1933_public local laws_303_4
CHAPTER 302 AN ACT AUTHORIZING AND EMPOWERING THE COMMIS- SIONERS OF GASTON COUNTY, IN THEIR DISCRETION, TO DEFER FOR THREE YEARS THE FORECLOSURE UNDER DEEDS OF TRUST AND MORTGAGES HELD IN THE SINKING FUND OF SAID COUNTY AND TO AUTHOR- IZE AND EMPOWER SAID COMMISSIONERS TO SELL REAL ESTATE NOW OR HEREAFTER HELD BY THEM FOR THE SINKING FUND OF SAID COUNTY UPON SUCH TERMS AS, IN THEIR DISCRETION, THEY THINK PROPER, BUT IN NO CASE FOR A PERIOD LONGER THAN FIVE YEARS. Whereas, the Board of Commissioners of Gaston County hold deeds of trust and mortgages against the property of citizens of said County, which said collateral constitutes a part of the sinking fund of said County; and Whereas, foreclosure proceedings to collect under said deeds of trust and mortgages when due might work a hardship on many honest citizens during these depressed financial times; and Whereas, the Commissioners of Gaston County now hold, and may hereafter acquire, certain real estate which it now or may hereafter hold as part of the sinking fund of said County; and Whereas, it may be desirable to sell said real estate upon terms, in the discretion of said Commissioners, rather than for eash; Now, therefore, The General Assembly of North Carolina do enact:
That the Board of Commissioners of Gaston County be, and they are hereby, authorized and empowered to execute deeds for and take mortgages or deeds of trust for any and all property sold by them under Section two above.