Western Reserve chronicle. [volume] (Warren, Ohio) 1855-1921, 1859-03-23

cept upon cash payment therefor; and in no
case shall any such shares be sold, exchanged.
ur otherwise disposed Of, at less than the actual
cash value of the same. Should such commits
soner; be unable TO exchange said stocks for
-,rti6cases OF the fuaded debt of the state.
they may. at such time as they may deem
lroPer, advertise that proposals will be received
~ uie7nat tferr othee in Columbus, fr the
purchase Of any or all of said stocks: such no.
tee shall lie published in sueh newspapers as
They may dirtctSnd shall b. given at least
andy dsys leEre the time fixed for opening
faIc !sol Osals. Proposals shall be considered
without res;+ct to the number of shares bid for,
end the sale shall be awarded to the highest
builder; fTrSid-d that nothing in this section
scntaine'i shall be construed to compel the sink
Ing iuna cocsmissiuners to exchange, sell, or
otherwise Ndasiese Of any of said stocks at less
than the ar value thereof, unless in their opin-
ion the 'fatetess Of the state will be Iromoted
thereby.
Sec. 2 The commissioner of the sinking
fun | ar. hereb; AIT orized and directed to sell
and trsnsfer, any and all of the shares Of stock
held by tue state in any turnpike company OF
the stxte They shall, Immediately after the
lassRge of this act, advertise all the shares of
s,cckhe,d bY the state, in any turnpike conf
lanv to he sold at auction, to the highest bid
Ger, In lots Of not less ten shares each, OF more
shan d ty shares each. at some public and con-
se neat place on the line of the road of said
company. by giving at least thirty days notice
If the time and place of sale, by posters set up
at the gate or gates thereon, andin some news-
Taper Of geneial circulation in the county or
counties through which said road passes; Pro
Nod, that nothing in this section contained
thaii se construed to compel the sinking fund
commissioners to sell or dispose of, any of said
1T eks for SIS than their fair cash value. to be
estimated by said sinking fund commissioners
Sec 3. ANY sale of shares Of stock made
under The rJvisicns of this act. shall be con-
Quoted by an agent appointed by the Governor;
Tut the approval of at least two of the commits
tiuners shall be necessary to its confirmation
The purchaser or purchasers of such shares
Of stock shall | e required to pay 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
commissioner until the same is paid for in full.
Sec. L. The shares of stock now owned by
tie state, in any turnpike company, shall not
entltle the person or persons to whom the same
he transferred. by virtue of this act, to vote at
the annual election for din, cturs now provided
for III the charter Of said company; but the per
ION OF persons to whom such shares of stock
Inay lie transferred, are hereby authorized to
me I at the same time and plaec with the pres
,nt stockholders, and then and there elect,
subjc to the same regulations that govern the
original stockholders in their election for direct
urs, the number of directors that the Governor is
row required to appoint in said board.
Sec 5 Section one of the above recited act
is hereby repealed.
See. 6. This act to take effect from and after
i,s passage.
WILLIAM B. WOODS.
Speaker Of the House of Representatives.
MARTIN WELKER,
President of the Senate.
January 10, 1859.