The herald and news. [volume] (Newberry S.C.) 1903-1937, 1920-02-27

elect one of their number as chair
man and one of their number as Sec
retary and treasurer thereof. The
chairman and the secretary and treas
urer shall hold their Office as such for
term of one year and until their
successors are chosen by the COM
mission. The attorney Of the town of
Newberry, elected by the town coun-
Gil thereof, shall be the attorney for
said commission and for his services
to the commission shall not receive
any compensation except such as is
fixed and paid by the town council OF
the town from the treasury thereof.
The secretary and treasurer OF the
commission shall receive such COM
pensation as Shall be fixed by the
town council, to be paid out of the
treasury of the town, and he shall
give bond, in surety company
authorized to do business in this
state, to be approved by the town
council, in such amount as shall from
time to time be fixed by the town
council, the expense of such bond to
be borne by the town and paid from
the treasury thereof. No member of
said commission, except the secretary
and treasurer, shall receive conapen-
sation for his services.
Sec. 4. Any member of said COM
mission may, and shall be, removed
from his said Office by the town
council of said town, when it shall
appear to the satisfaction of said
town council, or to a majority of the
members thereof, that said member
of the commission has been guilty OF
malfeasance, breach of trust, fraud,
or gross or wilful neglect of duty as
such commissioner, or for any viola
ton of the provisions of this Act.
Sec. 5. Within ten days after the
organization of the bond commission
of Newberry, S. c., as provided for
herein, the town council of the town
of Newberry, S. c., the clerk and
treasurer of said town, the commits.
sioners of public works of said town,
and Ill other officers thereof, shall
turn. over and transfer to said COM
mission all moneys of said town, in
the hands of such officials or entrust-
ed to their, care and keeping, held as
a sinking fund for the payement OF
the bonded indebtedness of said town
and for the interest thereon, together
with all bonds, promissory notes,
securities, collaterals and chooses IN
action and property Of every kind,
held as part of any sinking Of said
town for the payment of the bonded
Indebtedness thereof, and all papers,
books, records and memoranda or
certified copies of the same, pertain
ing to the bonded indebtedness OF
said town and the sinking funds
thereof.
Sec. 6. 1t is, and shall be, the duty
of the bond commission of Newoerry'
S. c., to hold, manage, control and
invest, as provided herein, all moneys
held by said commission and turned
over to it as sinking fund at any
time: Provided, That said commission
shall only invest moneys coming INTO
their hands in bonds and securities OF
the United States of America, OF the
State of South Carolina, of counties,
municipal corporations, school dis
tricts and townships in the State OF
South Carolina, and in the savings
departments of banks and trust com
panies doing business in this State
and chartered under the laws OF this
State or of the United States: Pro-
vided, further, That at no time shall
said commission keep on deposit any
of the funds charged to its keeping
and control in any banking inst:tu-
ton or trust company which has a
paid up capital of less than twenty
five thousand dollars, and at no time
shall they have on deposit in any
such institution or company any sum
of such moneys greater in amount
than the paid up capital and surplus
of such institution or company.
Said commission shall keep COM
plete record of all bonds Of the town
of Newberry, the purposes for which
issued, the amounts thereof, the dates
whe. issned, the times Of maturity.
place Of payment. the rate g lnteres'
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