the
commission shall. in addition to pro-
viding a sinking fund to retire the
bonds provided for In section s, also
provide a sinking fund for the retire
ment Of the amount advanced by the
State In so years.
Sec. 10. The charges on cotton
shall, after the system herein provid-
ed for has been put In operation, COW
or all current operating expenses. it
being the intention of this act to
make this system self-sustaining, and
at the same time give storage at ac-
tual cost, as nearly as practicable.
Sec. IL. The warehouse commits
sion shall have the power to acquire
by lease, any standard built cotton
warehouse In the several towns Of the
State and operate them in all respects.
under THE provisions of this act. as
applied to the State warehouse. That
each commissioner. when elected or
appointed under this act, before en-
tering upon the duties herein inn
posed shall execute to the State his
official bond In the sum of $4,000
each for the faithful performance OF
their duties.
Sec. IL. And the managers, grad
ers or other officers at any warehouse
operated by the State. shall execute
such bonds for the faithful perform
ance OF their duties. as may be re-
quired by the State warehouse COM
mission. The premiums on all bonds
required of officers and employees un-
der the terms OF this act shall be paid
out OF the funds