Delaware gazette. [volume] (Delaware, Ohio) 1855-1886, 1859-04-29
President ofthe
January II, 1850.
AN ACT

mo 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, and to amend section one Of an aet inlrela-
ing Fund, passed Msy ], 1854.
SECTION L. Be It enacted By the Gensral assembly Of
he statecJ Ohio. That section one of the act to which
this actis sapptereAtary and amsndatpryp be sozrnsnd-
ed as to read as fellows: 7r-.r-E
That The commissioners of the sinking fund are here.
by aeihorized, and +" hensn oppoFtunity occurs they are
directed to exchange for certificates Of The six PEI cent.
stock OF the funded debt of this state, or 10 seli,o 9TH
erwlse eispose 81, Tor money, any and all of the shares
of stock held by the state in any of The railroad conpa.
MES, and canal companies of this state; provided, .hat
such sh"resof stock, shall in no case be sold, or other
wise disposed of,..ekcePt upon cash payment therefor;
and in no case shall snch Shares be sold, exchanged or
Otherwise disposed OF, at less tina n the actual cash value
of the same. Should snch commissioners be unable to
exchange said stocks tor certificates of the funded debt
OF the state, they may, at such times as they may deem
proper, advertise that proposals will be received by
any or all of said stocks: such notice shall be pubIishsdin
such newspapers as they may direct and shsifbe given
said proposals.. Proposals shall be considered without
resPectt to the number of shares bld for, and the sale
nothing in this section contaized shall be construed 10
compel the sinking fund conn issionsrs to exchange,
than the par value thereof, unless in their opinion the
interest of the state will be promoted thereby.
Sec. ?. The commissioners or the sinking fund are
hereby authorized and directed to sell, and transfer, any
and all of the shares of stock held BY the state in any
turnpike company of the state. They shall ium ediate.
ly after the passage of this act. advertise all the shares
OF stock held by the state, in any turnpike company to
1888 = @@ 6AA4EIR II ~ Of .hOb
less thanten shares each, nor more than fftS shares sack,
at some public and convenient place on the line Of the
road OF said company bygiving at lsastthirty 'dayrhe.
tice of the tims and place Of tho sale, by posters set mn
at the gate OF gates thereon, and In 1oaef 4rewsnnper
of general ejaculation in the county or ceupties through
which said road -passes; provided that nothing in this
section contained shall be construed to compelihe sink
ing fund commissioners to sell or dispose of, any of said
stocks for less than their fair cash value, to be est IN afed
by said sinking fund com unissioneFs. ~ i
Secs. Any sale of shares of stock made under
the provisions of this act. shall be conducted by an
agent appointed ythe Governor; but the approval of al
least two of the commissioners shall be nece ssury to its
confirmation. The purchaser or purcha serE Of such
shares OF stock shall be required to pay one.third of the
purchase money down and The balance in two soual an
nuaI payments, w til six per cent. interest; bnt no trans.
fer shall be made by said commissioners until the same |
is paid for ia full. !
Sec. a. The shares of stock now owned BY the state.
in any turnpike company, shall not entiIie the person OIL |
PERSONS TO whom the same may be transferred, by virtue
or this act, 10 vote at the annual elections for directors
now provided for in the charter of said company; but
the p -rson or persons to whom such shares of stock NAV |
time and place with the present stockholders, and then !
anu there elect, subject to the sams regulations that
COWS IN the originals stockholders in their e1 ctioa for di.
Teetors, the number of directors that the Governor il now
reqUiIed TO appoint in said board.
Secs Section one OF the above recited act is here
by repealed.
Sect This act to take effect from and after its pas.
sage.
- WILLIAM B. Woops,
Speaker of the House of Representatives..
MARTIN WELKER,
President OF the Senate.