228

PUBLIC INSTRUCTION. [ART. — .

Comptroller to
receive land
scrip from U. S.

137. The comptroller of the treasury is hereby
authorized to receive from the proper authorities of
the United States, the land scrip to Be issued for the
lands granted to this state by the said act of con-
gress, and to give all necessary receipts and acknow-
ledgments for the scrip which may be received by
him.

In his discre-
tion to sell
scrip.

138. The said comptroller is hereby authorized,
by and with the approval and concurrence of the
governor and treasurer of the state, from time to
time, as he may deem proper, to sell such land scrip,
or any part thereof, for cash, or for stocks of the
United States, or of the states, or some other safe
stocks, yielding not less than five per centum upon
the par value of said stocks, and to execute all ne-
cessary and proper transfers thereof; but no scrip
shall be transfered and delivered to any purchaser
thereof until the same shall have been fully paid
for, or until payment shall have been fully secured
by collaterals of such stocks as above specified.

To employ
agents for Bale
of scrip and
treasurer to
pay expenses.

139. The comptroller shall make all such arrange-
ments, employ such agents and adopt such measures
in all respects as he may deem most expedient for
effecting a judicious sale of the said land scrip; and
the treasurer, on the warrant of the comptroller,
shall from time to time pay out of any moneys in
the treasury, not otherwise appropriated, all the
expenses of management and superintendence and
taxes, if any, for the selection of said lands previous
to their sale and all expenses incurred in the man-
agement and disbursement of the money which may
be received therefrom, and of all incidental matters
connected with, or arising out of the management

Application of
proceeds

and sale of said lands, so that the entire proceeds of
the sale of said lands shall be applied without any
diminution whatever, to the purposes mentioned in
said act of congress.

Money re-
ceived from
pale of scrip to
be invested.

140. The money which may be received in the
sale of said land or scrip, shall from time to time,
and as often as there shall be a sufficient accumula-