Fayetteville observer. [volume] (Fayetteville, Tenn.) 1850-1966, 1852-05-27
Ian Act
70 authorize fad regu5ate county sat-
scrfphons foE railroad stock.

CEcTION L.. De 1t enacted 6y TIE
General ASSEMBLY, Of the State Of
Tennessee, That it shall be lawful for
the county courts of the respective
counties in this State through which
"a railway or railways have been or
may be located or which may be con-
tiguous the reto, to subscribe stock in
railroad & mpanies, through their
chairman as is hereinafter provided
for
Sec 2. Be it enacted, That be-
fore any CO unity court shall be per-
mitted to subscribe stock in the
name of the county, it is thereby
nude the duty of said county court
to call for thu appreciation of the
county, by advertising an election to
be held by the Sheriff of the county
giving at least thirty days notice to
be posted up at the election precincts
in the eoun ty " hich notice shall spec
ify the am punt of stock proposed to
be taken by the county, and when
payable. And if a majority of the
votes polled be s'For subscription, "
then and in that case the chairman
of the county court shall carry into
effect the will of the majority, and
shall subscribe the amount of said
stock in such railway company or
companies SO voted for. But il the
majority of the votes polled be "No
subscription" then the question as
to the propriety of subscribing stock
as before provided for, shall no. again
be propounded, until after the expi-
ration Of six months and not then
without the concurrence OF a MAORI
ty of the justices Of the peace Of
said county.
SEC g. BE it enacted, That it,shal
be the duty of county courts aiore.
said to order said elections for stock
as aforesaid upo on application in vri
ting of a majority Of the commits
toner's appointed for such county t
obtain subscriptions Of stock. Pro
vided, however, if said railroad com
pany shall be formed and organized
by the election of a. President ant
Directors, then the application shall
be made in writing by the Board ant
said elections shall be held, and con
Quoted as the county courts shall di
rect.
SEC. 4. Be it enacted, That tn,
monies raj sed under the provisions o
this act SD all be expended within th'
county BY which such stock is taker
or as near thereto as is practicable
Provided, That no company shall BE-
required under the pro visions of this
act, to do any act Inconsistent will
the PROVISIONS OF Its charter, or II
violation Of e4 listing obligations.
SEC. 5. BE it further enacted, That
in all cases where the stock contem
plated in the provisions of this act
is taken, as provided for, it shall bt
the duty of the county courts re
spectively to levy a tax upon The
taxable proper y, privileges and FER
sons, by law liable to taxation within
the county, which tax shall be levied
and paid, upon the pri nciple Of levy
ing the State and county tax. Said
tax, shall be cd He'd the Railroad tax
to be kept distinct from the other
taxes Of the county.
Sec. 6. Be it enacted, That the
county cou rts may appoint the rev.
enue collector Of the county taxes,
or on such 9th er persons as they may
electas the collector of the Railroad
tax, who shall give bond and security
in such an amount as they may re-
quire payable to the State of Ten
nessee, conditio ned that he will dis
charge his account and pay over said
taxes as they may be collected, to
the Preside mt and Directors, of said
railroad compa ny, and he and his
securities Shall be liable and proceed
ed against in like manner as law rev.
enue collectors are made liable, pro-
vided that the property now.exempt
from executions shall in no case be
levied upon and sold to satisfy said
railroad tax.
Sec. Z. Be it enacted, That the
clerk of, the courts of the counties
SO voting subj cnption of stock to
be taken in sal railroad company
shall under the direction of the coun-
ty court, m AXE out and furnish to
the collecto r of the railroad tax, a
list showing the amount of tax that
each individ ual shall pay, which shall
be made out III conformity to the
last valuation of taxable property
and privileges paying taxes, and in
The like proportions. |
SEC. s. Be itIenacted, That it shall |