North Carolina - Acts on Education Topics

An Act for the Relief of the University of North Carolina.

1830-1831 - Chapter XXIV

Acts Passed by the General Assembly of the State of North Carolina 1830-1831 - Pages 24-25.

Be it enacted by the General Assembly of the State of North Carolina, and it is hereby enacted by the authority of the same, That the President and Directors ot the Literary Fund be, and they are hereby authorized and required to loan to the Trustees of the University of North Carolina twenty-five thousand dollars, for the term of five years, in three installments: one of nine thousand dollars, payable after the passage of this Act; one of eight thousand, payable in three months thereafter; and one of eight thousand, payable in six months thereafter: Provided, the said Trustees shall cause to be executed by the President of their Board a bond, under their corporate seal, for the said sum, bearing interest from date, and payable within the period aforesaid.

II. And be it further enacted, That the sum loaned as aforesaid shall, and the same is hereby declared to be a lien upon all the estate, both personal and real, of which the said trustees are possessed or in any wise entitled, or which shall hereafter accrue to them, until the whole of the principal and interest of the sum loaned as aforesaid shall be fully satisfied by the said Trustees to the said President and Directors.

III. And be it further enacted, That the President and Directors be, and they are hereby authorized and required to direct the Public Treasurer to pay over to the said Trustees the sum aforesaid out of the Literary Fund, whenever the said Trustees shall signify in writing their assent to the terms expressed in the second sectione of this Act, and shall cause to be executed the bond as herein before directed.

IV. And be it further enacted, That the Public Treasurer shall not pay to the Trustees of the University the aforesaid sum of twenty-five thousand dollars, or any part thereof, until the said Trustees signify in writing by the President, under their corporate seal their assent, that the Legislature may at any subsequent session modify or alter the charter ot said institution so as to assume to the State the management of said institution, and the possession and disposition of all its property, real and personal.

V. Be it further enacted, That said Trustees are hereby required to apply the money borrowed by them under the provisions of this Act, or such portion thereof as is necessary, to the discharge of all debts for which they may have heretofore given any mortgage or other lien upon their property, either real or personal, or any part thereof.

VI. And be it further enacted, That this Act shall take effect and be in force from and after the passage thereof.

Read three times and ratified in General Assembly,
this 4th day of January, 1831.

Montfort Stokes, Governor
Charles Fisher, Speaker of the House of Commons
David F. Caldwell, Speaker of the Senate

A true copy - William Hill, Secretary



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