8 TRANSACTIONS OF THE 



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

 prior to the first day of January, 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 day of January, 

 eighteen hundred and sixty-three, and all monej-s 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 Avhich the same was received, and to liquidate 

 the outstanding indebtedness of said society, as hereinafter provided; 

 and all monej's received from a]i])ropriations, donations, or from any 

 other source, and all propert}^ acquired, shall be exempt from attach- 

 ment 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 year, 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 the}^ 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 M-arrant, and issue a new warrant for the balance due on such 

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

 for any claim or demand that is not presented. allow.ed, and a warrant 

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

 the passage of this Act. 



Sec. 4. Xo 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 b}^ 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 conjmittee shall be paid until it I'as been 

 approved by the Board of Directors. 



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

 passage. 



