The weekly Portage sentinel. [volume] (Ravenna, Ohio) 1854-1861, 1859-04-21
January II, 1859.
AN ACT

INo. 81 AN ACT
To authorize the sale of any and all of the
Shares OF Stock held by the State in the
Turnpike Companies of this State, end
10 amend section one of an act in relation
10 the duties of the Commissioners OF the
Sinking Fund, passed May l, 1854.
Section /. Be it enacted jy tie General
Assembly Of lie State Of Ohio, That section
one of the act 10 which this oct is supple-
mentary and amendatory, be SO amended as
10 read os follows:
That the commissioners of tie sinking
fund are hereby authorized, and when an
opportunity occurs they are directed to ex-
charge for certificates OF the six per cent.
stock of the funded debt OF this state, or to
sell, or otherwise dispose Of, for money, any
md all of the shares of stock held by the
state in any Of the railroad companies and
canal companies OF this state: Provided,
that such shares Of stock shall in no case be
cold, or otherwise disposed of, except upon
cash payment there for; and in no case shall
any such shares be sold, exchanged or other.
wise disposed of, OF less than the actual cash
value of the same. Should such commits
sioncrs be unable to exchange said stocks
for certificates OF the funded debt of the state
they may, at such tine as they may deem
proper, advertise that proposals will be re-
ceived by them, at their tf1ico in Columbus,
for the purchase of any or all OF said stocks:
such notice shall be published in such news.
papers as they may direct and shall be given
at least ninety days before the time fixed for
opening said proposals. Proposals shall be
considered without respect to the number Of
thares bid fer, and the sale shal! be awarded
TO the highest bidder: Provided, that nothing
in this section contained shall be construed
to compel the sinking fund commissioners
to exchange, sell or otherwise dispose of any
Of said stocks at less than the par value !
thereof, unless in their opinion the interest
OF the state will be promoted thereby.
Sec. 2. The commissioners Of the sink.
ing fund are hereby authorized and directed
to sell and trsnsFer any and all of the shares |
OF stock held by the state in any turnpike
company Of tie state. They shsll, immed.
HteIy after the passage Of this act, advertise
Gll the shares Of stock held by the state in
any turnpike company, 10 be sold at auction
to the higl est bidder, in lots of not less than
ten shlres each, nor more than fifty shares
each, at some public end convenient place
on the lire of the road of ssid company, bv
giving at least thirty days notice of the time
ind place of the sale, by posters set up at
the gate or gates thereon, and in some news
paper Of general circulation in the county or
counties through which id road pusses:
Provided, that nothing in this section con.
tsined shall be construed to compel the
sinking fund commissioners TO sell or dis
pose Of any Of said stocks fer less than their
fair pGSh ro lDa IN J. cctir toI b,,r "a a:..t.
ing fund commissioners.
Sec. 3. Any sale OF shares of stock made |
under the provisions Of this act. shall be
conducted by en- agent appointed by the
Governor, hut the approval of at least two
OF the commissioners shall be necessary to
its confirmation. The purchaser or purcha.
sers OF such shares Of stock shall be requr-
ed to psy one third of the purchase money
down, and the balance in two equal annual
payments, with six per cent. interest; but
no transfer shall be made by said commits.
sioners until the same is paid for in full.
Sec. f. The shares Of stock now owned
by the state in any turnpike company, shall
not entltle the person or persons to whom
the same may be transferred, by virtue of
this act, to vote at the annual election for
directors now provided for in the charter of
sold company; but the person or persons to
whom such shares of stock may be trans
ferred, are hereby authorized to meet at the
same time and place with the present stock
holders, and then and there elect, subject TO
the same regulations that govern the origin.
a. stockholders in their election for direc.
tors, the number of directors that the Gov.
ernor is now required to appoint in said
board.
Sec. 8. Section one Of the above recited
act is hereby repealed.
Sec. 3. This act to take effect from and
after its passage. l
WILLIAM B., WOODS.
Speaker OF the House Of Representatives. '.
MARTIN WELKER,
President of the Senate. I
January IL, 1859. o
No. 81 AN ACT t
Making partial appropriations for the year +