lic Instruction, shall distribute the amount of the school fund due each county superintend of common schools and the amount due each city, town or village organized as one district, to the treasurer of the school board thereof as follows: On or before the first day of September one-sixth of the whole amount; on or before the first day of October one-sixth of the whole amount; on or before the first day of November one-sixth of the whole amount; on or before the first day of December onesixth of the whole amount, on or before the first day of January one-sixth of the whole amount, and on or before February the first the residue including the undistributed surplus; provided that if the amount in the treasury on the first day of September, October, November, December, January or February, be insufficient to admit of a full distribution of the proportion required by this Act, then the Auditor of Public Accounts shall upon the successive warrants of the Superintendent of Public Instruction issue his warrant, bearing interest at the rate of five per centum per annum for the residue. The warrant shall be paid together with the interest thereon out of the common school fund.

§ 2. Section 16 of Chapter 24 Repealed-New Section Substituted.-That Section 16 of Chapter 24 of said Acts be and it is hereby repealed and there is hereby enacted in lieu thereof the followlowing:

"The school term shall not be less than six months (120 days) and may by the Superintendent of Public Instruction be extended to seven months or to eight months when the resources of the school fund or contributions by local taxation or donations shall justify such extension; provided, however, no such extension shall be made if it reduces the salar

ies of the teachers below the standards fixed in this Act. When the school term is extended to seven months the school fund for that year shall be divided into seven equal installments, and if extended to eight months, into eight equal installments. When either such extension is made six installments shall be paid as hereinbefore provided and when the term is seven months the last payment shall be on the first day of March; when the term is eight months the last payment shall be on the first day of April, on warrants as in case of a six months' term.

The second Saturday of each of the aforesaid months is hereby designated as the day on which the County Superintendent of Common Schools and the treasurer of each school board of a city, town or village organized as a separate common school district, shall pay to the teachers under them the sums due said teachers, according to the provisions of this Act.

§ 3. Section 104 Repealed-New Section Substituted. That Section 104 of said Chapter 24, Acts of 1916, be and the same is hereby repealed and there is enacted in lieu thereof the following:

"Section 104-State School Funds-Distribution of by County Board of Education. The county board of education shall have power to distribute the state school funds received from the State Treasurer as provided by this Act, for the payment of teachers' salaries; provided that no salary paid to any teacher teaching in a second class school in any sub-district shall be less than forty-five dollars per month and no salary paid to a teacher teaching in any first class school shall be paid less than fiftydollars per month. The county board of education shall prepare a salary schedule graduated on the

basis of census, attendance, experience and qualifications of teachers.

Neither approved nor disapproved.

CHAPTER 140.

AN ACT to amend Section nine hundred and sixty-five, Kentucky Statutes, relating to the times of holding the sessions of circuit court in the twenty-first judicial district.

Be it enacted by the General Assembly of the Commonwealth of Kentucky:

That so much of Section 965, Kentucky Statutes as relates to the Twenty-first Circuit Court District, be and the same is hereby amended by striking out the whole of the following portion of said. Section 965, to-wit:

Twenty-first District:

Rowan County, at Morehead, on second Monday in January, twelve juridical days; second Monday in April, eighteen juridical days; second Monday in September, twelve juridical days.

Montgomery County, at Mt. Sterling, on the fourth Monday in January, eighteen juridical days; fourth Monday in May, eighteen juridical days; third Monday in October, twenty-four juridical days.

Bath County, at Owingsville, on the third Monday in February, eighteen juridical days; first Monday in May, eighteen juridical days; fourth Monday in September, eighteen juridical days.

Menifee County, at Frenchburg, on the second Monday in March, twelve juridical days, third Monday in June, twelve juridical days; third Monday

in November, twelve juridical days, and in lieu thereof inserting the following:

Twenty-first District:

Rowan County, at Morehead, on second Monday in January, twelve juridical days, second Monday in April, eighteen juridical days; second Monday in September, twelve juridical days.

Montgomery County, at Mt. Sterling, on the fourth Monday in January, eighteen juridical days; fourth Monday in May, eighteen juridical days, third Monday in October, twenty-four juridical days.

Bath County, at Owingsville, on the third Monday in February, eighteen juridical days; first Monday in May, eighteen juridical days; first Monday in October, twelve juridical days.

Menifee County, at Frenchburg, on the second Monday in March, twelve juridical days; third Monday in June, twelve juridical days; third Monday in November, twelve juridical days.

Neither approved nor disapproved.

CHAPTER 141.

AN ACT to amend Section 4706, Carroll's Edition of the Kentucky Statutes of 1915, entitled, "Investment of Funds by Fiduciary."

Be it enacted by the General Assembly of the Commonwealth of Kentucky:

That Section 4706 of the Kentucky Statutes be amended by adding thereto the following words:

"Provided, however, that it shall be lawful for persons, or corporations, holding funds in a fiduciary capacity for loan, or investment, to invest the same in securities authorized by an act of Congress

entitled 'The Federal Farm Loan Act,' as approved July 17, 1916, and known as 'Federal Farm Loan Bonds.'"'

So that said section, as amended, shall read as follows:

"That it shall be lawful for persons or corporations holding funds in a fiduciary capacity for loan or investment, to invest the same in real estate, mortgage notes or bonds, or in such other interestbearing or dividend-paying securities as are regarded by prudent business men as safe investments, and to make loans with such securities as collateral; but such funds shall not be invested in the bonds or securities of any railroad, or other corporation, unless such railroad or other corporation has been in operation more than ten years, and, during that time, has not defaulted in the payment of principal or interest on its bonded debt, or be invested in the bonds of a county, district, town or city that, within ten years, has defaulted in the payment of the interest or principal of its bonded debt; and a fiduciary shall account for all interest or profit received; provided, however, that it shall be lawful for persons, or corporations, holding funds in a fiduciary capacity for loan, or investment, to invest the same in securities authorized by an Act of Congress entitled 'The Federal Farm Loan Act,' as approved July 17, 1916, and known as 'Federal Farm Loan Bonds.'"

Neither approved nor disapproved.

CHAPTER 142.

AN ACT to amend Section 513 of the Kentucky Statutes, (Carroll's Edition of 1915), relating to the indexing of records of county clerks.