The Jeffersonian Democrat. [volume] (Chardon, Ohio) 1854-1865, 1859-04-22
8 J.
AN ACT
January IL, 1859,

~
To authorize the sale ot any and all of the
Shares OF Stock held by the Sta;e, in the
Turupike Companies ol tins STATE, aud to
amoud Section One of an act III rotation
to the iutics ut the commissioners OF the
Sinking Fund passed. MAY |. 1854
SECTION |. b. u tndrtcd by the GcncrdL
Assembly Of the state CT Ohio, Ihat section
ono OF tho act to which tins act is supple.
nenrary and amendatoIy, DO 50 amended as
TO read as t"llows:-
That tho commissioners o! the sinking
fund arc hereby authorized, and when an
OPPORTUNITY occurs they are directed TO eX
change for certificates of tho SIX per cent
stock Vt the funded debt of this STATE or 10
soil or oth-rwIso dispose Of, for money, any
aud all OF the shares of stock held 10y the
State in any of the railroad companies, hnd
canal companies of tins State: Provided
that such shares Of stock, shall in no case be
sold. or otherwise disposed of, except upon
cash payment therefor; aud in no case shall
any such sharos bc sold exchanged. or oh
erwise disposed Of, at loss than the actual
cash value of the same. Should such com
missiuuers be unable to exchange said stocks
for certificates OF the funded debt OF the
State. they may at such ,ime as thoy may
deem proper advertise that proposals will be-
received 10y them at their office IN Coium-
bus, for the purchase Of anv or all of said
stocks such notice shall bo published IN
such newspapers as they may direct, and
shall be given at least ninety days before
the time fixed for opening said proposals -
Proposals shall bo considered without re-
spuct to tho number q: shares bid for, and
the sale shall be awarded to tho highest bid
dor; Provided. that nothing in tins section
contained shall bo construed to compel the
sinking fund commissioners to exchange.
sell, or otherwise dispose of any Of said
stocks at less than tho par vauo thereof,
unless in their opinion the interest of the
State will be promoted thereby.
SEC .. The commissioners of the sinking
fund are hereby authorized aud directed to
sell, and transfer, any aud all OF tho shares
OF stock held by the State in any turnpike
company of tho State. They shall, immo-
diatuly after the passage of this act, advor-
tisu all the shares OF STOCK held by the State,
in any turnpike company to be sold at auc.
ton, to the highest bidder. in lots of not
loss than ton shares each, not more than
fifty shares each. at some public, and CON
peuient place on tho line of the road oi
said company, by giving at least thirty days
notice of tho time aud place of the sale, by
posters sot up at the cato or gates thereon
and in some newspaper of general crcula-
ton in the county or counties through winch
said road passes Provided, that nothing in
this section contained shali be construed to
compel the sinking fund commissioners tn
sell or dispose of, any OF said stocks for less
than their tar cash valuoto be estimated by
said sinking fund commissioners
SEC 3. Any snie of shares of stock made
under the provisions OF this act, shall be
conducted by an agent appointed by tho
Gnvarnnr lut thp uunrovaI pt at lnost tkV
of tho commissioners shall be necessary to
its confirmation. Tho purchaser or pur-
chasers of such shares Oi stock shall be rO.
qurrud to pay onU-thlrd OF tho purchase
money down aud tho balance in two equal
annual payments. with six per cont. interest
hut no transfer shall be made by said com
mssonerS until the same is paid for in iul
SIC. 1. Tho shares of stock now owncc
by the State in any turnpike company shal
not entitlo the person or persons 10 whom
tho same may be transferred. 9Fyrtue OF
this ac;, to vote at the annual election tOT
directors nov provided for in tho charter OF
sad company but the person or persons
10 whom such shares ofstock NAV DO trans
ferred. arc hereby authorized TO meet at the
same tIrno aud place with tho present stock.
holders, and then aud there elect. subject ia
the same regulations thar govern the origin.
al stock holders in their election for directors
tho number of directors that tho Governor
is now required to appoint in said board.
SEC. Section one of tho above reclleC
act is hereby repealed.
SEC. @. This &C: to takc effect from ano
nfler it's passage
WILLIAM r. WOODS.
Speaker Of The House IF Representatives..
MARTIN WELKER.
Pres'dcHt Of the Senate.