Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1862-05-31

| obligation of such railroad company or its le-
gal success sors to pay into the said sinking
fund the amount herein required shall forev-
er cease. and the surplus, if any, then remain
ing in the hands of the state treasurer, of the
moneys paid to said fund by such railroad com
pany, shall be returned to the financial Office
of the same, Or to the person entitled there
| to.
s 6. Liens to be established by this act up
on such railroad bond and mortgage sinking
fund, shall not be for a greater amount than
| the bona fde holders thereof shall have actu-
ally paid therefor, to be ascertained by said
com missieners by such evidence as to them
shall seem proper provided, houever, that such
len shall not be for greater amount than
designated IN the following classification:
CLASS FIRST.
Upon all instruments described in section
four OF this act, as instruments emitting the
holder thereof to liens upon said fund, given
to, and in trust for the use, in aid of, the
Milwaukee and Mississippi railroad comprny,
and the Kenusha and Rockford railIoad com
panv, bearing Interest at the rate of ten per
cent per annum, the lien upon such fund shall
be for ninety per cent. of the principal of said
instrument, with interest at the rate of six
per cent. per annum upon such ninety per
cent of said principal, from the time the same
shall become lien upon such fund, as provi-
ded In this act except as hereinafted proyid-
ed.
CLASS SECOND,
Upon all instruments 80 as aforementioned
described in section four Of this act given in
trust for the use or in aid of the Milwaukee
and Mississippi railroad company, bearing in
terest at the rate of eight per cent per annum,
and all such instruments given to, in trust for
the use, or in aid of tie La Crosse and Mil
waukee railroad company, prior to the issue
of one million dollars of the capital stock of
said company, in trust to Garrett Welt; and
upon all such instruments given to, in trust
for the use, Or in aid of the Milwaukee and
Horizon railroad company, and the Ripon and
Wolf River railroad company, secured by
mortgage upon real estate in Green Lake
county and south Of that county, and in Fond
du Lac and Winnebago counties, the lien up
on such fund shall be for seventy per cent. of
the principal of said instruments, with inter
est at the rate Of six per cent. per annum on
such seventy per cent. of said principal from
the time the same shall become a lien upon
such fund, as provided in this act, except as
hereinafter provided. !
CLASS THIRD. |
Upon all such instruments so as aforesaid |
described in section four of this act, secured |
ded i'll either Of the above classes, the lien up
on such fund shall be for fifty per cent. Of the
principal of said instruments, with six per
cent per annum upon such fifty per cent. of
said principal, from the time the same shall |
become lien upon such fund.- provided in
this act, except as hereinafter provided
St. Every holder and owner of note or
bond and mortgage, of the kind and descripl
toa mentioned in section four of this act, and |
of a TO WI oh, 1Jo+
security, such note or bond and mortgage had
been transferred, shall, upon complying with |
the provisions of this act, be entitled to re-
ceive out of the money paid into said railroad
bond and mortgage sinking fund, by the
railroad company Or its proper representa-
tives, or by the person Or persons controlling
or managing It's property, to which, to
agents or trustees of which railroad com 2any,
such note sr bond and mortgage were origin
ally made, executed and delivered, annually
pro rata share, to be fixed by the board of com
missioners, until the amount of said note or
bond and mortgage, fixed as prescribed in sec
ton six of this act, with the interest thereon,
prescribed by this act, be fully paid Prouasd
that the hrst payments SO made shall be ap-
piled to the arrearages of interest but no com
pound interest shall be allowed
SIS. The board of commissioners shall i'm
mediate!y after their organization, and after
any one railroad company shall have accept
ed this act, cause this act to be published
once woek for three successive weeks in one t
newspaper published in the city of Madison
in one newspaper published in the city of Mil |.
waukee, and in one newspaper published in
the city of New York, and in such other pa- /
pers as the governor may, in his discretion, |
direct; and no holder or owner of a note or
bond and mortgage, of the kind and character
mentioned in section four of this act, who
shall fail or neglect to comply with the re-
quirements and provisions of this act within
six months after the acceptance of this act by
the railroad company or any person or persons |
for the same, to which or in aid of which any
note or bond was originally given, or by it's
legal successor, shall be entitled to the bene-
fits thereof; and any such acceptance by any
railroad company shall be published in the |
same manner and in the same newspapers as
this act.
So. Every holder and owner of note or
bond and mortgage, as aforementioned NAV
| at any time after the day of the FIRST publica. |
! tion OF this act, and at any time within six |
months after disqualification of the acceptance
OF this act by any such railroad company for
whose benefit such note or bond and mort |
| gage was given, deliver and surrender to the
SAID board of commissioners, at their Office in
the city Of Nadisos, such note or bond and
mortgage, together With the railroed bond. if
any, as collateral security, to which the same
were transferred 30 him. Such holder or hol- {
ders shall also deliver to said board, salts /
faction piece of the mortgage executed and
| acknowledged in due form of law, in such man. /
nsr as to effectually cancel and discharge such
mortgage of record, and shall make such proof
as such board shall require, of the time when
and the person from whom he purchased
such note or bond and mortgage, the amount
paid for the same, together with the class of
said instrument, and if he did not purchase
the same, then he shall prove to the satisfc |
ton OF the said board how he obtained DOS
session thereof; and if it shall appear from
sneh statement and proof that such note OF
bond and mortgage was obtained by the hold
! er thereof in exchange for any other thing
| than money, the board of commissioners shall
require tbs holder to make further proof, in