South Carolina - Acts on Education Topics

An Act to Amend an Act Entitled "An Act to Authorize the Sale of the Real Estate of Alexander Downer, Deceased; and For Other Purposes"

December 19, 1843

The Statutes at Large of South Carolina - Volume XI, Pages 300-301.
Click Here to view the original Act of December 19, 1838.

I. Be it enacted by the Senate and House of Representatives, now met and sitting in General Assembly, and by the authority of the same, That an Act entitled " An Act to authorize the sale of the real estate of Alexandar Downer, deceased, and for other purposes," ratified on the nineteenth day of December, in the year of our Lord one thousand eight hundred and thirty-eight, be and the same is hereby amended as follows, that is to say: that upon the death, resignation, removal from the District of Edgefield, or refusal to serve, of any person appointed a Commissioner for the administration of the Downer Fund, pursuant to the provisions of the Act aforesaid, the Governor be authorized and required, from time to time, to fill the vacancy so occurring, by the appointment of another Commissioner, so that there may at all times be a Board of three Commissioners, tor the administration of the said fund, in conformity to the last will and testament of the said Alexander Downer, deceased; and that the said Board of Commissioners, and the successors in office, be invested with all the powers and authorities conferred by the Act aforesaid, and that they be and are hereby further authorized and empowered, out of the proceeds of the sale of the real estate of the said Alexander Downer, deceased, by the said Act directed to be made, to purchase a suitable tract of land, whereon to erect a school house conformably to the directions of the said Act: Provided, That the price of the tract of land so to be purchased shall not exceed the sum derived from the proceeds of the sale aforesaid of the real estate of the said Alexander Downer, deceased.

II. That the disbursements of the said fund, conformably to the last will and testament of the said Alexander Downer, deceased, shall be made under the supervision and direction of the said Commissioners, by a Treasurer, to be by them appointed for that purpose, and removable at their pleasure; which said Treasurer shall, before he enters upon the duties of his appointment, execute a bond to the Commissioner in Equity for the District of Edgefield, with good and sufficient sureties, to be approved by the said Commissioner in Equity, in the penalty of thirty-five thousand dollars, with condition for the faithful performance of the duties of such Treasurer, and the administration of the fund, and to account to the said Commissioner in Equity for all moneys, bonds, notes, and other choses in action, estate or effects, appertaining to the said funds, which may come into his hands, power, possession or control, as such Treasurer; and upon the appointment of such Treasurer, and the execution of such bond, as aforesaid, the said Commissioner in Equity shall transfer and deliver to the said Treasurer, all moneys, bonds, notes, and other choses in action, estate, and effects, in his hands, appertaining to the said fund; and the said Treasurer shall collect all debts due to the said fund, and reinvest the principal sums thereof, under the supervision and direction of the said Board of Commissioners; but no loan of any part of the said fund shall be made for a longer period than two years, and the interest of all loans shall be payable annually, or at shorter intervals, if the said Board of Commissioners shall deem it necessary or expedient.

III. That the said Treasurer shall annually render to the said Commissioner in Equity, an account of his receipts and expenditures for and on account of the said fund, and of the state and condition of the said fund in his hands, which said account shall be certified by the Board of Commissioners, and after being audited and examined by the said Commissioner in Equity, shall be submitted by him to the Court of Equity, at its next succeeding sitting in the said District; and the said Court shall make such order thereon as may be deemed necessary or expedient; and the said Treasurer shall receive, for his services in the administration and management of the said fund, such compensation as may be agreed upon by the said Board of Commissioners: Provided, That the same shall not exceed five per centum of the annual interest or income of the said fund, which may be received and disbursed by him.

IV. That the Commissioners shall not, in any one year, expend more than the net annual income arising from the fund entrusted to their management, and that all the loans of said fund hereby authorized, shall be on the security of real estate, in addition to personal security.

In the Senate House, the nineteenth day of December, in the year of our Lord one thousand eight hundred and forty-three, and in the sixty-eighth year of the Sovereignty and Independence of the United States of America.

ANGUS PATTERSON, President of the Senate.
W.F. COLCOCK, Speaker of the House of Representatives.



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