Trustees Records, Vol. 2, 1854 (page 127)

127

Art 26

Repair Fund

The Trustees will receive in trust from any
proprietor a sum of money not less than one
hundred dollars, the income of which shall be
appropriated to the repair of his lot, according to
the terms of trust given in Appendix B.

The Trustees may also guarantee the perpet-
ual repair of lots, on the payment to the Treasurer
of a sum not less than three hundred dollars,
according to the terms of trust given in Appendix C. _
In this case, if the Repair Fund should ever be
lost, the whole property of the Corporation is held
for the perpetual repair of such lots.

All monies received from proprietors for the
purpose of keeping lots in repair, shall collectively con-
stitute a separate fund to be called the "Repair Fund,"
and shall be kept invested, under the direction of the
Committee on Finance, in some public stock of this State,
or of the National Government, or in the Stock of some
Bank or Banks of this State, or in some personal notes or
obligations of private persons, secured by a satisfactory
collateral pledge or mortgage, on interest. _

Each lot, in relation to which such contract shall
have been made, shall be credited in a book kept for
the purpose, with the principal sum given on account
of said lot, and, at the close of each year, a rateable
proportion of the net income of the whole repair fund,
less one half per cent, shall be carried to the credit
of each lot, and the proper entries made
accordingly. _