172.650. Certificates to remain unconvertible--renewal certificates issued, when.
Certificates to remain unconvertible--renewal certificatesissued, when.
172.650. 1. All of the state certificates of indebtednessissued to, and part of, the seminary fund, whether originalcertificates or renewals thereof, are hereby confirmed as sacredobligations of the state to said fund, and they shall be andremain nonnegotiable, unconvertible and untransferable from thepurposes of their issue, and they shall remain so much of thepermanent seminary fund as is represented by their amounts,respectively, until they shall be liquidated by the generalassembly by appropriation and payment of the face amounts thereofto the seminary fund.
2. The general assembly may provide for the partialliquidation of any and all of said certificates by appropriationand payment to the seminary fund of a portion or portions of theface amounts thereof and, in any such event, a new certificate ofindebtedness shall issue for the balance of the face amount ofsuch partially liquidated certificate which remains unpaid aftersuch partial liquidation.
3. When the certificates of indebtedness of the state to theseminary fund shall mature, renewal certificates in formsubstantially similar to the maturing certificates and for likeamounts, payable to the state treasurer as trustee of theseminary fund, with like maturities, and bearing the same ratesof interest, payable in like manner, as provided in the maturingcertificates, shall be executed, countersigned, and sealed inlike manner as specified in section 172.611.
4. Upon the execution of such renewal certificates, theyshall be deposited with the state treasurer as part of theseminary fund and the matured certificates of indebtedness shallbe forthwith canceled by the state treasurer. Receipts for alloriginal and renewal certificates of indebtedness deposited inthe state treasury, and notices of all cancellations thereof,shall be given by the state treasurer to the board of curators ofthe state university.
(RSMo 1939 §§ 10880, 10881, 10882, A.L. 1945 p. 1634 § 5, A.L. 1951 p. 472 § 4)Prior revisions: 1929 §§ 9721, 9722, 9723; 1919 §§ 11593, 11594, 11595; 1909 §§ 11165, 11166, 11167