Year: 1870

! bow secured, and when payable,
what lands remain unsold, whero


situated, and their appraised value if
appraised, or their estimated value if
not appraised. His books shall also


show how the permanent fund of tho


University has been invested, the


amount Of each kinds of stocks, if


any, with the date thereof and whom


due, and the interest thereon, and


when and where payable, the amount


of each loan, if any, and when made.


and payable to whom, and how So
cured aud at what interest, and when


and where payable. When any fur
ther sales Of lands or further instru-
ments shall be made. the secretary
shall enter the same upon his books


as above set. forth. The secretary


shall countersign and register all or
ders for money on the treasurer, and
the treasurer shall not pay any order
on him for money, unless the samo
be countersigned by the secretary.


Sec. 9. The bosrd of Regents shall
elect treasurer who shall hold his
Office at the pleasure of the Board


1t shall..be his duty as treasurer to


keep q true and faithful account all


moneys received and paid out by


him, and before entering upon tho
duties of his Office he shall take and
subscribe an OATH that he will faith.
fully perform the duties of treasurer;


and he shall also give bond in the
penalty of fifty thousand dollars,
conditioned for the faithful discharge


of his duties as Treasurer, and that


he will keep and render:a true ac-
count Of monies received by him as
such Treasurer, and ofthe disposition
he has made of the same, and that


he will at all times be ready to dis


charge himself of the trust, and to
pay over when required; which bond
shall have two or more good sureties
and shall be approved as to its form,
and the sufficioncy OF its surotios by
the board of Regents and also tho
Auditor and Secretary of State, and
shall be filed in the Office Of tho


latter. .,.


500. 10. The Treasurer Of thou
versity shall have q set of books, in
which he shall keep an accurate
account of all transactions relative
to the sale and disposition of Univor-
sity lands, and the management of
the fund arising therefrom which
books shall exhibit what parts and
portions of land have boon sold, at
what prices and to whom, and how
th Q proceeds have been invested, and
in what securities, and what lands
still romain. ..unsold, wherc situated,
and of what value respectively.
Sec. IL. The treasurer shall, on


the first day Of June and December
of each year, notify in writing each
person in default of payment Of either
principal or interest Of funds loaned
by or due to the University, and
shall cause suit to be commenced
agoinst such dclinqpcnta, when in


his judgement the best interests OF
the institution requires.


Sec. IL. The board OF Regents


shall enact laws for tho government


of the University, and shall appoint
a president and requisite professors


and tutors. together with such other
officers as they may deem expedient,
and shall determine the salaries OF


officers, the compensation Of tho


secretary and treasurer, and tho


amount of fees to be paid for tuition.


They shall remove; any officer. con-


uected with the University, whom in


their Judgment the good Of the insti-


tuition requires it.


Sec. 13. The Board Of Regents is


authorized to expend such portion OF


the income of the University fund,
as it may deem expedient in the pur.


chase Of apparatus, library, and


cabinet of natural history, in provid-


ing suitable means to keep and pre-


serve the same, and in procuring all
other necessary facilities for giving
instruction.


Sec. IA. All specimens of natural


history and geological and mineralo
pical specimens, which are or here


after may be collected by the State


of Iowa, or by any Others appointed


by the State to investigate it's natural


resources, shall belong to and be the


property of the State University, and


shall form part Of its cabineTof ma


tural history which shall be under


the charge of the professor OF that


department.


Sec. Is. No sales of land belonging


to the University shall hereafter
take place unless tho same shall be
decided upon at q regular meeting
of the board Of Regents, or at one
called for that particular purpose,
and then only in the manner upon
the notice and on the terms which


the board shall prescribe; and no


member of the board shall be either


directly or indirectly interested in
any purchase ofsuch lands upon sale,
nor shall the secretary or treasurer
be 30 interested. 1t shall be lawful
for the board to invest any portion
of tho permanent endowment fund
not otherwise invested, as well as
any surplus income which is not i'm
mediately required for other pur-
poses in United States stocks or
stocks of the State Of Iowa, or by


note and mortgage on unincumbered
real estate the value Of which after
deducting the value of all perishablc
improvement thereon, shall DO
double the amount of the SUM loaned,
and hold the Same for the Universe.


ty. either as . permanent fund or as
an income to defray the current ex-


penses as said board Of Regents


may deem expedient. 1t shall not
be lawful for the Board to use any


portion of the permanent fund for


the ordinary expenses Of the institu-
tion.


Sec. 16. The president Of the Uni
versity shall make q report on the


fifteenth day Q September, proceed
ing tho meeting Of the General As.


sembly, to the board of Regents,
which shall exhibit tho condition


and progress of the institution in its


various departments, the different


courses study pursued therein, the