Chap. 183.—An ACT to amend and re-enact an act approved February 7, 1906,
entitled an act to amend and re-enact sections 419, 420 and 421 of an act to
amend and re-enact title 12, of the Code of Virginia, in relation to the public
debt, approved December 17, 1903, and sections 420 and 421, as amended by
an act approved March 8, 1904, and as amended and re-enacted by an act
approved February 7, 1906.

Approved March 11, 1908.

1. Be it enacted by the general assembly of Virginia, That sections
four hundred and nineteen, four hundred and twenty, and four hundred
and twenty-one, of the Code of, Virginia, as amended and re-enacted
by an act approved December twelve, nineteen hundred and _ three,
entitled an act to amend and re-enact title twelve of the Code of Virginia,
in relation to the public debt, and sections four hundred and twenty
and four hundred and twenty-one, as amended and re-enacted by an act
approved March eighth, nineteen hundred and four, and as amended
and re-enacted by an act approved February seventh, nineteen hundred
and six, be amended and re-enacted so as to read as follows:

§419. Sinking fund, of what constituted—All damages which may
hereafter be recovered by the State against defaulting revenue collectors ;
the stock owned by the State in, and its entire claim against the Rich-
mond, Fredericksburg and Potomac railroad company, including obli-
gations or dues on account of unpaid dividends, together with all
dividends, or assessments hereafter made or to be made upon said rail-
road company, and paid into the treasury of the State, and money which
from the sale of any stocks and securities now held in the treasury of
Virginia belonging to the sinking fund, also current interest upon all
bonds hereafter purchased for the sinking fund, and such sums as may
be appropriated from time to time by the general assembly to the said
fund, shall constitute the sinking fund of the State.

§420. To be used in buying bonds for sinking fund.—All money in
the treasury to the credit of the sinking fund shall, as soon as practicable
after the same has been paid into the treasury to the credit of said fund,
be applied by the commissioners to the purchase at market rates (not,
however, exceeding the par value and accrued interest) of bonds issued
under the act of February fourteen, eighteen hundred and eighty-two,
or under the act of February twenty, eighteen hundred and ninety-two.

§421. Meetings of the commissioners of the sinking fund; how bonds
are to be bought and then to be retired. The commissioners of the
sinking fund shall meet on the first Monday in each month and at such
other times as they may deem necessary, and at any such meeting
said commissioners may determine how much of the fund at their dis-
posal shall be expended for the immediate purchase of bonds and how
the purchase shall be made, whether privately or by advertisement, for
bids. If, however, they determine to advertise, the advertisement shall
be inserted 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 a day named. All such offers shall be made
in writing, shall be sealed, and shall be opened by said commissioners,
or a majority of them, at a meeting previously agreed upon, 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 ;
provided, that the said commissioners shall have authority to reject
any and all bids made. All bonds purchased under this and the pre-
ceding section shall be listed on the minutes of the board, which list
shall show the number and denomination of each bond purchased, and
such bonds shall be immediately cancelled by said commissioners, and
shall not be used again for any purpose, except that the interest thereon |
shall be paid regularly to the said. sinking fund; and provided, that no
coupon bond shall be purchased unless all unmatured interest coupons
shall be attached thereto.