The daily Gate City. [volume] (Keokuk, Iowa) 1855-1916, 1858-12-22

miles in extent Tor an amount in proportion to ihs
dis stance provide by ttis act, but upon the same
terms and conditions, In all respects required In
regard to the bonds 10 be issued for tho other
tons OF tins road. And when the whole OF said
road shall be completed, the Stale OF Tennessee
shall be inverted with lien, without deed from
The company, upon the entire road, including stoc
right oi way, 81 aiding bridges masonry, iron rails
spikes, chairs, md MI tie property owned by the
company in, ident 10, necessary for its bust.
III 50, and all depos and depot stations for the pay.
men, OF al oil said bonds issued 10 the company M
provided in this act. AID for the interest accrung
on said bonds. And aicr the Governor shall have
issued b. nds for The section ot the road il shall not
be lawful Tor sad company 10 give, create, con-
yey to any person psrsnns, or body corporate
whatever, any lien, incumhrance or mortgage II
any Kind which shall have priority over, or come
in conflict with the lien OF the State herein secared
and any such lien, lncumhrance, mortgage, shall
be null md vod against said lien mortgage
OF the State shall have priority over all other
clsims existing or To exist against sail company.
SIC, 5. be II enacted, That j, is the duty o
said company 10 deposit IN the Bank oil Tennessee
Nasllv lille, al least fifteen days before the interes
becomes due, from time 10 time, up n said bonds
Issued as aforesaid, including exchange and neccs-
snry commissions or satisfactory evidence that said
interest has been paid or provided Tor, aud ii sail
COMPANY fail deposit said interest As aforesaid
furnish the evidence Aforesaid ~ shall be the du-
" OF the Comptroller to report that fact 10 the Gov
ernof, and the Governor shall Immediately appoint
some suitable ferson crsons, at the expense oil
the company III take possession and control OF said
railroad, and all the assets thereof. and manage the
same and receive he rents, issues profits and ds
idends thereof, whose duty II shall be give bond
and security TO the Stale ot Tennessee, In such
penalty as the Governor may require for the faith
iul uischarge OF his or their duy and receive said
profits, rents issues and dividends, and pay over
the same under the direction OF The Governor to.
warts the liquidation OF .ueh unpaid interest. And
IL said company Tail or refuse to deliver up said
r. al TO the person or pefsAns appointed by the
Governor, the saii person appointed shall report
the fact 10 the Governor, wo shall forthwith issue
his warrsut, directed 10 the sherfs OF the counties
through which the road ssnl run, commanding
them To take possession OF said road, fixtures and
equipments and every thhg pertaining thereto, and
place the laid raceiVpr IA ull posse sson OF the
same and said receiver appointed shall continue
in possef sion o sail road, fixtures and equipments
and run the snfe and manage the eatlre road until
4 Sufficient sum shat, be realized exclusive OF the
costs and expenses Incl eut 10 said proceedings, 10
pap OIL and discharge the interest aforesaid, due
said boGds which beiug done the receiver shall
surrender said road. uHd the fixtures and equip.
ments 10 the said company The Comptroller
shalt from time 10 time. settle the accounts with
the receiver, and the balance shall be deposited in
the Treasury o this State The Comptroller il au !.
thorized, and it made his duty, upon his warrant
TO drawiton thei Treasury any sum OF money neccs-
sary 10 tnae the intefes, on SAID bonds, may not
be provided for by the conpany, as provided Tor in
this act aud the Controller shall report thereof 10
the General Assembly from time 10 time.
Sic. d. BE il enacted, That iisald company
shall fail or refuse 20 pay any OF said bombs when
they fall dne ii shalt be iht duty uf the Governor
10 notify the Attorney Geue'al al the District in
which is situatei the piaro oi business OF said com
pnny, oil the fact, and thoreupon said Attorney
General shalt forthwith hie bill against said com
pauy in the name OF the Stata OF Tennessee in the
cbaneery eifcait court Ut the county in which is
situated said place OF business, setting fgrth the
iacts and thereu pom SAID court shall make all such
orders and DEGREES In rnId cause may be deemed
by the court. 80 receive the PAYMENT of
said bonds, with the interest thereon, and TO nden.
nifty the Stats oil Tcnnes see, against any loss on
account ot the issuance OF said bonds bv ordering
the said rail road to be plneed in the hands oil re.
ceiver ordering the sale OF said road, and all The
property and assets attached thereto or belonging
10 sad company, or Iii such other manner as the
court may deem best ior the interest OF the State.
SIC. Z. BE IL enacted. hai a, The end Of five
years liter the completion u said road, said com.
pany shall set apart one pet centum per anuum up-
On tie amount oil bonds issued to the company ana
shall use the shme IN the purchase OF bonds OF the
State III Tennessee, which bonds, tho company
shall pay into the Treasury OF the State after as.
sgni K them to the Governor and Tor which the
Governor shall give said company receipt, and A.
between The State and said company, the bonds 80
paid in, shall be credit on the nonis issued 10 The
company. And bonds 80 paid in and the intercst
ACQUIRING thereon, from time Ia time shall BIO held
and usel by the Stae sinking fund for the
ppymont oi the bonds issued to the company and
should said company r, purchase any OF the bonds
issued 10 u under the provision ut this act they
shs Ii be cr,dit aforesaid and cancelled And
should sad company fail 10 comply with the pro
vision OF this section il shall be proceeded against
az provided in the 9th section OF this act
SIC, q. lie it enacted, Tint the president OF The
company shall make semi annual reports under
tS q he A
ruad setting forth fully TIE condition o the road
and The company aud aiter its completion hr shni
report TO the Governor annually, showing the filan
cial condition OF the company, giving a statement
OF The trade ard travel upon the road, the receiuts
and expenditures, nett eatnlugs aud dividends and
what per cent, IN paid On the stock to the stock
holders And said reports shall be eonsoli.ia,el
every two years by the president OF said COMPANY
and said consolidated rs orr. shall be- land bef,re
the Governor be Tie first OF September every two
years. alter the completion VI the road and the
Governor shall lay said report before the Iep,sla
ture Tor It's action, ut the next meeting there az
ter said report Is made.
SIC. 9, BE- it enacted, Tint il shall not be law.
ful ior any officer OF sa company 10 engage in any
speculation or denilna, eiitI directly or indirectly
in any real estate on along the line any of The
depots or depot stations or u, either terminus ~
SAID road, until alter tie road il completed and
every officer Of the company before entering Inc
duties Of his office, snail aae an oath In writing
thai he will not knowingly violate the provisions
OF this act, AMI that he will faithfully pertorm the
duties OF his Office, and II any such officer OF the
company, or other persoa talking an oath as here.
IN prov ded, knowingly swear falsely, he shall be
deemed guilty OF perjury and subac, 10 all the ns
and penalties thereof. nni every affidavit required
under his ACT, may be sworn to before any Judge
or justice OF tue peace in this State
SIC. l6. he it enacted, That the Railroad com.
panes specified in this act and all other railroad
companies hereafter ins orporated in this State aha
nave power TO constfuc, thtr roads 50 as To crnss
each other il necessary, by the main trunk or bran
ches or to unite with each uther or with tim bran
ches thereof and il sha he the duty OF said com
panes when required 10 receive on their roads and
branches the full LOADED freight cars from each
other and the branches thereof and tranan,rt ,he
same to their dettnati9u and 70 urn them without
charging Tor the transportation oil the goods wares
Inercnahdise and pf0uce therein, any greater rate
OF freight than they CHARGE tor similar goods wares
merchandise and produce IN their own cars
Provided, Thst said companies shall not he com
PEELED To receive such on their roads unless
they arc constructed with the same g,inge and are
OF equal strength with thelf own cars OF whcl, the
PRINCIPAL engineer on the road Of which il pro.
posed to require said cats 10 transported shall
be the Judge.
SIC. II. BE II enacted, That in all cases where
bonds may be issued 10 any OF said companies rs
provided in this act, the state ol Tennessee shall h4
entitled 10 two directors OF each company 10 be m.
pointed by the Governor CT the state TO which
bonds may be issued
Dom I.aAc IL.
A r,