One half of the land scrip fund once vested in the board of trustees of the University of South Carolina having by due authority of law been vested in the six members of the board of trustees of Clemson University elected by the General Assembly and the State Treasurer having issued a certificate of State stock in the sum of ninety-five thousand nine hundred dollars, bearing interest at the rate of six per cent per annum, payable semiannually, to such six members of such board of trustees, to be held as a perpetual fund, the capital of which shall forever remain undiminished, the income of such fund shall be used by the board of trustees for the building and maintenance of Clemson University, in accordance with the purposes for which such land scrip was donated by the act of Congress in relation thereto.
HISTORY: 1962 Code Section 22-211; 1952 Code Section 22-211; 1942 Code Section 5738; 1932 Code Section 5738; Civ. C. '22 Section 2834; Civ. C. '12 Section 1894; Civ. C. '02 Section 1308; R. S. 1126; 1868 (14) 169; 1879 (17) 86; 1889 (20) 299; Const. Art. 11, Section 8.