As Amended 1897-8, p. 123. Previous Amendments 1893-4, p. 100. 1895-6, p. 160. tificates, and the name of the person or corporation to whom issued and delivered; and as such certificates authorized by paragraph E section five of this act are exchanged, the same shall be cancelled and preserved as herein provided in respect to the evidences of debt refunded. 7. The commissioners of the sinking fund are hereby authorized and required to receive on deposit for verification, classification, and exchange such of the said obligations of the state as may be presented to said commissioners; the said verification and exchange for the new bonds of the obligations so deposited to be conducted in the same manner as herein before provided with respect to the obligations deposited with the said bondholders' committee; and the said commissioners of the sinking fund shall issue to and distribute amongst said depositing creditors, after they have fully complied with the terms of this act, in exchange for the obligations so deposited, bonds authorized by this act as follows, namely: "To each of the several classes of said depositing creditors the same proportion as the same class receive under the distribution made by the commissioners for the creditors represented by the bondholders' committee: provided, that no obligations shall be received for such deposit after the thirtieth day of June, eighteen hundred and ninety-eight; nor shall any coupon bonds be received which do not have attached thereto all the coupons maturing after July first, eighteen hundred and ninety-one; but for any such coupons as may be missing coupons of like class and amount, or the face value thereof in cash, may be received, the said cash, if paid, to be returned if proper coupons are tendered within sixty days thereafter; and each depositor shall, when he receives his distributive share of the said new issue of bonds, pay to the commissioners of the sinking fund three and one-half per centum in cash of the par value of the bonds received by him, and said sinking fund commissioners shall cover the fund thus received into the treasury of the commonwealth." 8. All the coupon and registered bonds issued under this act shall be separately recorded by the second auditor in books provided for the specific purpose, in each case giving the date, number, amount of obligations issued, and the name of the person or corporation to whom issued, and the date, number, amount, and description of the obligations surrendered. 9. All the bonds and certificates of debt and evidences of past due and unpaid interest taken in under the provisions of this act shall be cancelled by the treasurer in the presence of the commissioners of the sinking fund, or a majority thereof, as the same are acquired, and by him carefully preserved, subject to disposition by the general assembly; a schedule of the bonds, certificates, and other evidences of debt so cancelled shall be certified by said commissioners and filed by the treasurer for preservation. 10. In the year nineteen hundred and ten, and annually thereafter, there shall be set apart of the revenue collected from the property of the state each year up to and including the year nineteen hundred and twenty-nine, one-half of one per centum upon the bonds issued under this act, as well as upon the outstanding bonds issued under the act approved February fourteenth, eighteen hundred and eighty-two; and in the year nineteen hundred and thirty, and annually thereafter until all the bonds issued under this act and the said act approved February fourteenth, eighteen hundred and eighty-two, are paid, there shall be set apart of the revenue collected from the property of the state each year one per centum upon the outstanding bonds issued under the aforesaid acts, which shall be paid into the treasury to the credit of the sinking fund, and the commissioners of the sinking fund shall annually, or oftener, apply the same to the redemption or purchase (at a rate not above par and accrued interest) of the bonds issued under the aforesaid acts, and the bonds so redeemed shall be cancelled by the said commissioners and the same registered by the second auditor in a book to be kept for that purpose, giving the number and date of issue, the character, the amount, and the owner at the time of purchase of the bonds so redeemed and cancelled; and in case no such purchase of bonds can be made, then the amount which can be redeemed shall be called in by lot as provided in section two of this act All bonds of the state issued under the provisions of the act aforesaid, approved February fourteenth, eighteen hundred and eighty-two, and now held by said commissioners of the sinking fund, shall, as soon as at least fifteen million of dollars of new bonds shall have been issued and delivered pursuant to the provisions of this act, be cancelled by said commissioners and preserved in the office of the treasurer of the commonwealth. 11. Executors, administrators, and others acting as fiduciaries may participate in the settlement of the debt herein specified in the manner hereinbefore provided, and such action shall be deemed a lawful investment of their trust fund. Executors, administrators, and others acting as fiduciaries may invest in the bonds issued under this act, and the same shall be considered a lawful investment. 12. All coupons heretofore tendered for taxes and held by said tax-payers As Amended 1897-8, p. 316. in pursuance of such tender shall be received in payment of the taxes for which they were tendered, and upon their delivery to the proper collector, or upon the payment of the amount of the taxes for which said coupons were tendered in money, with interest from the date of such tender, the judgments obtained against the said tax-payers for such taxes shall be marked satisfied: provided, the said tax-payers shall have paid in money and not in coupons the costs of said judgments. All coupons heretofore tendered for taxes and held by the officers of the commonwealth for verification, in pursuance of the statute in such case made and provided, shall be received in payment of the taxes for which they were tendered, and the money collected for such taxes returned to the parties from whom it was received: provided, the said tax-payers shall have paid in money and not in coupons all costs incurred in legal proceedings to verify said coupons. 13. The treasurer of the commonwealth is authorized and directed to pay the interest on the bonds issued under this act as the same shall become due and payable out of any money in the treasury not otherwise appropriated. 14. The plates from which the bonds and fractional certificates authorrized by this act are printed shall be the property of the commonwealth. 15. All necessary expenses incurred in the execution of this act shall be paid out of any money in the treasury not otherwise appropriated on the warrants of the auditor of public accounts drawn upon the treasury on the order of the commissioners of the sinking fund. 16. The act entitled "an act to ascertain and declare Virginia's equitable share of the debt created before and actually existing at the time of the partition of her territory and resources and to provide for the issuance of bonds covering the same and the regular and prompt payment of interest thereon," approved February fourteenth, eighteen hundred and eightytwo, and the amendments thereto, to-wit: an act entitled "an act to declare the true intent and meaning of, and to amend and re-enact section five of chapter eighty-four of acts eighteen hundred and eighty-one and eighteen hundred and eighty-two, approved February fourteenth, eighteen hundred and eighty-two," approved August twenty-seventh, eighteen hundred and eighty-four; and the act entitled "an act to amend and re-enact an act approved August twenty-seventh, eighteen hundred As Amended 1897-8, p. 123. Previous Amendments 1893-4, p. 100. 1895-6, p. 160. As Amended 1893-4, p. 100. Extra Session 1887, p. 522. Extra Session 1887, p. 530. and eighty-four, entitled an act to declare the true intent and meaning of and to amend and re-enact section five of chapter eighty-four of acts of eighteen hundred and eighty-one and eighteen hundred and eighty-two, approved February fourteenth, eighteen hundred and eighty-two," approved November twenty-ninth, eighteen hundred and eighty-four, are hereby repealed. 17. The commissioners of the sinking fund are authorized, if it shall seem to them for the best interest of the commonwealth, to make one extension of the time for the funding of the outstanding evidences of debt due by the commonwealth not heretofore funded under said act of February fourteenth, eighteen hundred and eighty-two, and February twentieth, eighteen hundred and ninety-two, for a period not extending beyond December thirty-first, eighteen hundred and ninety-eight. All bonds issued under the provisions of this act shall carry interest from the semi-annual period next preceding the date of funding. 18. The commissioners of the sinking fund are authorized to exchange coupon bonds of the state issued under this act into registered bonds, and vice versa, and to arrange for the transfer of registered bonds. For every bond so issued in exchange a fee of fifty cents shall be charged by and paid to the second auditor, and shall, upon his order, be covered into the treasury to the credit of the sinking fund; and bonds so taken in exchange shall be cancelled in the manner herein before prescribed. or Sec. 402. [82 Va. 883; 85 Va. 899.] Sec. 406. [Repealed. Acts 1893 '4, p. 381.] Sec. 406 a. To punish persons fraudulenty using coupons.—Any dealer in coupons or other persons who shall knowingly use, procure, cause to be used by another, in payment or in tender or offer of payment of any taxes or other demands due to the commonwealth any coupon cut or detached from any bond issued by the commonwealth which had been previously used for a like purpose by any other person, shall be guilty of a felony, and on conviction thereof shall be punished by confinement in the penitentiary not less than one nor more than five years. Sec. 406 b. To provide for the keeping of a record of coupons purporting to have been clipped from bonds of the state tendered for taxes, and to impose a penalty for twice tendering the same coupons.— 1. Whenever coupons purporting to have been clipped from bonds of this state are tendered in payment of any debt, due, or demand due the commonwealth, the collecting officer to whom such tender is made shall record in separate columns, in a book to be provided by the auditor of public accounts and kept for that purpose, the name of the party making the tender, the date of the tender, the aggregate amount of coupons tendered, the amount of each coupon, the number of each coupon and by whom signed, the number of the bond from which the coupon purports to have been clipped. 2. Whenever coupons purporting to have been clipped from bonds of this state are tendered in payment of taxes, debts, dues, or demands due the state and not received, and the tax, debt, due or demand for which the tender is made is not otherwise paid, it shall be the duty of the party making the tender to retain the coupon in his possession until the question of payment by said tender has been lawfully adjudicated in a court of competent jurisdiction. 3. Whenever coupons purporting to have been clipped from bonds of the state are tendered in payment for taxes, debts, dues, or demands due the state, and it shall be made to appear that the same coupons have been tendered in payment of other taxes, debts, dues, or demands due the state, and that the taxes, debts, dues, and demands due the state for which the first tender was made have not been otherwise paid, the person so tendering the coupons the second time shall be guilty of a misdemeanor, and upon conviction shall be fined not less than one hundred dollars, and imprisoned not exceeding twelve months. The record herein required to be kept by the collecting officer shall be prima facie evidence of the previous tender in any prosecution under this act. Sec. 406 c. To provide a penalty on officers of the state for receiving Extra Session coupons (except for identification and verification) for taxes, debts, 1887, p. 437. dues, and demands due the commonwealth.-If any officer of this state receive (except for identification and verification) any paper or instrument purporting to be a coupon detached from a bond of this state for any taxes, debts, dues, or demands due the state, until the same shall have been verified in the mode prescribed by law, he shall be guilty of a misdemeanor, and upon conviction shall be fined for each offence not less than one hundred nor more than one thousand dollars. Sec. 407. [Repealed. Acts 1893-'4, page 381.] Sec. 408. [As amended February twenty-two, eighteen hundred and ninety, and March fifth, eighteen hundred and ninety, repealed. Acts 1893-4, page 381. 92 Va. 310.] Sec. 408 a. Proceedings under section 408.-All proceedings to try 1889-90, p. 171. genuineness of coupons under section four hundred and eight of the Code of Virginia pending in any county or corporation or hustings court on the day when this act shall take effect, shall be removed from said courts to the circuit court of the county or corporation or city, as the case may be, or if such proceedings be pending in the corporation court of a city for which there is no circuit court, such proceedings shall be removed to the circuit court of the county in which such city is located. The clerk of the county or corporation or hustings court, as the case may be, shall deliver to the clerk of the circuit court into which the proceedings are to be removed the original papers in all such proceedings; and when either party to the proceedings requires it, he shall also deliver to said clerk copies of all rules and orders made in such proceedings and not found in the original papers, and a statement of the costs incurred by each party therein; and the clerk of the county or corporation or hustings court, as the case may be, shall enter on the record book of his court the disposition made of such proceedings. The clerk of the circuit court shall receive and file in his office the papers in the proceedings so removed, and the said proceedings shall stand in all respects as they stood in the court from which they were removed, and the subsequent proceedings shall be the same as if the proceedings had been originally instituted in the circuit court. The costs of such removal shall be borne equally by both parties to the proceedings. Sec. 409. [Repealed. Acts 1893-'4, page 381. Sec. 410. [Repealed. Sec. 411. [Repealed. Sec. 412. [Repealed. Va. 918; 89 Va. 427, 431.] Acts 1893-'4, page 381. Sec. 414. [Repealed. Acts 1893-'4, page 381.] Sec. 415. [Repealed. Acts 1893-'4, page 381.] 86 Va. 675.] 82 Va. 644, 647, 721; 85 As Amended 1893-4, p. 260. As Amended 1893-4, p. 260. Sec. 420. To be used in buying bonds.—Any money in the treasury to the credit of the sinking fund shall annually or oftener as occasion may require, be applied by the commissioners to the purchase, at market rates. (not, however, exceeding the par value), of bonds issued under the act of February fourteenth, eighteen hundred and eighty-two, or under the act of February twentieth, eighteen hundred and ninety-two. Sec. 421. How amount to be expended is ascertained; bonds to be bought by sealed bids.-It shall be the duty of the commissioner of the sinking fund to meet on the second Tuesday of February, eighteen hundred and ninety-four, and on the first Monday in every month thereafter, to determine at each of such meetings what, if any, sum can be spared from the treasury, after making ample allowances for all the expenses of the government and of the public schools and for the payment of the interest upon the bonds of the state issued under the act approved February fourteenth, eighteen hundred and eightytwo, and under the act approved February twentieth, eighteen hundred and ninety-two, and under the act approved February twenty-third, eighteen hundred and ninety-two. If it be determined by said commissioners that there be a surplus in the treasury, after making due allowance as aforesaid for the government and school expenses and interest upon said bonds so issued, they shall certify to the treasurer of the commonwealth that such sum not exceeding one hundred thousand dollars in each month, as they may so determine, may be drawn from the treasury and invested as herein provided. The commissioners of the sinking fund shall immediately after their first meeting advertise in at least one daily newspaper published in the cities of Richmond, New York, and Baltimore that they will receive offers for the sale of such amount of the bonds issued under the act of February fourteenth, eighteen hundred and eighty-two, or February twentieth, eighteen hundred and ninety-two, as in their judgment the sum placed to their credit will enable them to purchase, and that such offers may be made up to and including the nineteenth day of the current month. All such offers shall be made in writing; shall be sealed, and shall be opened by the said commissioners, or a majority of them, on the twentieth of the month, at noon, in the presence of the governor of the commonwealth, or, in the event of his absence, in the presence of the secretary of the commonwealth. If the twentieth of the month falls on Sunday or a legal holiday, the said offers shall be opened on the next day which is not a legal holiday: provided, that the said commissioners shall have authority to reject any and all bids made from month to month: provided, that the said commissioners may invest in the purchase of said bonds the aggregate funds ascertained by them in the mode prescribed by section four hundred and twenty of this act to be used for that purpose whenever said commissioners deem it to the interest of the state. All bonds purchased under this section shall be listed on the minutes of the board, which list shall show the number and the denomination of each bond purchased in each month. All bonds purchased under this act shall at once be converted into registered bonds in the name of the commissioners of the sinking fund, which, when so converted, shall be delivered to the treasurer, who shall label and file the same in his offiee for safe keeping; no coupon bond shall be purchased under this act unless all the unmatured interest coupons shall be attached thereto, and the bonds so purchased shall be held as security for the payment of the interest on the public debt of the state as it shall or may have accrued when |