25 published in the city of New York or the city of Chicago, or 26 in a newspaper of general circulation published in the city of 27 the state of West Virginia having a population of not less. 28 than twenty thousand inhabitants, according to the last fed29 eral census. The governing authority may reject any and all 30 bids. If the bonds be not sold pursuant to such advertise31 ment, they may be sold by the governing body at private 32 sale, within sixty days after the date advertised for the re33 ception of bids, but no private sale shall be made at a price 34 less than the highest bid which shall have been received. 35 If not sold, said bonds shall be re-advertised in the manner 36 herein provided. In no event shall bonds be sold for less 37 than their par value.

38 The profit accruing upon any bonds offered to the secre39 tary of state under the provisions of this act, and purchased 40 by the state sinking fund commission and sold by said com41 mission at a premium shall be credited to the sinking fund 42 of the political division issuing the bonds for the payment 43 of said bonds and any interest thereon.

Sec. 21. The proceeds derived from the sale of any bonds 2 shall be used only for the purpose or purposes for which the 3 bonds were issued as set out in the order or ordinance sub4 mitting the question to vote, but the purchaser of the bonds 5 shall not be obliged to see to the application thereof.

Sec. 22. This act shall without reference to any other act 2 of the legislature, be full authority for the issuance and sale 3 of bonds in this act authorized. No order, ordinance, reso4 lution or proceeding in respect to the issuance of any bond 5 hereunder shall be necessary, except such as are required by 6 this act. No publication of any order, ordinance, resolution 7 or proceeding relating to the issuance of said bonds shall be 8 necessary except such as is required by this act. Any publica9 tion prescribed hereby may be made in any newspaper con10 forming to the terms of this act, without regard to designa11 tion thereof as the official journal of the political division.

Sec. 23. Bonds issued hereunder shall have all the qualities 2 of negotiable paper under the law merchant and shall not be 3 invalid for any irregularity or defect in the proceedings for 4 the issuance thereof, and shall be incontestable in the hands of 5 bona fide purchasers or holders thereof for value.

Sec. 24. The governing authorities of any political division 2 issuing bonds hereunder, shall as soon as practicable after the 3 result of the election authorizing their issuance shall have been 4 officially ascertained, transmit to the attorney general a duly 5 certified copy of all the orders, ordinances, proclamations, no6 tices, advertisements, affidavits, resolutions and records of all 7 the proceedings connected with or pertaining to such bond issue, 8 and any other matters relative thereto which the attorney gen9 eral may require. The attorney general shall thereupon either 10 approve or disapprove the validity of such bond issue, and 11 shall immediately notify the governing authorities of the po12 litical division which authorized the issuance of the bonds of 13 his action by mail, and as soon as practicable notify the people 14 of such political division of his approval or disapproval of 15 such bond issue, by causing notice thereof to be published once 16 each week for two successive weeks, in two newspapers of op17 posite politics, if there be such, published therein, or if no 18 newspaper be published in said political division, then in some 19 newspaper which is of general circulation therein.

20 For a period of ten days from and after the date of the last 21 publication of the notice of the attorney general of his action 22 in approving or disapproving the validity of any bond issue as 23 herein provided, any person in interest, or any taxpayer within 24 the political division for which bonds are authorized to be 25 issued, may present his or its petition to the supreme court 26 of appeals or to a judge thereof in vacation, praying that the 27 action of the attorney general in approving or disapproving 28 such bond issue as aforesaid, be reversed or modified; and if 29 the court, or a judge thereof in vacation, be of the opinion to 30 hear and determine the matters in said petition set out, the 31 case shall be proceeded with as in cases of original jurisdie32 tion; but the petitioner shall file with the clerk of the court. 33 a bond with security to be approved by him, and in such sum 34 as the court or judge may fix, for the payment of such costs 35 as may be awarded against him in said court. The clerk of 36 the court shall forthwith notify the attorney general of the 37 action taken by the court or judge in vacation upon such pe38 tition, and for the hearing thereof the attorney general shall 39 file with the clerk of said court all papers, documents, evi40 dence and records, or certified copies thereof, which were before 41 him and on which he based his approval or disapproval; and

42 before the day fixed for final hearing he shall file with the 43-48 clerk of said court a written statement of his reasons for the 49 approval or disapproval of the bond issue. Upon the sub50 mission of the case the court shall decide the matters in con51 troversy and enter such order thereon as to it may seem to be 52 just. Hearings upon such cases shall have precedence over those 53 arising upon appeals and writs of error.

54 If no person in interest or taxpayer shall within ten days 55 from and after the date of the last publication of the notice 56 of the attorney general of his action in approving or disap57 approving the validity of any bond issue as herein provided, 58 present his or its petition to the supreme court of appeals 59 or to a judge thereof in vacation praying that the action of the 60 attorney general be reversed or modified, as hereinbefore pro61 vided, or if such petition be filed and the court or judge be of 62 opinion not to hear and determine the matters in said petition. 63 set out, said action of the attorney general shall be final and 64 no other appeal be allowed therefrom; and any bond issue ap65-66 proved by him shall become incontestable and shall be a valid 67 and binding obligation upon the authority issuing the same and 38 upon the taxable property within the political division which 69 authorized the bond issue by the vote of the people therein; 70 and no one shall thereafter have the right to contest in any 71 court or in any action or proceeding the legality of any elec72 tion held hereunder, the hond issue provided for, or the tax 73 required to pay the same, for any cause whatsoever. 74 After ten days shall have elapsed from and after the date 75 of the last publication of the attorney general's notice herein 76 provided for, and no action be pending to have his approval 77 of the bond issue reversed or modified, the attorney general 78 shall endorse upon each and every bond of the issue so approved 79 by him his certificate to the effect that such bond has been ap80 proved by him by virtue of the authority vested in him by this 81 act; that notice of his approval was published as required here82 in; that ten days has elapsed since the date of the last publica83 tion of said notice; that there has been no appeal from his 84 decision to the supreme court of appeals, and that the bond 85 has become incontestable and is a binding obligation upon the 86 authority issuing the same and upon the taxable property. 87 within the political division, and that the validity of said bond 88 shall not be contested thereafter in any court or in any action 89 or proceeding for any cause whatsoever.

90 The costs of publishing the notice to taxpayers as herein pro91 vided, and the costs of certifying and copying all records, 92 papers and proceedings to be used by the attorney general in 93 passing upon the validity of the bond issue, and all neces94 sary expense incurred by the attorney general in connection 95 with any bond issue shall be paid by the authority issuing 96 such bonds out of the proceeds arising from the sale thereof, 97 if the same be finally approved, and if the bond issue be dis98 approved such expense shall be paid out of the general fund 99 of such authority.

100

The attorney general shall keep on file in his office the 101 papers pertaining to any bond issue submitted to him, and 102 shall record his findings of approval or disapproval in a well 103 bound book kept for that purpose in his office, which shall 104 be open for inspection of anyone in interest during business 105 hours.

Sec. 25. Nothing contained in this act shall affect in any 2 way proceedings heretofore begun by the governing authority 3 of any political division to issue bonds under the authority of 4 any statutes of this state heretofore in force. Said proceed5 ings may be completed under the statute under which the 6 same were begun under this act so far as the same can be 7 made applicable thereto.

Sec. 26. Sections forty-nine-b (1) to forty-nine-b (11), in2 clusive, of chapter forty-seven of Barnes' code of one thou3 sand nine hundred and sixteen, section one of chapter forty4 seven-a of Barnes' code of one thousand nine hundred and 5 sixteen, section one hundred and eighty-three of chapter two 6 of the acts of the legislature of one thousand nine hundred 7 and nineteen, regular session, section nine (c) of chapter 8 eighteen of the acts of the legislature of one thousand nine 9 hundred and twenty-one, regular session, and chapter fifty. 10 seven of the acts of the legislature of one thousand nine hun11 dred and seventeen, regular session, are hereby repealed. Sec12 tion ten of chapter eighteen of the acts of the legislature of one 13 thousand nine hundred and twenty-one, regular session, sec14 tion one hundred and eighty-four of chapter two of the acts. 15 of the legislature of one thousand nine hundred and nine16 teen, regular session, sections one hundred and six to one hun17 dred and nine, inclusive, of chapter one hundred and twelve 18 of the acts of the legislature of one thousand nine hundred

19 and twenty-one, regular session, and all other acts or parts 20 of acts, whether general or special, insofar as the provisions 21 thereof are inconsistent with the provisions of this act, are 22 hereby repealed. Provided, however, that when by a special 23 act of the legislature any municipality or independent school 24 district is authorized to become indebted for any purpose or 25 purposes in a greater amount than is fixed by section three of 26 this act, bonds may be issued hereunder by such municipality 27 or independent school district in an amount not exceeding that 28 fixed by such special act. And, provided, further, that this 29 act shall not affect any general or special law providing for the 30 issuing of bonds for any improvement to be paid for in whole 31 or in part by assessment against abutting property. And, 32 provided, further, that this repealer shall not prevent the com33 pletion of proceedings heretofore begun as in this act pro34 vided, nor invalidate any indebtedness heretofore incurred 35 under existing law.

CHAPTER 15

(Senate Bill No. 163-Mr. Porter)

AN ACT to amend and re-enact sections fifteen-d, thirty-five, thirtysix, fifty-six and fifty-eight of chapter thirty-four of Barnes' code of one thousand nine hundred and sixteen, relating to reports and licenses of insurance companies and agents.

[Passed April 13, 1923. In effect ninety days from passage. Approved by the Governor April 21, 1923]

Be it enacted by the Legislature of West Virginia:

That sections fifteen-d, thirty-five, thirty-six, fifty-six and fiftyeight of chapter thirty-four of Barnes' code of one thousand nine hundred and sixteen, be amended and re-enacted so as to read as follows:

Section 15-d. No person shall act in the solicitation or pro2 curement of applicants for, or policies of, insurance for any