Chapter 55.
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CHAP. 55.— An act to make a loan to aid in the celebration of the World’s Industrial and Cotton Centennial Exposition.May 21, 1884. World’s Industrial and Cotton Centennial Exposition. Preamble.Whereas, by the act of Congress entitled “An act to encourage the holding of a World’s Industrial and Cotton Centennial Exposition in the year eighteen hundred and eighty-four,” approved February tenth, eighteen hundred and eighty-three, in the city of New Orleans, under the joint auspices of the United States, the National Cotton Planter’s Association of America, and the said city of New Orleans, a World’s Industrial and Cotton Centennial Exposition is to be held, universal in character, comprehending all arts, manufactures, and products of the soil and mine; and Whereas by said act Congress declares that such exposition should be national and international „in its character; and Whereas under said act a board of management has been duly constituted and incorporated under the laws of the State of Louisiana, the members of which have been appointed by the President of the United States, upon recommendations made in the manner set forth in said act, and therefore are a duly qualified and commissioned United States board of management, clothed with full and adequate powers to perform any and all acts essential to the proper and necessary management of the affairs of the said World’s Industrial and Cotton Centennial Exposition in the manner and form prescribed by said act, and duly authorized by the sanction of the Government of the United States to raise the capital necessary to carry into effect the provisions of said act of February tenth, eighteen hundred and eighty-three; and Whereas the President of the United States, in compliance with the terms and requirements of said act, has extended, in the name of the United States, a respectful and cordial invitation to the Governments of other nations to be represented and take part in the said international exposition; and Whereas the preparations designed by the World’s Industrial and Cotton Centennial Exposition, and in part executed by the board of management, are in accordance with the spirit of the act of Congress relating thereto, and arc on a scale creditable to the Government and the people of the United States:
Therefore, *Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled*,Appropriation. That the sum of one million dollars be, and the same is hereby, appropriated, out of any money in the public Treasury not otherwise appropriated, as a loan to the World’s Industrial and Cotton Centennial Exposition, to be used and employed by the board of management thereof to augment and enhance the success of the World’s Industrial and Cotton Centennial Exposition in such manner as said board of management may determine and in *Proviso*.accordance with the provisions of this act: *Provided*, That the said sum 29 shall be paid by the Secretary of the Treasury of the United States on the drafts of the President and Secretary of the board of management of the World’s Industrial and Cotton Centennial Exposition authorized by order of said board, one-third of the amount immediately after the passage of this act upon being satisfied that five hundred thousand dollars has been contributed and paid in, to the said board for the purposes of the Exposition by the contributors to, and shareholders of the World’s Industrial and Cotton Centennial Exposition, and the remainder in four monthly payments thereafter upon being satisfied that each of the prior payments has been faithfully applied as required by this act, and for this purpose he shall have free access to the accounts and all transactions of said board: *Provided further*, That no greater amount shall*Proviso*.
Limit of expenses, etc. be expended or liability, or indebtedness of any kind incurred upon buildings, grounds, and preparations than the aggregate sum that may be paid in, by t he subscribers to the capital stock and by donations and the amount of the loan provided herein: *And provided further*, That in the distribution*Proviso*. Distribution of proceeds, etc. of the amounts that may remain in the treasury of the board of management after the payments of the current expenses of administration the amount of the appropriation hereinbefore made shall be paid in full into the Treasury of the United States before any dividend or percentage of profits or assets shall be paid to the holders of said stock or contributors: *Provided further*, That the Government of the United StatesGovernment of the U.
S. not liable for debts, etc. shall not, under any circumstances, be liable for any debt or obligation created or incurred by the World’s Industrial and Cotton Centennial Exposition, or its board of management, or for any sum whatever in addition to the amount appropriated by this act; and that adequate space to be determined by the President of the United States for suchSpace for U. S. exhibit. exhibits as the Government of the United States may see proper to make at said exposition shall be furnished free of all charge by said board: *Provided further*, That no sum shall be paid to the said board*Proviso*. of management of said exposition until after the president, secretary and a majority of the members of said board shall have executed a bond,Bond, amount, conditions. with good and solvent security, to be approved by the Secretary of the Treasury, in the sum of three hundred thousand dollars, to sufficiently secure the safekeeping and the faithful disbursement of the sum hereby appropriated, and for the faithful observance of this act with regard to the limitation of expenditures and liabilities as fixed herein, and for the repayment to the Government of the United States of the surplus oi proceeds of said exposition remaining after payment of the current expenses of administration, said repayment in no case to exceed the loan herein appropriated and provided for: *And provided further*, That the*Proviso*. receipt of the loan herein made or any part thereof by said board oi management shall be a full acceptance of all the trusts conditions, provisions, and obligations of this act by the said board of management and by the corporation created under the laws of the State of Louisiana and designated as “The World’s Industrial Cotton Centennial Exposition.
” Approved, May 21st, 1884.