bonds or certificates of debt of the State, prepared with cou-
pons attached, or as registered bonds in their discretion, or
in such proportions of each as they may think will best se-
cure their sale and promote the interest of the State.

Sec. 3. And be it enacted, That these bonds are to be used
exclusively in exchange for the bonds of the State, or to raise
the means to pay off said bonds in the option of the holder,
that matured in 1865, and those bonds or certificates of debt
now approaching maturity, and for no other purpose what-
ever.

Sec. 4. And be it enacted, That if the Governor, Comp-
troller and Treasurer, or a majority of them shall, in their
discretion, deem it advisable, they shall from time to time, as
it may appear to the interest of the State, sell to the best ad-
vantage so much of this loan as may be necessary to carry
out the intention of this Act; the Treasurer of the State first
giving notice of not less than thirty days, inviting propo-
sals, which proposals shall be opened by him in the presence
of the Governor and Comptroller, and no bid shall be awarded

at less than par.

 
Sec. 5. And be it enacted, That the bonds of the State now
overdue, and those which will soon mature, shall be receiva-
ble in payment for said loan, under such regulations as the
Governor, Comptroller and Treasurer may prescribe, and
every bidder for the loan now authorized to be issued, shall
state in his proposal whether the same is to be paid in cash
or in the bonds or certificates of indebtedness of the State.

Sec. 6. And be if enacted, That all trustees, executors, ad-
ministrators, guardians, agents, treasurers, committees, or
other persons, holding in a fiduciary capacity, bonds or cer-
tificates of indebtedness of the State or moneys, are hereby
authorized to bid for this loan, and to, surrender the bonds or
certificates of loan, held by them at the time of making such
bid, and to receive the bonds authorized by this Act, on such
terms and under such arrangements as may be agreed upon.

Sec. 7. And be it enacted, That any person being in the fi-
duciary capacity, described in the preceding section of this
Act, who may desire to invest money in their hands for the
benefit of their cestui que trust, may without any order of
Court invest the same in the bonds authorized to be issued
by this Act, at a rate of premium not exceeding ten per
centum.

Sec. 8. And be it enacted, That any law, or parts of any
law; now on our statute hooka, inconsistent with either any
or all of the preceding sections of this law, be and the same
are hereby repealed.