- Terms town lots. one fourth part of the purchase money shall be paid down of Sale. at the time of sale; one eighth part in one year thereafter, may with interest at the rate of six per cent. per annum; one be sold in eighth part in two years after said sale, with interest as aforesaid; and the residue of the purchase money shall be paid at the expiration of eight years after said sale, with interest as aforesaid, payable annually, to commence at the day on which the third payment shall become due: Provided that the said trustees shall have power to lay offtown lots at any place they shall deem expedient, and to dispose of the same on such terms, and under such regulations as they shall prescribe: Provided that the said lots when so laid off, shall not sell for a less sum than the mininum price herein expressed: And each and every purchaser shall, moreover, at the time of said purchase, execute his Purchaser bonds payable to the said trustees and their successors in to execute office, conditioned for the truc and punctual payment of the purchase money and intercst thereon, according to the terms of said sale. Proviso. bond. cates to Sec. 9. And be it further enacted, That the said trustecs upon receiving from any purchaser of any tract or Trustees parcel of land which may be sold as aforesaid, the onc to give fourth part of the purchase money so required to be paid @crtifi- as aforesaid, and the bouds conditioned as aforesaid, duly purchasers executed, shall issue to said purchaser, a certificate under the seal of the trustees, that the purchase of such tract of land has been made by the purchaser, that he has paid one fourth part of the purchase money, and that he has given bonds according to law, and declaring that upon the punctual payment of each and every one of the remaining instalments, with the interest thereon, the amount of each of which shall be specified in such certificate, they will convey such tract of land to such purchaser, his heirs or assigns; and should such purchaser assign such certificate, the assignee shall possess all the rights which may have been vested in his assignor: Provided, that the purchaser of any tract of land as aforesaid, his heirs or aspay the signs, shall have the liberty at any time within the period whole sum of credit herein before given, if the land shall not have due previ- been forfeited, of paying to the said trustees the whole specified amount of principal and the interest then due upon said purchase; upon which payment, the said trustees shall convey to such purchaser, his heirs or assigns, a title in fee simple to said land. Purchas ers may ous to time Sec. 10. And be it further enacted, That should any Payment purchaser of any tract of land as aforesaid, the heirs or not made the assignees of such purchaser, fail to make punctual feited. payment of the amount of principal and interest, or of in -land for terest which may become due on said tract of land, the said : Proviso. Purchase Sec. 11. And be it further enacted, That at the expiration of the term of credit, or within three months thereafter, herein before prescribed upon the sales of said lands, the purchaser, his heirs or assigns, shall have the right upon the payment of all interest then due upon said purchase, and upon surrendering up the certificate of purchase, to may be convert said purchase into a lease for ninety-nine years, converted renewable forever, upon condition that the lessee, his into lease. heirs, executors, administrators or assigns, shall pay to the said trustees interest at six per cent. per annum, upon the amount of the original purchase money due at the time of converting said sale into a lease. Sec. 12. And be it further enacted, That upon the elec lease. tion as aforesaid of any purchaser, his heirs or assigns, of Trustees any tract of land sold as aforesaid, to convert said sale into to execute a lease as aforesaid, the said trustees shall execute to such deed of lessee a deed of lease, specifying the terms thereof as aforesaid, which lease shall be assignable by said lessee, and the said assignee shall possess all the rights which may have been vested in his assignor. may of interest. Sec. 13. And be it further enacted, That the said Trustees shall forever have the right to distrain any personal estate belonging to the lessee, his heirs, assigns, or the tenant distrain for in possession of any tract of land so leased, for the payment payment of the interest as it shall become due on said lease, in such manner as shall be prescribed by law; and the personal estate of said lessee, his heirs, assigns, and the tenant in posses- Personal sion, shall always be liable in preference of other debts, for estate in the payment of the interest due on the lease, and upon a to other preference failure of payment of the whole, or any part of the interest debts, liadue on said lease, upon a distringas, for that purpose to ble. be issued, the lessee, his heirs or assigns, shall forfeit all Iucrest not paid, lease for feited. Forfeitures to be sold by trustecs. to lessee. right and mest; in and to the land so ogether with all sums of money which may have been paid for the purchase and lease of the same: And all lands thus forfeited, shall be sold by the trustees to. the bighest bidder, at public auction, for ready money, two months public notice being first given of the time and place of such sale, and after paying the amount due upon the original purchase, together with all interest due to the said trustees, up to the Overplus time of sale, with all costs and expenses of sale-the reto be paid mainder if any, shall be paid to the lessee, his heirs, ›exe= cutors, administrators or assigns, who may be entitled to receive the same; and the person purchasing, according to the provisions of this section, shall enure to all the equity, and be subject to the same rules as are berein before pre Proviso. scribed for original purchasers or lessees: Provided, that all lands forfeited by a failure of the payment of either the purchase money or interest, shall never be sold for a less sum than is due and unpaid on said land, agreeable to the terms of the original sale or lease. (as the case may be,) and all forfeited lands which may be offered for sale, and shail not bring the amount due on account of the purchase modey and interest, shall forever remain the property of the trustees, and their successors in office, subject to the same rules and regulations as other lands belonging to the State University. Trustees land. Sec. 14. And be it further enacted, That the said trustees may rent shall have the power to rent, from year to year, such part of the lands as shall not be sold at the public sales, as aforesaid, in such manner as they shall by ordinance prescribe ; and the monies which shall be due thereon, shall be reco verable in such manner as shall be prescribed by law. Sec. 15. And be it further enacted, That it shall be the duty of the trustees, whenever a sale of lands is to take place, to appoint three of their own body, who or any to superintend sale. One of whom, together with such other trustees as may attend, shall be superintendents of said sale; and in case there shall be a failure of the agent to attend and conduct the sale, the trustees so attending, shall have power to ap point another agent, and to take his bond and approve of Trustees his security; and the board of trustees shall have power at may all times, when they may deem it expedient, to remove any appoint a- agent, and appoint another in his place.. -- gent. ed. Estate Sec. 16. And be it further enacted, That the estate both not liable real and personal of the said Corporation shall be free and to be tax- forever exempt from taxes, and the persons of all oflicers, Officers servants and students belonging to said University, shall, &c.exempt during their continuance there, be exempt from taxes, servfrom mili- ing on juries, working on roads, and ordinary military tary duty. duty. Female institutione to be es Sec. 17. And be it further enacted, That there shall also w be established three branches of said University for Female Education, to be located at such places as may be deemed by the Legislature most for th. public good; and the Legislature shall proceed to locate and fix the sites of said tablished, branches, at the same time, and by the same manner of election that the site of the principal University is to be how govlocated; and said branches shall each be governed by erned." twelve directors, to be elected annually by the Board of Trustees; and the government thereof shall in all respects be according to the by-laws of the University, framed and ordained for that purpose: Provided, that not more than one hundred thousand dollars shall be appropriated by said trustees, for the purpose of erecting buildings for said branches. Proviso Sum ap propriated Sec. 18. And be it further enacted, That a sùm not exceeding fifty thousand dollars in the discretion of the trus for ereotitees, of the monies which may be received from the first on of buildpayments of the lands sold, be, and the same is hereby ap ings. propriated and set apart, for the erection of the necessary buildings of the said University; and that the interest aris ing from the last payments, to be made upon the sales of the lands as herein before provided to be sold, shall be set Certain apart and vested as the same may be received in the Stock sum to be of the United States, and applied exclusively to sinking the U.S. stocks amount of money hereby appropriated to the erection of the buildings as aforesaid, until the amount so invested shall be equal to the sum which may be so expended, after which the same shall be considered as capital stock, and shall never thereafter be diminished. veeted in See. 19. And be it further enacted, That the residue of the sum, after deducting the sum which may be expended in the erection of the buildings as aforesaid, which may be received from the payments on the sales of the lands, shall be invested by the trustees without delay, as the same shall be, in such stocks of the United States, as the trustees may think most profitable: Provided, that a sum not exceeding $100,000 one hundred thousand dollars, may in the discretion of the may be inBoard, be invested in a State Bank, if one shall be estab Bank, or lished, or in stock of the state, should such be created, and State stock. the sums so invested, shall be considered Capital Stock, and shall never be diminished. vested in Sec. 20. And be it further enacted, That the interest to be paid by the purchasers of the lands, or the lessees as Sum, ap.. aforesaid, or which shall be received from the stock which propriated shall be purchased, as h rein before directed, or so much for paythereof as may be necessary, shall be appropriated by the rent extrusteos, to discharge the current expenses of the Univer- penses. ment cur ver to the sity, and the trustecs shall report to the General Assembly, once in each year, the state of the funds committed to their charge, with such recommendations, with regard to the improvement thereof, as to them shall seem advisable. Sec. 21. And be it further enacted, That it shall be the duty of the Treasurer and Comptroller of public accounts, to Money to deliver over to the treasurer of the board of trustees, on his be paid o- application, all sums of money and notes and bonds which Treasurer may be in possession of either of them, and which they have received from the rent of lands hereby vested in the trustees, or which they may hereafter receive, and the treasurer of the trustees shall give his receipt for the same; and the monies so received, shall be subject to the order of the trustees; and the trustees are hereby authorized to sue for and coland collect lect all sums which are now due, or which may hereafter sums duc. become due from the notes or bonds which shall be so received by the treasurer of the said trustees, to be by them Proviso. appropriated to the use of the University: Provided, that any monies that are now in the hands of the comptroller or treasurer of public accounts, belonging to the State University, shall be subject to the call of the trustees, until the treasurer of the board of trustecs shall be duly authorized to receive said monies. Trustees may sue for Sec. 22. And be it further enaeled, That the trustees shall also have the power to suc for and collect all sums of money which are now due, or which may hereafter become due from such persons as have or hereafter shall occupy any of the lands hereby vested in said trustees, without a lease from said trustees. Sec. 23. And be it further enacted, That all acts and parts Repeal. of acts contrary to this act, be, and the same is hereby repealed. Sec. 24. And be it further enacted, That the twenty-second section of the act to which this is an amendment, be, and the same is hereby repealed. [Approved, Dec. 24, 1822.] AN ACT For the Relief of the Huntsville Bank. Sec. 1. Be it enacted by the Senate and House of Repre sentatives of the State of Alabama, in General Assembly convened, That by the solemn pledge of the Directors of the Planters' and Merchants' Bank of Huntsville, to the Legislature and the country, that this Bank will in the course Quo warof the ensuing year, eighteen hundred and twenty-three, ranto sus resume specie payments with ability to meet all its enpended unPendeda gagements, the further prosecution of the writ of quo certain warranto against said Bank shall be stayed and suspended, until the first day of March next; and if on or before said restric lieus. |