65-23-116 - Validity of bonds.
65-23-116. Validity of bonds.
Such bonds bearing the signature of officers in office on the date of the signing thereof shall be valid and binding obligations, notwithstanding that before the delivery thereof and payment therefor any or all the persons whose signatures appear thereon shall have ceased to be officers. The validity of such bonds shall not be dependent on nor affected by the validity or regularity of any proceedings relating to the acquisition or improvement of the system or systems for which the bonds are issued. The resolution or resolutions authorizing the bonds may provide that the bonds shall contain a recital that they are issued pursuant to this chapter, which recital shall be conclusive evidence of their validity and of the regularity of their issuance.
[Acts 1935 (E.S.), ch. 3, § 15; C. Supp. 1950, § 3708.39 (Williams, § 3708.40); T.C.A. (orig. ed.), § 65-2316.]