Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1852-05-27

IT. L
ton shall have been e expended; proyi-
ded said certificate shh llbe first coun-
tersigned BY the clef k Of the coun-
lty court Of the county subscribing
such stock, whose duty it shall be to
countersign such certificate upon
their presentation to him for that
purpose; and SO soon as any person
or corporation shall hold and present
such certificates amounting to one
share or more in said railroad COM
pany, then the President and Direc-
tors Of said railroad shall issue to
such person or corporation a certifi-
cate Of stock, and such certificate of
stock, shall entitle the holder thereof,
the like rights and privileges as 9TH
er stockholders of said company.
SEC. 8. Be it enacted, That, when
ever the chairman of any county
court of this State shall upon the
popular vote, subscribe stock in any
railroad company the county courts
of such county may appoint a proxy
from time to time who shall represent
the county and stock in all elections
at general or called meetings Of the
stockholders to the extent Of the I'M
paid stock So subscribed.
SEC. 10. Be it enacted, That it
shall be the duty Of the clerk to
ma Ike out triplicate lists, of the said
railroad tax, showing the amount
that each person has annually to pay,
one Of which shall be delivered to
the President and Directors of said
, company, one recorded in his Office:
the other delivered to said railroad
collector.
Sec, IL. Be it enacted, That the
said trustee of the county subscrib.
f. ing.stock as aforesaid shall annually
settle with the railroad tax collector
| and it shall be his duty to proceed
agains t defaulting collector as il
: prescrib by law against revenue
collect tors, and cause said ia to b.
; paid over to sad company. Default
ing I'd x payers shall be pr oceede(
: agains t in same manner as pr scribe(
: for the collection of other taxes
4 said settlements from time to time
! shall be filed with the clerk of tn,
II county court and recorded.
] Sec II. Be it enacted, That 70
! thu pu rpose of meeting an unexpect
! ed demand on the part of the BoarC
of Directors of the company, in tn
Q co str uction of said railroad, to b
f expended as aforesaid at a time whel
e the Cd unty may have no railroa,
n tax o hand, the county Gov ma,
anticipate the collection of the sal,
e taxes, voted as aforesaid by the issu
$ ance Of the county warrants payable
h as desired by said Board Of Directors
bearia g interest of six per cent. pc
an mum, which warrants may be re
+ ceived by the Board of Directors il
payne int of so much Of the stock, 81
t subscri bed. In such cases, the suf
o ficiency of said tax voted and levie(
: as aforesaid shall be paid into The
e county treasury, and shall be ap
piled to the redemption of said war
, rants, and certificates Of stock shall
! issue to the tax payers, as is pre-
scribed in this act.
! Sec. Is. BE it enacted, That incor
: porated cities and towns within The
r State may avail themselves of tht
foregoing provisions of this act, fol
, the purpose of aiding in the constrpc'
ton of any of said railways.
SEC. IA. BE it enacted, That the
: circuit courts of the State, shall have
the power to issue the writ of man
, damus to compel said county courts
to carry into effect Tie provisions Of
this act, so far as is incumbent on
said county courts so to do.
SEC. 10. Be it enacted, That the
county courts shall fix the fees of
collectors Of the railroad tax, and
shall allow the clerks such fees as are
allowed them for making out lists of
the State and county taxes, and shall
add a sufficient sum to the stock pro-
posed and voted for to cover the ex-
penses Of collecting said taxes so
proposed and voted for
JORDAN Strokes,
Speaker Of tie House Of Reps.
NJ. r. HILLy
Speaker Of The Senate.
Tho MaScaehucattc Toniclat .,ro