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shall be cancelled by the State Auditor immediately upon being surrendered to him. Records-Requirements.
Section 2. The State Auditor shall have prepared registered bonds in blank form similar in tenor to the respective issues of coupon bonds of the State of Oklahoma, and upon the surrender of any coupons bonds of said State shall insert in such blanks the names of the registered owner, the amount of the bond, the date of maturity, the numbers and such other matters as may be necessary to complete the same to correspond in other respects to the coupon bonds surrendered; provided, that no registered bond or bonds shall exceed in face value the par or face value of the coupon bonds surrendered in exchange therefor, and provided also that said registered bonds shall have printed on the face thereof a clause substantially in the following form:
"This registered bond is issued in substitution for and in lieu of coupon bonds of the State of Oklahoma, dated 19....Series
inclusive, which have been surrendered and cancelled simultaneously with the execution and issuance of this registered bond. This registered bond may be transferred by executing the transfer or assignment on the reverse side hereof and by presentation to the State Auditor, who shall register said bond in the name of the transferee."
Section 3. Upon the application of the holders of registered bonds of the State of Oklahoma issued pursuant to the provisions of this act, and upon presentation of such bonds at the office of the State Auditor, he, the State Auditor, is hereby authorized to transfer the same on the books of the State to such persons or corporations as may be designated in the application. The transfer of said bonds shall be written or printed on the back of the bonds
and shall be acknowledged before a notary public or other officer authorized under the laws of this state to take acknowledgements to deeds or transfers of real estate, or the signatures of the registered holders of the bonds shall be attested by the fiscal agent of the State of Oklahoma, in the City of New York. Application for transfers must be filed in the office of the State Auditor at least fifteen days before the date of payment of the semi-annual interest next lue on the bonds.
Register of Bonds-Interest.
Section 4. The State Auditor shall provide and keep a register of all registered bonds issued under this act and shall enter therein the names of the registered holders thereof, and he shall at each interest date, issue a warrant payable at the office of the State Treasurer or at the fiscal agency of the State of Oklahoma in New York City, New York, which warrant shall be countersigned by the State Treasurer and by said State Auditor remitted to the address and payable to the order of the registered owner of such bond the amount due, and upon maturity of the bond the amount of principal upon the surrender of the bond at the office of the State Treasurer of the State of Oklahoma.
Issuance of Bonds.
Section 5. All registered bonds issued under this act shall be signed by the Governor under the great seal of this state, and attested by the Secretary of State and the Treasurer of the State of Oklahoma, and shall have endorsed thereon a certificate signed by the State Auditor and Attorney General of the State, showing that such bond is issued pursuant to law and is within the debt limit. It shall also be the duty of the Attorney General and ex-officio bond commissioner of the State of Oklahoma to examine into and pass upon any registered bonds so issued, and such registered bonds, when declared by the certificate of said bond commissioner to be issued in accordance with
the forms of procedure provided by him, shall be incontestable in any court in the State of Oklahoma.
Rights of Holders.
Section 6. The holders of all registered bonds issued pursuant to this act upon the surrender of and exchange for coupon bonds of this State shall be entitled to the benefit of any adjudication or determination of any court of this State authorizing the issuance of the coupon bona. surrendered in exchange therefor, or determining the validity of the indebtedness evidenced thereby, and the payment of the principal and interest of all registered bonds issued pursuant hereto shall be made and provided for out of the taxes provided or levied for the purpose of paying the coupon bonds which are surrendered in exchange for such registered bonds. The holders of any registered bond issued pursuant hereto shall be subrogated to and entitled to all the rights and remedies of the holders of the coupon bonds surrendered in exchange for such registered bonds.
Fee for Transfer.
Section 7. The State Auditor shall be entitled to receive from the owner of the bonds transferred under this act a fee of fifty cents for each $1,000.00 face value of bonds so transferred. Emergency.
Section 8. It being immediately necessary for the preservation of the public peace, health and safety an emergency is hereby declared to exist by reason whereof this act shall take effect and be in full force from and after its passage and approval.
Approved April 3, 1915.
STATE SCHOOL LANDS-LEASES-SALES.
AN ACT providing for the extension of leases on State and school land which ex.
pired January 1, 1915, and relating to State and school lands; and declaring an
emergency Be It Enacted By The People Of The State Of Oklahoma:
Leases May Be Extended.
Section 1. That all leases on state and school lands which expired January 1, 1915, may be extended by the Com. missioners of the Land Office for any number of years not exceeding five years, on the same terms and conditions as the said leases which expired January 1, 1915, or until such time as the said leases shall be sold; provided, that any lessee desiring to extend his leases under this act shii make application to the Commissioners of the Land Otice on forms prescribed by the Commissioners for that purpose, within ninety days after this act takes effect. All lessees taking the benefit of this act, shall execute new contracts and notes for the payment of rentals.
Sale Contract Canceled-Lease in Lieu Thereof.
Section 2. The Commissioners of the Land Office are hereby authorized in their discretion, upon application by any person holding a contract of purchase of any tract of state or school land, and satisfactory showing that such person is unable to make the payments of principal and interest as same become due and payable, to cancel such contract of sale and to issue to such person a preference right lease on such tract, as provided by law for the issuance of leases; provided, that all moneys paid on and according to the provisions of such contract of purchase shall be forfeited to the State; and provided, further, that such lease, if issued, shall not be issued for a less annual rental than that paid at the time of sale; and provided, further, that preference right lease shall not be issued except in case the said land was covered by such preference right lease when originally sold.
Irrigation of School Land-Liabilities.
Section 3. The Commissioners of the Land Office are hereby authorized in their discretion, upon showing made by the lessee in possession of any tract of school or state lands, to permit any such tract of school or state lands to be included in any proposed federal reclamation irrigation project; provided, that if any such tract is included in any such irrigation project, all costs and expenses connected with such project, same being the pro rata share of the construction of any such project, assessed by the United States Government through the reclamation service, shall be assessed against the improvements and the preference right of any such lessee in possession of any such tract of school or state lands; and any such assessments so made by the United States Government, through the reclamation service, shall be a lien against said improvements and preference right of any such lessee, subject only to the lien of the State for rents due the state; provided further, that in the event of the sale of any such tract or tracts of school and state lands, such irrigation improvements on said lands shall be considered an improvement owned by the lessee and shall be appraised as such ; provided, that the state shall not be liable for any expense connected with the building, construction or operation of any such irrigation system.
Division of Land Into Acreage Units.
Section 4. For the purpose of including any tract of school or state lands in any proposed federal reclamation irrigation project, the Commissioners of the Land Office are hereby authorized in their discretion, upon showing made, to permit the lessee thereof to subdivide the land within such irrigation project and covered by his lease into tracts to conform to the acreage units as may be prescribed by the Secretary of the Interior.
Section 5. Section 7147 of the Revised Laws of Oklahoma, 1910, is hereby amended to read as follows: