South Carolina - Acts on Education Topics

An Act to Provide for the Investment of the Downer School Fund Now in the Hands of the State Treasurer.

December 22, 1891

Acts and Joint Resolutions of the General Assembly of South Carolina 1891, Pages 1047-1048.

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 the Governor shall, by the 15th day of January, 1892, appoint a citizen of the County of Aiken a special Commissioner, to take charge of the Downer School Fund, now in the hands of the State Treasurer; and it shall be the duty of the State Treasurer to turn over to said Commissioner the whole of said fund as soon as he shall have been appointed and qualified.

Sec 2. That said Commissioner is hereby authorized to invest as much as six thousand dollars of said fund in bonds which the city of Aiken have been or may be authorized by Act of the General Assembly to issue in aid of the Aiken Institute, at the rate of seven per cent, interest per annum, payable on the first day of January in each year. The balance of said fund to be invested in bonds of this State, or other bonds of the city of Aiken.

Sec. 3. That said Commissioner shall annually collect the interest on said bonds, and shall apply the same to the education of such children as come within the pension of the will of the late Alexander Downer, to be educated in some institute of learning in Aiken County; and should there be any surplus of such interest, said Commissioner shall deposit the same in the State treasury until the same shall have accumulated sufficient to purchase other bonds as aforesaid: Provided, That he shall purchase said bond or bonds as soon as the fund amounts to enough to buy the same, the interest on such new investment to be used as aforesaid.

Sec. 4. The Commissioner of said fund shall annually, by the 31st day of October, make his report to the State Superintendent of Education, his actions and doings concerning said fund.

Sec. 5. That said Commissioner shall, before entering upon the duties of his office, give a bond to the State of South Carolina in the penal sum of eight thousand dollars with three, or more sufficient sureties, conditioned for the faithful performance of his duties; said bond to be approved as required by law for County officers, and the same to be recorded in the office of the Register of Mesne Conveyances for Aiken County, and then filed with the State Treasurer.

Sec. 6. That said Commissioner shall receive no compensation for the services rendered by him.

Sec. 7. That this Act shall take effect immediately upon its passage.

Approved December 22d, A.D. 1891.

Benjamin R. Tillman, Governor.
Eugene B. Gary, President of the Senate and Lt. Governor.
Ira B. Jones, Speaker of the House of Representatives.

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