CHAP. 404.—An ACT to amend and re-enact an act approved March 21,
1914, entitled an act to amend and re-enact an act approved March
12, 1912, entitled an act to amend and re-enact an act approved March
11, 1908, entitled 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 en-
titled an act to amend and re-enact sections 7, 17 and 18 of an act
approved February 20, 1892, entitled an act to provide for the set-
tlement of the public debt of Virginia, not funded, et cetera, and vari-
ously amended January 31, 1894; January 23, 1896; January 25, 1898;
February 3, 1900; February 16, 1901; April 2, 1902; March 10, 1906;
March 11, 1908; March 14, 1910; March 12, 1912, and March 21, 1914,
which last named act authorized the adjudication of the claims of the
holders of certain bonds and coupons which have been guaranteed by
the Commonwealth and the funding of the same when so adjudicated.

. (H. B. 11L)
Approved March 21, 1916.

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, seven-
teen and eighteen of an act approved February twentieth, eigh-
teen hundred and ninety-two, entitled an act to provide for the
settlement of the public debt of Virginia, not funded, under the
provisions of 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 pro-
vide for the issuance of bonds covering the same, and the regu-
lar 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, 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 January twenty-
fifth, eighteen hundred and ninety-eight; February third, nine
teen hundred; February sixteenth, nineteen hundred and one:
April second, nineteen hundred and two; March tenth, nineteen
hundred and six; March eleventh, nineteen hundred and eight:
March fourteenth, nineteen hundred and ten; March twelfth,
nineteen hundred and twelve, and March twenty-first, nineteen
hundred and tourteen, be amended and re-enacted so as to read
as follows:

sec. 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 veri-
fication 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 sink-
ing 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 author-
ized by this act as follows, namely: To each of the several
classes of said depositing creditors the same proportions as the
same class received under the distribution made by the commis-
sion of 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 hundred and six-
teen, 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 com-
missioners shall cover the fund thus received into the treasury
of the Commonwealth.

Sec. 17. The commissioners of the sinking fund are author-
ized, if it shall seem to them for the best interest of the Com-
monwealth, 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 twentieth,
eighteen hundred and ninety-two, for a period not extending
beyond December thirty-first, nineteen hundred and seventeen.

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

3. All acts and parts of acts in conflict with this act are
hereby repealed.

4. As this is a matter material to the proper conduct of the
public affairs, this act shall be in force from its passage.