district shall report in writing to the treasurer of each school district uniting in the union district the number of scholars attending the graded school from his district, their sex, and the branches studied; and the said district treasurer shall apportion the amount of school money due the union district, and pay the same over to the treasurer of the union district on order of the clerk and director thereof. (Laws 1876, ch. 122, art. 7, sec. 5.)

SEC. 502. Clerk. [7540.] The clerk of the union district shall make a report to the county superintendent of public instruction, and discharge all the duties of clerk in like manner as clerk of the district. (Laws 1876, ch. 122, art. 7, sec. 6.)

SEC. 503. Treasurer. [7541.] The treasurer of the union district shall perform all the duties of treasurer as prescribed in this act, in like manner as the district treasurer. (Laws 1876, ch. 122, art. 7, sec. 7.)

SEC. 504. Apportionment to Cities. [7542.] The public schools of any city, town, or village, which may be regulated by special law set forth in the charter of said city, town, or village, shall be entitled to receive their proportion of the public-school fund; provided, the clerk of the board of education in such city, town or village shall make due report, within the time and manner prescribed in this act, to the county superintendent of public instruction. (Laws 1876, ch. 122, art. 7, sec. 8.)

SEC. 505. Single District. [7543.] Any single district shall possess power to establish graded schools, subject to the provisions of this article, in like manner as two or more districts united; provided, however, the regular district board of directors of the district shall have the power and shall have the management of the schools of the district and grade them in accordance with the action of the annual district meeting, and employ teachers and do all things pertaining to the union graded schools, without an additional board of directors, where a single district composes the union graded-school district; and provided further, that the director, clerk and treasurer of the regular district board shall possess all the powers to manage the union graded-school district when a single district composes the union graded-school district as the director, clerk and treasurer have in union or graded-school districts composed of two or more districts. (Laws 1907, ch. 331, sec. 1.)

CHAPTER XXXII.-SCHOOL-FUND COMMISSIONERS.

$506. Board of School-fund Commission-
ers, how composed and organized.
507. Meetings.
508. Record of School-fund Commissioners.
509. Register of bonds offered and bought.
510. Investment of funds.
511. Quorum.

512. Record of the condition of funds.
513. Where the records shall be kept.
514. Orders to be drawn in payment for
bonds purchased.

515. The state treasurer shall be the cus-
todian of funds and securities be-
longing to state permanent school,
State Agricultural, State Normal
School and State University funds.

516. Separate accounts.

Comparison of registers kept by auditor and treasurer.

SECTION 506. School-fund Commissioners. [8939.] The state superintendent of public instruction, secretary of state and attorney-general shall constitute a board of commissioners for the management and investment of the state permanent school, State Normal School and State University funds. Such board shall be organized as follows: The secretary of state shall be the president of such board, and the state superintendent of public instruction shall be the secretary thereof. In the absence of either of said officers, the attorney-general shall act as president, or as secretary, as the case may require. Such commissioners, when acting as such, must act personally. No member thereof can be represented in such board by any assistant or clerk in the office of which such member is the chief officer. (Laws 1879, ch. 166, sec. 113.)

SEC. 507. Meetings. [8940.] Such board of commissioners shall meet regularly in the office of the state superintendent of public instruction, on the last Saturday of each month, at ten o'clock A. M. Special meetings of the board may be held at any time at the call of any member. (Laws 1879, ch. 166, sec. 114.)

SEC. 508. Records. [8941.] Said commissioners shall keep in a suitable book a full and correct record of all their proceedings at every session of the board, which shall include all of the matters required to be recorded as hereinafter specified in this act, and which record, at the close of each session, shall be signed by the president and secretary. (Laws 1905, ch. 472, sec. 1.),

SEC. 509. Record of Bonds Offered and Bought. [8942.] They shall also keep such other books as may be necessary to properly register and describe all bonds offered to them and all bonds bought by them for the benefit of the permanent school, State Agricultural, State Normal and State University funds, or either. Such record-books shall be ruled so as to enable the board to register the name and residence of the person offering to sell any such bonds, the price at which bonds were offered, the name and residence or location of the owner or municipal corporation for whom such offer is made, and a full detailed description of every bond so offered, including the date, number, series, amount and rate of interest of each bond, and when the interest and principal, respectively, are payable, and the date, amount and number of each coupon, and when payable, the name, residence and post-office address of the owner, the name, residence and post-office address of the agent or attorney representing the owner of such bonds, what disposition the owner of the bonds claims has been made of the missing coupons, if any; and upon the presentation of any bond or bonds for the purchase by the School-fund Commission, such bond or bonds, together with the record of the proceedings connected with the issuance of such bond or bonds, shall first be submitted to the attorney-general for his opinion as to the validity thereof. It shall be the duty of the attorney-general to immediately examine such bond or bonds and proceedings, and report thereon in writing to the School-fund Commission as to their validity. Upon receipt of such opinion, and before the board shall act upon the question of purchasing such bond or bonds, if the attorney-general approves them as valid, then the record hereinbefore provided for shall be made, and such record shall include the opinion of the attorney-general as to the validity thereof. (Laws 1905, ch. 472, sec. 2.)

SEC. 510. Investment of Funds. [8943.] Said board of commissioners shall have the power, and it is hereby made their duty, from time to time, to invest any moneys belonging to the permanent school fund, State Agricultural College, State Normal and State University funds in the bonds of the United States, or bonds of the state of Kansas, or bonds of any municipality of the state of Kansas, school-district bonds, bonds of boards of education, and in the warrants issued by the auditor of state on the state treasurer and by him stamped "Not paid for want of funds." In making such investment, they shall not pay for any such bonds or warrants any greater sum than par, nor more than the actual market price thereof at the time of purchasing the same, less than par; and whenever any municipality of the state of Kansas shall offer its bonds for sale the State School-fund Commissioners shall have the power to buy the same, if the validity thereof shall have been approved by the attorney-general; provided, that the commissioners shall

not invest in any other bonds which, together with other outstanding bonded indebtedness, shall exceed fifteen per cent of the assessed valuation of said municipality as returned and fixed by such municipality. (Laws 1905, ch. 472, sec. 3.)

SEC. 511. Quorum and Business. [8944.] Any two members of said board shall constitute a quorum. But such board shall not purchase any school-district bond or bonds except at a legal session thereof, nor unless every member of the board is notified in time to be present at such meeting, and notified also that the question of purchasing such bonds is to be considered thereat, designating the bonds. (Laws 1879, ch. 166, sec. 118.)

SEC. 512. Record of Funds. [8945.] Said commissioners shall keep a record showing a detailed statement of the condition of the state permanent school fund, State Agricultural, State Normal and State University funds under their control, amount of each fund, how invested, when due, interest paid, and every other act in any manner connected with the management and investment of said funds; and the state superintendent of public instruction shall biennially report all such investments to the governor, to be laid before the legislature, and shall also cause to be published at the end of each quarter of the calendar year, in the official state paper, a statement of the amount of each of such funds then on hand, the amount of each fund invested during this quarter, and a full description of the said bonds bought for each fund, date of such bonds, amount, rate of interest, when payable, number of coupons attached when bought, from whom purchased, and the price or rate paid therefor. (Laws 1905, ch. 472, sec. 4.)

SEC. 513. Office and Records. [8946.] All the record-books and records of such board shall be kept in the office of the state superintendent of public instruction, but the same shall be open during office hours for the inspection of every citizen of the state of Kansas. (Laws 1905, ch. 472, sec. 5.)

SEC. 514. Orders Drawn. [8947.] In the investment of the state permanent school, State Agricultural, State Normal and State University funds, the commissioners are hereby authorized to draw their orders on the state treasurer, payable out of the fund invested, for the purchase-price of the bond, bonds, or warrants, which orders, previous to their delivery, shall be registered in the state treasurer's office in a book provided for that purpose. Such orders shall not be drawn until the bonds purchased for which the order is drawn shall have been delivered to the state auditor for record and stamped as heroin provided. Immediately upon the receipt of such bonds, the state auditor shall cause each bond and coupon to be plainly stamped upon the back thereof, "Property of the state fund, nonnegotiable and nontransferable," with the name of the fund for which such bond is purchased. He will also cause to be made in a book kept for that purpose a record of each of

such bonds and each coupon thereto attached, which record. shall show amount, date and rate of interest of such bond, when and where payable, the date, amount and number of each coupon and when payable. Whenever any bond or coupon shall have been paid, and one of the duplicate receipts therefor, issued by the state treasurer, shall have been received by the auditor of state, he shall credit such bond or coupon and charge the state treasurer with the amount so received. Semiannually, on the 1st day of March and September of each year, the state auditor shall compare said record with the similar record herewith required to be kept by the state treasurer and verify the same. (Laws 1905, ch. 472, sec. 6.)

[8948.] All

SEC. 515. State Treasurer to be Custodian. moneys belonging to the state permanent school, State Agricultural, State Normal and State University funds shall be paid to and held by the state treasurer, and shall be subject to the order of the Board of School-fund Commissioners. The state treasurer shall also be the custodian of all bonds, notes, mortgages and evidences of debt arising out of the management and investment of the state permanent school, State Agricultural, State Normal and State University funds by said board of commissioners. Immediately upon the receipt by the state treasurer from the auditor of state of any bond, coupon or warrant stamped as herein required and purchased by the State Schoolfund [Commissioners] for any of the said funds, it shall be the duty of the state treasurer to immediately cause to be recorded, in a book to be kept for that purpose, a detailed description of such bond, coupon, or warrant, showing the date thereof, amount, when payable, rate of interest, number, by whom issued, where payable, and shall give to the auditor of state his receipt therefor. Whenever any such bond, coupon or warrant is paid, the state treasurer shall credit upon such record the amount of such payment and charge himself with the money, and shall issue his receipt for said sum in duplicate, one copy of which shall be transmitted to the auditor of state. (Laws 1905, ch. 472, sec. 7.)

SEC. 516. Separate Account. [7724.] He shall keep in a separate book an account of all school moneys received by him, distinguishing between the perpetual fund and the annual fund for disbursement, and shall report to the state superintendent on the 1st day of February and 1st day of August of each year the amount of money in his hands belonging to the permanent school fund and subject to investments, and on the 1st day of March and on the 25th day of July of each year the state treasurer shall report to the superintendent of public instruction the amount of money in the treasury belonging to the annual school fund and subject to disbursement on the semiannual dividends. (Laws 1876, ch. 122, art. 16, sec. 3.)