Chap. 185.—An ACT to amend and re-enact an act approved March 10, 1906,
entitled an act to amend and re-enact an act entitled an act to amend and
re-enact sections 7 and 17, as amended by an act entitled an act to amend
and re-enact sections 7, 17 and 18 of an act approved February 20, 1892, en-
titled an act to provide for the settlement of the public debt of Virginia not
funded, etc., approved February 3, 1900, and a similar amendment approved
February 16, 1901, as again amended by an act approved April 2, 1902.

Approved March 11, 1908.

1. Be it enacted by the general assembly of Virginia, That sections
seven and seventeen of an act entitled “an act to amend and re-enact an
act to amend and re-enact sections: seven, seventeen and eighteen of an
act approved February twentieth, eighteen hundred and ninety-two, en-
titled an act to provide for the settlement of the public debt of Virginia,
not funded, under the provision of an act to ascertain and declare Vir-
ginia’s equitable share of the debt created before and actually existing
at the time of the partition of her territory and resources, and to pro-
vide for the issuance of bonds covering the same, and the regular and
prompt payment of interest thereon, approved February twentieth,
eighteen hundred and ninety-two, and to provide for carrying the same
into effect, approved January thirty-first, eighteen hundred and ninety-
four,” and providing the time for which bonds issued under this act
after March thirty-first, eighteen hundred and ninety-six, shall carry
interest, and section three of said act, approved January twenty-third,
eighteen hundred and ninety-six, as amended by acts approved February
third, nineteen hundred, February sixteenth, nineteen hundred and one,
April second, nineteen hundred and two, and March tenth, nineteen hun-
dred and six, to be amended and re-enacted so as to read as follows:

§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
hereinbefore provided with respect to the obligations deposited with
the same bondholders’ committee, and the said commissioners of the
sinking fund shall issue to and distribute amongst said depositing cred-
itors, after they have fully complied with the terms of this act, in ex-
change for the obligations so deposited, bonds authorized by this act,
as follows, namely: ‘Io each of the several classes of said depositing
creditors the same proportion as the same class receive under the dis-
tribution made by the commission for the creditors represented by the
bondholders’ committee: provided, that no obligations shall be received
for such deposit after the thirty-first day of December, nineteen hun-
dred and eight, nor shall any coupon bonds be received which do not
have attached thereto all 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 face value thereof in cash, may
be received ; the said cash, if paid, to be returned if proper coupons are
tendered within six months 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.

§17. The commissioners of the sinking fund are authorized, if it
shall seem to them for the best interest of the Commonwealth, to make
an 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, nineteen hundred and nine.

2. All bonds under the provisions of this act shall carry interest from
the semi-annual period next preceding the date of funding.