South Carolina - Acts on Education Topics

An Act to Provide for Preservation and Management of the Downer Fund.

December 24, 1887

Acts and Joint Resolutions of the General Assembly of South Carolina 1887, Pages 885-886.

Section 1. Be it enacted by the Senate and House of Representatives of the State of South Carolina, now met and sitting in General Assembly, and by the authority of the same, That on or before the first day of May, A. D. 1888, E. S. Hammond, Esq., the Treasurer of the Downer Fund, shall turn over and deliver to the Treasurer of the State of South Carolina all the bonds, notes, mortgages and other assets belonging to the said Downer Fund, and the receipt of the State Treasurer shall be a full discharge of the said E. S. Hammond for the assets so turned over and delivered to said State Treasurer.

Sec. 2. That the said E. S. Hammond be, and hereby is, allowed the sum of two and one-half per cent on the assets delivered to the State Treasurer under the provisions of this Act, in full of all claim upon said fund, as the Treasurer thereof.

Sec. 3. That the said State Treasurer shall receive the assets of said Downer Fund under the provisions of this Act, and he and his successors in office shall safely keep the same, and his liability for the preservation of said assets shall be the same as though said assets were the property of the State.

Sec. 4. That the assets and money belonging to and coming to the Downer Fund shall be invested in bonds of the State of South Carolina and Georgia, either or both of them, or in bonds of the city of Augusta, or changed from the one to the other, as the said State Treasurer, after consulting with the Attorney General of the State, in reference to said investment or change of investment, may deem best. That said State Treasurer shall collect the interest upon said bonds as the same becomes due, and add the interest to the principal, the object being to allow said fund to accumulate. That as compensation to said State Treasurer for the duties to be performed under this Act, he shall receive the sum of five per cent on all interest collected by him. The said Treasurer shall, in his annual report, make a statement of the condition of the fund.

Sec. 5. That all Acts and parts of Acts inconsistent with this Act be, and hereby are, repealed.

In the Senate House, the twenty-fourth day of December, one thousand eight hundred and eighty-seven.

William L. Mauldin, President of the Senate.
James Simons, Jr., Speaker of the House of Representatives.

Approved: December 24th, A.D. 1887.
John P. Richardson, Governor.

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