A. D. 1892. and one-half (44) per cent. bonds, who may surrender before the first day of July, 1893, all coupon bonds and all certificates of stock, commonly known as "Brown Consols," tendered by them, and shall thereupon, in exchange for, and in lieu of, said bonds and certificates of stock so surrendered, issue to said holders other coupon bonds and certificates of stock of equal face value with those so surrendered, and of the kind, class and description the issue of which is provided for in this Act. Or the State Treasurer may issue to such holders as may require it all bonds or all stock, or part bonds and part stock, of said authorized issue in making such exchange; and further, at the time of such surrender and exchange the said State Treasurer shall pay to the holder Payment of of such bonds and certificates of stock (i. e.) the purchaser of the new four and one-half per cent. (44% bonds) in cash, the difference in interest from the date of exchange, or from the last interest period, to wit, January, 1893, up to and including the maturity of such bonds and stock, that is to say one and one-half per cent. (1%) per annum interest. difference in in terest. Sale to be made by Gov Treasurer. proceeds. SEC. 9. That the sale of the bonds or certificates of stock the ernor and State issue of which is hereinabove provided for shall be made by the Governor and State Treasurer, and a correct registry of such bonds and certificates of stock when sold shall be kept in the Application of same manner already provided for in this Act, and the proceeds of such sales shall be kept as a separate fund, to be used exclusively for the final redemption of such consolidated bonds and certificates of stock herein before described as shall not be exchanged for the bonds and certificates of stock the issue of which Exchange is provided for in this Act: Provided, however, That the Governor and State Treasurer, if in their judgment it is best so to do, shall have the authority to exchange, in whole or in part, the new four and one-half per cent. bonds for Brown Consols upon such terms as may best subserve the public welfare. authorized. Appropriation to pay expenses. Appropriation to pay differ SEC. 10. That for the purpose of defraying the expenses to be incurred in carrying out the provisions of this Act, the sum of eight thousand dollars, if so much be necessary, is hereby appropriated, to be drawn on the warrant of the Comptroller General, to be approved by the Governor. SEC. 11. That the State Treasurer be, and is hereby, authorence in interest. ized to use so much of the general fund as may be necessary for the payment of the difference in interest on exchange of bonds, and the receipt of the person receiving the said difference in interest shall be the State Treasurer's voucher therefor. SEC. 12. That said bonds and certificates of stock shall be free from all State, County and municipal taxes whatsoever. A. D. 1892. Exempt from Authority of State Treasurer. SEC. 13. That the Governor and State Treasurer are hereby taxation. authorized, in their discretion, to perform all and singular every Governor and act necessary to carry out the provisions of this Act not herein specifically given, and which are not inconsistent with the provisions hereof; and in order to have the said bonds and stocks promptly placed the Governor and State Treasurer are hereby Commission authorized to offer and pay a commission to parties placing said bonds and stock; and the funds belonging to the sinking fund are hereby appropriated to pay such commission, if so much be necessary: Provided, however, That they shall have said bonds Proviso. and stocks placed without paying a commission if practicable. for placing. corporations ex taxes. SEC. 14. That so much of the capital stock or funds of any Investments by bank, banking association or other corporation of any nature or empted from kind located within this State as is or shall be invested in the bonds and stocks, or either of them, the issue of which is provided for in this Act, shall be exempt from all State, County, township, municipal or other taxation. SEC. 15. That the holders of the South Carolina four per cent. bonds issued for the redemption of the Brown Consols shall have the right to surrender the said four per cent. bonds to the State Treasurer, and to receive in exchange therefor Brown four and one-half per cent. bonds of equal face value, as provided for in this Act. SEC. 16. That any Trustee, Executor, Administrator, Guardian, Committee, Receiver, Master, Clerk of Court, or any other person acting in any fiduciary capacity whatever, who as such holds an investment of trust funds or otherwise any Consol bonds or stock of this State, the refunding of which is contemplated by the provisions of this Act, shall be, and he or they are hereby, vested with full authority to exchange the said bonds or stock so held by him or them for the new four and a half per cent, stock or bonds to be issued under the terms of this Act at the ruling rates: Provided, Such exchange shall be offered to him or them, and hold the new stock or bonds so received and exchanged subject to each and all of the uses, trusts and purposes for or upon which the bonds or stock so exchanged were held; and the said Trustee, Executor, Administrator, Guardian, Committee, Receiver, Master, Clerk of Court, or other person, shall be, and he or they are hereby, declared free from any liability or accountability whatsoever to their several cestui que trusts or beneficiaries Exchange of 4 per cent. bonds. Trustees, &c., authorized to accept this issue in exchange. A. D. 1892. When to take effect. Repealing clause. because of his or their action in making such exchange in accordance with the provisions hereinbefore set forth. SEC. 17. That this Act shall take effect from and immediately after the date of its approval; that all Acts and parts of Acts inconsistent with the provisions of this Act be, and the same are hereby, repealed. Approved December 22nd, A. D. 1892. No. 21. AN ACT TO REPEAL ALL ACTS IN RELATION TO ATTORNEYS' Costs. 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 all Costs to attor- Acts in relation to attorneys' costs be, and the same are hereby, repealed: Provided, That this shall not apply to causes now pending or existing liquidated contracts. neys abrogated. Proviso. clause. Repealing SEC. 2. That all Acts or parts of Acts inconsistent with or repugnant to this Act are hereby repealed. Approved December 22nd, A. D. 1892. No. 22. AN ACT RELATING TO THE DISTRIBUTION OF THE DIRECT TAX FUND. to C. R. Miles. 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 there Compensation be paid to Charles Richardson Miles, the Master designated by his Excellency the Governor, in Charleston, for the distribution of the Direct Tax Fund, the sum of five hundred dollars as additional compensation to that heretofore allowed for his services in this matter, to be paid in two installments. Compensation to T. J. Kirkland SEC. 2. That there be paid to T. J. Kirkland, the Commissioner appointed by his Excellency the Governor, the sum of one thousand dollars as additional compensation to that heretofore allowed for his services in this matter. A. D. 1892. SEC. 3. That the said amounts be paid out of the Direct Tax How paid. Fund on the warrant of the Comptroller-General issued on the order of his Excellency the Governor, upon the application of the said parties respectively. Approved December 22nd, A. D. 1892. A JOINT RESOLUTION TO AUTHORIZE AND INSTRUCT THE No. 23. Whereas his Excellency the Governor of this State has brought Preamble. to the attention of this General Assembly the fact that the present management of the Port Royal and Augusta Railway Company is illegally under the control of a foreign competing corporation, and is violating the duty which the said Railway Company owes the State, and is abusing its chartered powers and franchises. And, whereas, the Attorney-General of this State has, as the result of an investigation directed by the General Assembly at its last session, reported that such control of the Port Royal Railway Company was obtained for the purpose of preventing competition, and is a subversion of the purposes for which the company was chartered: ings directed. SECTION 1. Be it resolved by the Senate and House of Repre- Legal proceedsentatives of the State of South Carolina, now met and sitting in General Assembly, and by the authority of the same, That the Attorney-General be, and is hereby, authorized and instructed, in the name and on behalf of the State, to institute proper legal proceedings, to remedy the evils referred to, to compel the said Port Royal and Augusta Railway Company to comply with the obligations imposed by its charter, to prevent the continuance Objects. of the unlawful control of the said railway company by the Central Railroad and Banking Company of Georgia directly, indirectly or otherwise, or to forfeit the charter of the said Port Royal and Augusta Railway Company, if such a course is necessary to effect such results. Approved December 22nd, A. D. 1892. A. D. 1892. No. 24. for State purposes. AN ACT TO RAISE SUPPLIES AND MAKE APPROPRIATIONS FOR 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 a General levy tax of five and one-half (54) mills, exclusive of the public school tax hereinafter provided for, upon every dollar of the value of all taxable property of this State, be, and the same is hereby, levied for the purpose of meeting appropriations to defray the current expenses of the government for the fiscal year commencing November 1, 1892, and to meet such other indebtedness as has been, or shall be, provided for in the several Acts and Joint Resolutions passed by this General Assembly at the regular session of 1892 providing for the same. Levy for County purposes. Abbeville 334 mills. Aiken 34 mills. Anderson 39-10 mills. SEC. 2. That a tax is hereby levied upon all taxable property in each of the Counties of this State for County purposes for the fiscal year commencing November 1, 1892, to the amounts hereinafter respectively stated, that is to say: For the County of Abbeville, for ordinary County purposes, three mills; for deficiency of 1891 and 1892, and for past indebtedness, including interest on deficiency of 1890 and 1891, threefourths (3) of one mill. For the County of Aiken, for ordinary County purposes, three (3) mills; for past indebtedness, one-fourth (4) of one mill. For the County of Anderson, for ordinary County purposes, three (3) mills; for special road tax, as provided for by Act of 20 Stat., 1215. Legislature approved December the 18th, A. D. 1891, two-tenths (2-10) of one mill; and for past indebtedness, seven-tenths (7-10) of one mill. Barnwell 5% mills. For the County of Barnwell, for all County purposes, five and one-half (54) mills; the sum of five thousand dollars to be appropriated and held exclusively for the payment of certificates of jurors, State witnesses and Court Constables during the fiscal year beginning November the first, 1892, and any surplus thereof be carried forward to the credit of the same special fund for the next ensuing fiscal year. And the County Commissioners are Loan by Coun- hereby authorized to borrow any sum, not exceeding twenty-five hundred dollars, at a rate of interest not greater than eight per cent., which may be necessary to supplement the special fund now on hand for the cash payment of the certificates of jurors, State witnesses and Court Constables which shall be issued before the collection of taxes herein provided; also, any sum not ty Commissioners. |