The Ashland union. [volume] (Ashland, Ashland County, Ohio) 1854-1868, 1859-02-16
LAWS OF OHIO:
AN ACT
PUBLISHED BY AUTHORITY.

10 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 act in relation to
the duties Of the Commissioners of a Sink
ing Fund, passed May l, 1854
SECTION 1. Be 1t enacted By the General as
sena6ky of the State Of Ohio, That section one
of the act to which this act is supplementary
and amendatory, be SO amended as to read as
follows:
That the commissioners of the sinking fund
are hereby authorized, and when an opportuni-
ty occurs they are directed to exchange for GER
tifcates of the six per cent. stock OF the tund-
ed debt Of this state, or to sell, or otherwise
dispose of, for money, any and 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 sold, or otherwise disposed
of, except upon cash payment therefor; and
in no case shall any such shares be sold, ex-
changed, or otherwise disposed OF, at less than
the actual cash value CT the same. Should
such commissioners be unable to exchange said
stocks for certificates of the funded debt OF the
state, they may, at such time as they may deem
| proper, advertise that proposals. will be received
by them, at their Office in Columbus, for the
purchase of any or all of said stock; such no
tice shall be published in such newspapers as
CneV may QlGCCG, III -ehd11 10 StNSh u OoS
ninety days before the time fixed for open
ing said proposals. Proposals shall be consid-
cred without respect to the number OF shares
bid for. and the sale shall be awarded to the
highest bidder Provided, that nothing III this
section contained shall be construed to compel
the sinking fund commissioners to exchange,
sell, or otherwise dispose of any OF SAID stocEs
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 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, Immediately after the
passage of this act, advertise all the shares OF
stock held by the state, in any turnpike COM
pany to be sold at auction, to the highest bid
der, in lots of not less than ten shares each,
nor more than fifty shares each, at some public
and convenient place on the line of the road OF
said company, by giving at least thirty days
notice of the time and place OF the sale, by
posters set UP at the gate or gates thereon, and
in some newspaper of general circulation IN
| the county OF counties through which said road
passes Provided, that nothing in this section
contained shall be construed to compel the
sinking fund commissioners to sell or dispose
of. any of said stocks for less than their fair
cash value, to be estimated by said sinking fund
commissioners
Sec. 3. Any sale of shares of stock made
under the provisions of this act, shall be con-
Quoted by an agent appointed by the Govern
or; but the approval of at least two OF the
commissioners shall be necessary to its confr-
nation. The purchaser or purchasers OF such
shares of stock shall be 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 commissioners until the same is
paid for in full.
See. 4. The shares Of stock now owned by
the state, in any turnpike company, shall not
entitIe the person or persons to whom the same
NAV be transferred, by virtue of this act, to
vote at the annual election for directors now
provided for in the charter of said company;
but the person or persons to whom such shares
of stock may be transferred, are hereby author-
lied to meet at the same time and place with
the present stockholders, and then and there
elect, subjects to the same regulations that
govern the original stockholders in their cleo
ton for directors, the number of directors that
the Governor is now required to appoint insaid
board.
Sec. 5. Section ono of the above recited aet
R hereby repealed.