1903 public laws – Ch.299 Sec.5
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CHAPTER 299 AN ACT TO PROVIDE FOR A GRADED SCHOOL IN THE TOWN OF WILLIAMSTON, N. C. The General Assembly of North Carolina do enact:
That none of said bonds shall be disposed of by sale, exchange, hypothecation, or otherwise, for a less price than their par value; nor shall said bonds, nor their proceeds, be used for any other purpose than that declared in section four of this act.