The weekly pioneer and Democrat. [volume] (Saint Paul, Minn. Territory) 1855-1865, 1858-09-23
AN ACT
Concerning Land Grant Railroads.

he Saa,d By ne Lsgislat,ps qf the ssIis u A.sns~sa
secuon Zach aud every railroad eonipshy sudusd
to and accepting he iOan sd by
section 10 Of article Of The constitution, shai due
provision i'r the Pancuai PsymenI q the nssres and
The huAI redemption Il the Minnesota Railroad bonds H.
sued 70 such company By me state add 10 ~ snt every
such railroad company shall provide and arrange hat
sen al payment. Of interest and hnal pay sais 81
the principal d NOR bonds any safh raj
rad company, which may be or .hAl have been trans
any such company, corresponding the state bonds
such company issued SHALL mature and b. payable .,
Isasi siIty days before the maturity Of The principal
OF he Minnesota Stale Railroad boads Issued and
delivered 70 such company and the interest and prnet
pal Of sad N iroat bonds which may have been
isrred 10 the sale all be paid the maturity lhsrsof
70 the Treasurer Of the state tOge Their with such smoun
lnpaymenl Of the ensuing nsallmenis or interest or
principal Of he Minnesota state Raj road bonds Issued
ias The benefit OF such railroad pAny And ali
sash railroad sanss claiming or receiving state AID
sha further maze due pIovIsiOn thai Ill necessary
his enactment and the Of The said section
article bine VI The constitution, authorship and hAVinA
reference 10 loan Of sais credit 70 r1roais shall b.
borne and paid, rata by such rArued companies
may receive The benefits hereof and shall not be charge
abb, 10 the STATE.
see . whenseer any default shall occur In the Day
menI to he state thai provision shall be mad. 6y
ferrsd 70 the sac that NO provision shall be msie
payment ofih interest or principal Of the Minnesota
slate Railroad bonds Ity days before tho maturity Of
any insIsmenL Of interest OF final redemption Of said
state Railroad bonds herein provided ihs Governor
shall immediately proceed 10 provide Tor such payment
pay aGd 10 indemnify The STATE for sucn pay
OF s bonds Of tho defAaitng company or
by sale % the lands pledged bS foreclosure Of the
mortgage or deed Of uua Of such delsuupg company,
or By All or any such means Of ndemnicotloa ia III
sec s. The Governor may on such default, Immedi.
ste advertise for thirty days In three newspapers pub
published al the seat Of government Of lhS state that
sufficient amount OF hfsl mortgage bonds Of uch default
Ing company shall be sold the fortioh day after such
default IN city Of New York, TO the highest bidder tor
cash and such sale Of bonds shall be inside accordingly
aud the proceeds thereof shall be returned 70 the treasury
linden tafa
costs charges and damages growing out Vi such default
and sale.
u provide Tor tas default Of any such eompaHy aore
said, The Go'ernIT ay advertise aud sell The ia
such afcss and a. such terms as shall be deemed
efpedent and all such sales or convey Ances shalt be
made by the Governor aud secretary Of state ami shall
same may have been Invested In any such company or
In he statr and without any redemption riga of re-
m persons whomsneEsr bat no sale. OF b0uds lands
shah AXE place II the defa lung company shall make
payment OF All principal aud interest hen due, and all
expenses incurred by he Slate prior to the day OF
any such railroad bonds or lands but this provision shall
he construed ~ 10 prevent the Governor and
r-Afy OF STATE pnai snch BY the d.sai ing
pany rom making sales and convey of any parcels
OF ands aforesaid, without the eOnseni assistance
81 the dsianuns comp any whenever default shall
In The provision by such company herein required tor
AM ensuing payment Of interest or principal The MIN
state Railroad bonds las usd 10 uch COMPANY
sec 5. All foreclosures Of the mortgage or deed of
trust OF any teauiung c0mpsny making such default In
the payment interest principal OF bonds OF such
company aud for which default foreclosure OF The .rt
gage deed Of trust Of such company may he required
or demanded shall he made only Tor and on account Of
the default Occurring. and all such foreclosure shall be
By public sale OF all the properties rights privileges and
franchises pledge Ia such deed II trust NJ mnftgSys for
the a,mrH %; the interest and hna redemption OF such
COMPANY bonds due notice having nrsi been given of
,uch intended sales by advertisement in such sn,nnsr
aud foe such engh ui Tune as may be prescribed IN said
dsei ., IuN ~ NOR gage and ~ ease of any sale Of
any railroad or railroads, or an part lhsreof cunsruc
ei "F ia process 90 cunsTnc t"u b. any railroad com
pany BY vtre Of any ruG iced any foreclosure Of
any gage thereupon. tho party paroles acquiring
As unirT any such tae aud Their associates
assigns shsi aaye and acquire thereby and shall -
aGi sn}gy thereafter all and he rights pr
uirEes, grams Chlsss mmunles and adv antages
IN aud ~ sail mortgage Or trust deed enumerated aud
conveyed which belonged to and we're enjoyed by the
company mAkhg such deed or mortgage he same re
late and APprrA ne To "a psfuon OF said road The line
thereof mentioned Ald described in and
mortgage, or tras' deed and no further a. fully snd ali
sOiute 10 al respects, as The cOrpOrslsrs shArrhd
ers officers ami agents Of such company might could
have done heretofore had such sale foreclosure
sten place. Hn-b puTehASer or purchasers iher
eiat.s, succ.ssors ~ assigns may proceed 10 organize
and elect Director. distribute and dispose Of stock
take the same or another aams, aud may conduct their
business generally under and Ia The prov del In
the charter Il such rsirosd company With such changes
variations "a manner and form OF organization their
altered clrc instances aud better may seem
10 require. Provided however, thai 40 greater or en-
lArgsapowers sh,u be exercised By he new orgas "A
lion than arc conferred 10y the charer Of such com
psay.
ssegtIoa OF III. work any sections Of road enpg any
company issue OF SEas bonds engage the service.
NJ practical stnsrr. ~ surveyor. yls cram ne And
report upon the amount and quality VI all WORK done or
being done hereua sad such engineers survey ors
shall csrty under oath Tho G0yrrnnr the cuud ton and
character Of the grading and eKcaTauOus well re
specuSsly A. mechanical ssIetues aGd other sppurtc
nsBcrs 81 Any sush road section AGd whether IN the
Uptn0n 4 sI.h engineer Einrers surveyor or
veg sugh raTust gTnpsuy entitled b. Issus Of
h"ul- account such pArtiC tar s.Cjpn or sec
IONS q rpti bE ~ such CeTuacaie, examination OF
proof shN, be tssInsd conclusive hnal, but new sur
ysy - 'mu stoas be ordered Other pruOf re
crNE secretion And the Satisfaction Of be ,ioy
crnor. before any such state bonds shall be issued
lhsrrHp"H
sec Tbs sc' sba axe eAee, from AMI ancr its
IaSaEs
go. BEtpLEr spsNkFr N the II Of X
WULI.s loEroeBE, Ftt.tirGl ut the ~eEa.n
Approved AsAgsl iss !sriith, cigh ecu hundred and
my eEh'.
HISEy H. StBLET.
AlFle COS, Auest
FKAS,Is HA.sIS seer state.