Page:United States Statutes at Large Volume 45 Part 1.djvu/1143

 1092 SEVENTIETH CONGRESS. SESS. II. 'CH. 92. 1929 . lands in the Territory of Alaska, to be selected, under the direction and subject to the a pproval o f the Se cretary of the I nterior, by the Territory, and subject to the following conditions and limitations : cluus Territory rol have ex- SEC. 2. That the college and sch ool prov ided for in this Act sha ll forever remain under the exclusive control of the said Territory, and no part of the proceeds arising from the sale or disposal of any lands granted herein shall be used for the support of anv sectarian or denomi national college or scho ol. Lands, and proceeds SEC. 3 . That it is hereby declared that all lands hereby granted thereof to be held in trust and disposed of to said Territory are hereby expressly transferred and confirmed to vided .a s herein pro- the sa id Terri tory and shall b e by the said Te rritory held in trust, to be disposed of, in whole or in part, only in the manner herein provided and for the objects specified in the granting provisions, and that the natural products a nd money proceeds of any of said lands a breach of trst. disposition shall be subje ct to th e same t rusts as the lan ds produ cing the same. Disposition of any of said lands or of any money or thing of value directly or indirectly derived therefrom for any object other than that for which such particu lar lands or the lands from which such money or thing of value shall have been derived or granted or in any manner contrary to the provisions of this Act shall be deemed a breach of trust. val id .rtgages, etc ., not SEC. 4. That no mortgage or other encumbrance of said lands shall Sales leases, a be valid in favor of any pe rson for any purpose or under any cir- s to hi ghest bid der a fter cumstances whatsover. Said lands shall not be sold nor leased, in s baen. publica tion, whole or in part, except to the highest bidder at public auction, notice of which public auction shall first have been duly given by advertise- ment, which shall set forth the nature, time, and place of the transac- tion to be had, with full description of the lands to be offered, pub- lished once each week for not less than ten successive weeks in a newspaper of general circulation published regularly at the capital and in a newspaper of like circulation which shall then be regu- Sales of timbe r, etc. , subject to same provi_ larly p ublished nearest to the location of the lands so offered ; nor sions • shall any sale or contract for the sale of any timber or other natural product of such lands be made, save at the place, in the manner, and aft er the n otice th us provi ded for sales an d leases of the lands Lea ses easo• on terms for themselves : Provided That no thing herein contained shall prevent five years, without ad- said Territory from leasing any of said lands referred to in this vertisement allowed. Section for a term of five years or less without such advertisement herein r equired. Appraisal at tru e SEC. 5 . That all lands, leasehold, timber, and other products of the value, and no disposal > > >atlessthanassoascer . land before being offered shall be appraised at their true value, and tai ned. no sale or other disposal thereof shall be made for a consideration less than the value so ascertained, nor, in case of the sale of the land, theand um p for less than a minimum price of $5 per acre ; nor upon credit unless accompanied by ample security, and the legal title shall not be Fund established and deemed to have passed until the consideration shall have been paid. receipts to be deposited SEC. 6 . That a fund shall be established in the Territorial treasury in Territorial treasury to carry out the purposes of this Act, and whenever any money shall be in any manner derived from any of the land granted same shall Inves tment in fnt er- be deposited in the Territorial treasury in the fund. The Terri- est-bearing securities . y torial treasurer shall keep all such money invested in safe interest- Bond required. bearing securiti es, whic h securit ies shal l be app roved by the gov er- nor and the secretary of state of the Territory, and shall at all times be under a good and sufficient bond or bonds conditioned for the fait hful per formance of his d uties in regard thereto, as defi ned for the college In come . exclusively by this Act and the laws of the Territory not in conflict herewith. The income from said fund may and shall be used exclusively for Ap plic ation t her eof the pur poses o f such Agricu ltural Colleg e and S chool o f Mine s bidden ding, etc ., for- Provided, That no portion of said income shall be applied, directly or indirectly, under any pretense whatever, to the purchase, erection, preserv ation, or repair of any building or buil dings.

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