Sec. 3. If bonds have been issued under section 1 of this chapter and there is a surplus in the treasury of the society or fair, funds not needed for improvements on the grounds must be used to retire the bonds. Bonds must be retired in the order of their seniority, and a clause stating this privilege must be inserted in all bonds.

[Pre-2008 Recodification Citation: 15-1-7-3.]

As added by P.L.2-2008, SEC.5.