Bedford inquirer. [volume] (Bedford, Pa.) 1857-1884, 1861-03-01

MET Incorporated By this Commonwealth. 49,
The semi annual iustalment Of the said sum
of thirteen millions Eve hundred and seventy
thousand dollars 3,570. .000.) aud the bal
snce of the ssid debt and interest so TO be
paid into the State Treasury as is herein pro-
yided, are herein pledged 10, and the same
shall be applied only to tho payment and ex-
tingGishueni Of the principal and interest of
the funded Gebf of this Common wealth, aud to
no other purpose wbatsoeveF
SEC. f. That, for the purpose Of develop
. ng the resources of the State, the Pennsylva-
MA Railroad Company is hereby authorized
aud required to spend the sum of eight hun
dred aud fifty Thousand dollars in and to TIE
CHARTERS Valley Rsilroad Company, the Pitts
bufa 5nd SteubeDville Railroad Company,
The Fayette County Railroad Company, lbe-
tween GTsensburg and the Youghiogheny Kiv-
er, The West Pennsylvania Railroad Conpa-
py between Blairsyiile aod Busler,) The kh-
sDsbHrg ard Crosson Railroad Company, TIE
Bedford Railroad Company, (beiweep Hope
vel aud Bedford, The Tyrone and Clear6eld
RaiFqad Company, aud the Phillipsburg and
Waterford Railroad Company, ibetweeB Ty-
rome and Broog7ille,l the Tyrone aud Lock
Haven Railroad Company, the Mifiln aud
Centre County Railroad Company, between
LewistoRn aud ReedVille,l The Cbambersburg
and Allegheny Railroad Co.. lbetween Cham
bersburg and the point of connection With the
Bedford Railroad near Hopewell,) or their
successors or assigns, ia sums pfoportioDed to
THAR respective lengths between The above des-
igaa;ed points, by purchasing their bonds re-
Hpectiyaly from said Companies, payable in
saapty years, with interest, semi annually, Sc
cured BY Grst mortgage created for she pur-
pose On tbeir property, real aud personal, and
franchises acquired and 10 be acquired, and
the said companies aFe hereby respectively
authorized and empowered to create and issue
such bonds, and secure the payment thereof
by such mortgages, by and with the consent Of
a majority OF their respective stockholders
present al meeting to be called fer that pur-
pose, of which uotlce shall be given, as provi,
ded by their charters Or by laws respectively;
said bonos, and the mortgages gwen to secure
the same shall not exceed 10 amoaat the sum
required for the cost If t5e superauucture 0 ri
bridges, the rails, cross-lies, the chairs aad
spikes, and laying the track Of the sail roads.
respectively y--and tho proceeds of the said
bonds, so sseuFe5, shall 5e exclusively applied
to the said purposes-and the said purchase of
bonds, shall be required 70 be made 0f each
Of tho said companies in iasiallmeuts, after
sections of said roads, respectively of taa
length OF miles from each ena, as hefeiabefore
designated, shall have been duly and properly
graded and the masonry eomplatod, and after
tho said grading aud masonry shail haYe been
approved by competent civil engineer ap-
poiuted By shn Governor for that 2urpose--
aud whe shall be paid Tor hls services By the
sud companies receiving AID unaeg tAe progi-
sons Of this Act-aad when each section Of
Eve miles so graded from each such end of the
said roads respectively, shall have been so
completed and such certificate so given, then
tho pro rata proportion Of the said bonds shall
be purchased, and so continued from time 10
time until the amount psYsble to the said COM
panies shall be ezhaasIed-and ths sum paid !
upon tee completion of the said sections as
aforesaid respectively, shall be exclusively ap-
propFiated and be used for the purposes above
mentioned, upon The section fer and ia respect
90 which tho purchase is m3ds-aud tor no
Other purpose or portion Of said road whatso-
ever PTorided, hoWecer, That if either of
the said Companies shall fail to grade and
prepare for bridges, supersiructure, and laying
Of tract at least one section Of five miles at
each Of such end Of its road within one year
or The whole Of their respective roads within
three years from The passage Of this act, any
such Company, so IN default, Shall no longer
have aEy right to demand CT require any fur |
thnr purchase Of their bonds as aforesaid, and
the sums which any such defa1lting Coupa>
MES would have been entitled to demand ia
payment Of their bunds. SHALL be added pro
TaiG to the purchases to be made of such of
the said Companies as shall comply with the
provisions Of this section.
SEo. 6. That il any stoekholder or stock
holders Of aBy rail road, canal, or slackwater
navigation Companies shall be dissatisfied with,
OF object to any Of the provisions cf this ACT,
then it shall and may be lawful for any such
ssookholder or stockholders, within six months
after the passage Of this Act, to apply bv ne
tition to tue Court Of Common Pleas of the
county in which the chief Office Of the said
companies may respectively be held-tc ap.
point three disinlerested persons to estimate
snd appraise the damage if any, done to such
stockholder or stockholders, ard whose award.
or that Of majority OF them, when confirmed
by the said Court, shall be final and eonclu-
size. And the person so appointed shall also
appraise the share or shares of said stockhold-
crs in the said company at the full market
value thereof, without regard to any deprecia-
tion in Consequence OF the passage of this
Act, aud the said company may, at It's elec-
tioD, either pay to the said holder the amount
OF damages SO found, OF tho value Of the
stock SO aseertained, and upon payment of the
value of the stock as aforesaid, the said stock
holder shall transfer TIE stock so held by him
o said company, to be disposed of by tue Di-
reetors of said company, or be retained by
them for the benefit ct the remaining stock
bolders. And all laws Inconsistent with the
provisions Of this Act, ba aud the same are
hereby repealed.
President LinColu at Harrisburg.