South Carolina - Acts on Education Topics

A Joint Resolution to Authorize the State Treasurer to Collect or Sell Evidences of Indebtedness Turned Over to Him as Part of Clemson Bequest and Invest Same in State Stock.

December 22, 1891

Acts and Joint Resolutions of the General Assembly of South Carolina 1891, Page 1054.

Section 1. Be it resolved 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 State Treasurer of this State be, and he is hereby, authorlzed and empowered to collect by suit or otherwise, or to sell and convert into money, all the evidences of indebtedness now held by him and which was turned over to him as a part of the Clemson bequest, and that when he shall have received the money on same that he invest the same in Brown Consols bearing interest at six per cent, per annum.

Sec. 2. That when said funds are invested in said Brown Consols, as provided for in the first Section of this Resolution, then the State Treasurer shall issue a certificate of State stock in a sum equal to the face value of said Brown Consols, bearing interest at the rate of six per centum per annum, payable semi-annually to the board of trustees of the Clemson Agricultural College, to be held as a perpetual fund, the capital of which shall forever remain undiminished, the interest on same to be used by said board of trustees for the uses of said Clemson Agricultural College, and when the said State stock is so issued he do then cancel the said Brown Consols in the place of which the said State stock was issued.

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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