TRANSACTIONS OF THE 



presentation, if there be money in said Fund; but if not, then be shall 

 indorse on the back of the warrant, " presented and not paid for want 



of funds, this day of — , Anno Domini, eighteen hundred and 



sixty ," and said warrants shall draw interest at the rate of ten per 



cent per annum from the date of presentation until paid. 



Sec 2. All assets, moneys, and debts, due said society, that accrued 

 prior to the first day of Januaiy, eighteen hundred and sixty-three, 

 shall be placed to the credit of the General Fund, for the liquidation of 

 the debts of said society created prior to said first daj T of January, 

 eighteen hundred and sixty-three, and all moneys received during each 

 fiscal year hereafter shall be placed to the credit of a Fund to be known as 

 a Special Fund for the payment of current expenses, premiums, and 

 awards, for the year in which the same was received, and to liquidate 

 the outstanding indebtedness of said society, as hereinafter provided; 

 and all moneys received from appi-opriations, donations, or from any 

 other source, and all property acquired, shall be exempt from attachment 

 and execution, for any debt or liability other than those created during 

 that fiscal year. 



Sec. 3. The Directors shall each year pay all claims or demands, and 

 premiums awarded, before the last day of December, from said Special 

 Fund; and if any money remain in said Special Fund after the liquida- 

 tion of all claims and demands of that fiscal vear, then the Directors 

 shall advertise, in some newspaper published in Sacramento, that they 

 will receive proposals for the surrendering of the outstanding warrants 

 against the General Fund, naming the time and place where they will 

 be received and opened. Said Board shall accept the bids that will sur- 

 render said warrants for the lowest per cent, until all the money remain- 

 ing in said Fund is expended; and the Board may accept a bid for a part 

 of any warrant, and issue a new warrant for the balance due on such 

 warrant ; provided, said Directors shall not receive any bid above par, or 

 for any claim or demand that is not presented, allowed, and a warrant 

 drawn, as provided in section one of this Act, within ninety days from 

 the passage of this Act. 



Sec 4. ]STo debt or demand of any kind against said society shall be 

 paid by the Treasurer, or any other person, until it shall have first been 

 audited by the Board of Directors, and on a warrant drawn upon the 

 Treasurer, signed by the President and Secretary; and no premium 

 that may have been awarded by any committee shall be paid until it 

 has been approved by the Board of Directors. 



Sec 5. This Act shall take effect and be in force from and after its 

 passage. 



