urer, and, after being duly recorded in the Auditor's office, shall be filed in the Treasurer's office; and such record, or a copy thereof, authenticated by the Auditor's or Treasurer's certificate, shall be received as evidence of the matters therein contained.

4615. Title in State, without deed. 48. When any land is bid in by the State at such sale, no deed need be made therefor to the State; but the statement of such sale, and the record thereof made, as in the preceding section required, shall vest the title in the State, for the use of the fund. 4616. Sale for cash- Certificate. 49. In case of a sale of any such land to any person for cash, on the production of the Treasurer's receipt for the purchase-money the Auditor shall give to the purchaser a certificate, which shall entitle him to a deed for said land, to be executed by the Gov. ernor of this State and recorded in the office of the Secretary of State. 4617. Sale on credit. 50. In like manner, when any tract bid in by the State is sold on a credit, on the execution and delivery of a note and mortgage for the proper amount, as in other cases required, the purchaser shall be entitled to a deed for the same, to be made as prescribed in the preceding section; and the transaction shall be entered, and appear upon the Auditor's and Treasurer's books as a payment of the sum bid, and a re-loan of the same to the purchaser, and the proper receipts and warrants shall pass therefor.

4618. Fees and damages. 51. For the services of the Auditor and Treasurer in conducting such sales they shall be entitled to receive five per cent. damages, chargeable on such sales.

4619. Accounts - Reports. 52. The Auditor and Treasurer shall keep fair and regular entries of the sums received and paid out on account of said fund, and shall include the same in their annual reports.

4620. Accounts with borrowers. 53. In addition thereto, the Auditor shall keep fair and regular accounts with the borrowers of said fund, and shall report the names of borrowers with his annual report.

4621. Interest, when loaned. 54. Should any interest remain on hand, not wanted for the use of the University, the same may be loaned as other funds.

4622. Unsold lands. 55. The care and disposition of the lands belonging to and for the use of said University, remaining unsold or unpaid for, shall be vested in the present commissioners of the reserved townships in the counties in which such lands may lie, who shall sell such as remain unsold, and such as are forfeited for non-payment, on such terms and under such regulations as the board of trustees of such University may provide; except that, in every instance, the interest on the purchase-money must be paid in advance. No purchaser, his heirs or assigns, shall have the right to cut down or destroy timber standing upon such land, other than for the erection of fences and buildings thereon, or for fire-wood to be used on the premises, and in fairly improving it for cultivation.

4623. Certificates of payment-Patent. 56. On the first payment for any such land being made, the proper commissioner shall execute to the purchaser a certificate therefor; and on final payment, the original certificate shall be surrendered to the commissioner, and by him filed away, and he shall give to the purchaser two final certificates, stating the whole amount of principal and the whole amount of interest paid, one of which -certificates shall be forwarded to the Auditor of State; and on presenta

D

tion of the other to the Auditor of State, if in all things correct, he shall countersign the same, which shall entitle the owner to a patent, to be issued by the Governor for the iand so paid for.

4624. Leases. 57. Such commissioners may, from time to time, lease any such unsold improved land for a term not exceeding one year, until the same can be sold; and such leases shall be guarded against trespass and waste by proper covenants.

4625. Commissioners' report. 58. Such commissioners shall make an annual report to the board of trustees, of the lands remaining unsold, such as are forfeited, such as are not fully paid for, the amount due, and money collected from saie, as interest or principal; which report shall be subscribed and sworn to by such commissioners, respectively, and be incorporated in the annual report of such board to the General Assembly.

4626. Commissioners' duty. 59. Money collected by such commissioners shall be paid over to the treasurer of the board, who shall execute to such commissioners two receipts therefor, each specifying the persons from whom such money was collected, and the amount thereof, whether for interest or principal; one of which receipts shall be immediately forwarded to the Auditor of State, to be by him used in his settlement with such Treasurer.

4627. Pay of commissioners. 60. Such board shall regulate the compensation of such commissioners.

4628. Patents, and recording. 61. Patents for lands sold shall be made by the Governor and recorded in the office of the Secretary of State.

[1855, p. 201. In force March 3, 1855.]

4629. Pay for managing fund. 7. The Auditor of State and the Treasurer of State, for the management of the University Fund, shall be, jointly, entitled to receive five per centum upon the interest paid in on such fund; and it shall not be lawful for them, or either of them, to make any other charges against the same.

4630. Extension of payments. 8. The time for the final payments to be made by the holders of original certificates for the purchase of lands reserved and granted to the State University of Indiana, in the case of all such certificates as have heretofore been issued and are now outstanding, shall be extended for the further term of three years from the time when the same may respectively fall due.

4631. Forfeiture, how prevented. 9. Any and all holders of such certificates, as aforesaid, who have forfeited such lands by the non-payment of interest on the purchase-money, shall be exempted and released from such forfeiture, by paying to the commissioners of such lands, on or before the first day of August in the year 1855, all interest due on the same, together with the interest upon the amount due at the time of such forfeiture up to the time of said payment; and upon such payment being made in the manner and within the time herein specified, the holder of such certificate shall have the same rights under it as if such forfeiture had never occurred. 4632. Forfeited lands. 10. If any portion of said lands now for feited shall not have been redeemed on the said first day of August next, as provided in the preceding section, it shall be the duty of the commis sioners of such reserved lands to sell the same for the best price they can obtain, not less than the original purchase-price, allowing the purchaser a credit on the same as now provided by law. If any of such lands shall

hereafter be forfeited, it shall be the duty of such commissioners, if the same be not redeemed within six months from the time of such forfeiture, to sell the same on the terms in this section above provided. For their services in effecting such sales, the commissioners shall be entitled to retain, out of the first money received from the purchasers, five per cent. upon the amount of the purchase-price of such lands.

[1859, p. 234. In force March 2, 1859.]

4633. Appraisement of lands. 1. The board of trustees of the Indiana University shall cause to be appraised the land granted by the United States to the State of Indiana for the use of the said University.

4634. Where filed and recorded. 2. It shall be the duty of the said trustees, when the said appraisement shall have been made, to record the same upon their books, and to file a copy of the same in the office of the Auditor of State, to be, by said Auditor, recorded in his office; and, also, to file copies of such appraisements of the lands in the respective counties. in the office of the Auditor of the county where the lands are situate, to be by said County Auditor recorded.

4635. Duty of County Auditors. 3. The Auditor of each of the said counties shall, upon said appraisements being filed as aforesaid, and when required so to do by the said board of trustees, offer for sale so much of the said lands as may be within their respective counties at public auction, in the manner hereinafter mentioned.

4636. Notice of sale. 4. Notice of the time, place, and conditions of such sale shall be given by publication, for four weeks successively in a newspaper published in such county, if any there be; if not, in a newspaper in this State published nearest thereto, and also by posting up written or printed notices thereof in three of the most public places in the township in which the lands are situated, and a like notice at the court-house door at the county-seat.

4637. Sale. 5. The place of sale for said lands shall be at the courthouse in each county of this State in which the said lands may be situated; and it shall be the duty of the County Auditor to attend at the court-house of his county at the time mentioned in the notice of the sale of said lands, and offer for sale at public auction, in legal subdivisions, and as near as practicable in half-quarter sections, all the lands lying within his county; and, for that purpose, he shall continue the sale from day to day, until all of the said lands shall have been offered for sale.

4638. Terms of sale. 6. The said lands shall be offered for sale at the time and place mentioned in such publication, and struck off to the highest bidder by said County Auditor and County Treasurer, for a price not less than the appraised value thereof one-fourth of the purchasemoney to be paid in hand, and the remaining three-fourths at the expiration of ten years from the date of such sale, with interest annually in advance, at the rate of seven per cent. per annum, upon the residue or deferred payment.

4639. Private entry. 7. When any of said lands, offered at public sale as aforesaid, shall remain unsold, they shall be subject to private entry with the County Auditor and County Treasurer of each county, upon the same terms and conditions as lands sold at public auction, for a sum not less than the appraised value thereof, by any person applying to enter the

same.

4640. Certificate of purchase. 8. When any sale shall be effected, either at public or private sale as aforesaid, the County Auditor shall give to the purchaser thereof a certificate, signed by him officially, bearing date on the day of sale, stating therein the name of the purchaser, the tract or tracts of land purchased by him, the number of acres contained in said tract or tracts, the price per acre, and the whole sum for which the same was sold, the amount of principal paid, and the amount of interest paid in advance.

4641. Certificate to be registered. 9. Said certificate shall be registered by the County Auditor in a book provided for that purpose, by entering in said book a correct copy thereof.

4642. Certificate assignable. 10. Said certificates of entry shall be evidence of title to the land therein mentioned in the persons in whose names they shall issue, or their assigns, and shall be assignable, provided such assignments be acknowledged before the Auditor of the county wherein the land is situated (who is hereby authorized to take such acknowledgments), and recorded by said Auditor in a book to be kept by him for that purpose; for which service the said Auditor shall be entitled to receive a fee of fifty cents, to be paid by the assignor of such certificate.

4643. Forfeiture. 11. On failure of any purchaser to pay any installment of interest on said deferred payment of purchase-money when the same becomes due, the contract shall become forfeited, and the land shall immediately revert to the State for the use of said University, and the County Auditor shall forthwith proceed to sell the same in the manner and on the terms herein before specified for said public sales.

4644. Surplus. 12. If, on such subsequent sale, such lands shall produce more than is sufficient to pay the sum owing therefor, with interest and costs, and five per cent. damages upon the amount due on such lands, the surplus shall, when collected, be paid over to the purchaser so forfeiting or his legal representative.

4645. Forfeiture, how prevented. 13. At any time before such subsequent sale, payment of the sum due, with interest for the delay, and all costs, together with two per cent. damages upon the amount due on such lands, shall prevent such sale and revive the original contract.

4646. Land, how redeemed. 14. The former owner of any lands sold as delinquer.t, his heirs, executors, or administrators, may, at any time within one year after such re-sale, redeem the same, by paying to the purchaser, his heirs or assigns, or to the County Treasurer, for him or them, the amount of purchase-money paid by such purchaser, together with all subsequent payments, either of principal or interest, which such purchaser, or those claiming under him, may have made thereon, with interest at the rate of ten per cent. per annum.

4647. Security. 15. The board of trustees may require security from the purchaser at any of said sales, sufficient to prevent any waste being committed upon the lands by the removal of timber therefrom, or otherwise.

4648. Suit for waste. 16. In case of any forfeiture as aforesaid, the purchaser so forfeiting shall be liable, and may be sued, for unnecessary injury or waste done to such land, and damages to double the amount of such injury or waste recovered therefor-such suit to be begun and prose

cuted by the Auditor of the county where the land lies, in the name of the State of Indiana, for the use of the said University.

4649. Patent, on full payment. 17. On full payment being made for any such land, the County Auditor shall issue to the purchaser, or his assignee, a final certificate therefor; which, upon presentation to the Auditor of State, shall entitle the owner thereof to a patent for the land described therein, to be issued by the Governor and recorded in the office of the Secretary of State.

4650. Auditor's report. 18. The County Auditor shall make, on the first Monday of each month, a report of his sales of said lands to the secretary of the board of trustees and to the Auditor of State, showing the date of sale, the description of the lands sold from time to time, the number of acres, the price per acre, the total amount each tract sold for, the amount of principal paid and the amount of interest paid, and of all forfeitures, resales, and redemptions thereof.

4651. Treasurer's report. 19. The County Treasurer shall make a report, on the first Monday of each month, to the treasurer of the board of trustees of the University and to the Treasurer of State, of all moneys received by him, whether principal or interest, on account of such lands; and the said board of trustees shall require the books of their secretary and treasurer to be so kept as to exhibit the true condition of the accounts of all such purchases and sales of the said lands.

4652. To pay money to State Treasurer. 20. The County Treasurers shall, on the first Monday of each month, pay over to the Treasurer of State all sums received on account of the principal of the purchasemoney of said lands, and shall pay to the treasurer of the board of trustees of the University all sums received on account of the interest upon the purchase-money of the said lands.

4653. Pay of Auditor and Treasurer. 21. The several County Auditors and Treasurers shall receive for their services the same compensation which may, from time to time, be allowed by law for similar services in relation to the sale of common school lands; which shall be in full for all their services required by this Act.

4654. Loans. 22. The Auditor of State shall loan out the said principal of the moneys received from the several County Treasurers on account of said sales, in the same manner, and requiring the same security, as other portions of the University fund is now or may hereafter be required by law to be loaned out, and shall pay over to the treasurer of the board of trustees the interest derived from said principal, as a part of the income of the University. The said Auditor of State shall, in his annual report to the Legislature, report the names of the borrowers of the whole of the University fund, the amount borrowed by each, and the total amount on loan at the date thereof, and the amount of the suspended debt, if any, and in whose name forfeited.

4655. Disposition of proceeds. 23. Of the first proceeds of said sum, the said board of trustees shall be entitled to receive an amount equal to the amount of interest belonging to the University and loaned out as principal by the Auditor of State, as shown by the report of that officer to the General Assembly at the session of 1851-2; which shall be paid to the treasurer of the board of trustees of the University, and be applied, under the order of the board of trustees, to the discharge of the debts growing