Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1862-05-31
Published April 25, 1882.
CHAPTER $50.

mortgages, naue III dlu Oh raliFoad companies
The people of tie State of Wisconsin represented
IN Senate and assembly, do enact, as foloacs
s I. There is hereby created fund for the
relief of holders Of notes or bonds secured by
mortgage upon real estate in this State, which
notes or bonds were originally given to any
railroad company in this State, Or to any per
son or persons in trust for the use of any such
railroad company, in exchange or in security
for capital stock of said company, whether
such capital stock shall have been issued
therefor or not; which fund shall be called
the railroad bond and mortgage sinking
fund" and shall be under the control of three
commissioners, to be appointed within ten
days afver the passage of this act, by the gov
ernor, and shall constitute and be known as
the "board of railroad sinking fund commits
sioners," one of whom shall be designated by
the governor as presdest of said board, and
who shall hold their Offices during the pleas
ure of the governor, and who shall, before en-
tering upon the duties of their offices, each
make, and file with the secretary Of state, the
oath of office prescribed by the constit utor
of this State, and execute bond with at
least two sureties, to be approved by the gov
ernor, in penalty Of five thous and dollars,
conditioned for the faithful discharge of his
duties rs such commissioner, and file the same
with the secretary Of state. majority of
the commissioners shall constitute quorum
to transact business: proy ided, hoUevsr that
the state treasurer shall have the actual Gus
tody and disbursement of said fund, and he
and his sureties shall be responsible for his
official bond, for the safe keeping and proper
disbursement of the same.
S 3. Each railroad corporation created by
or organized under any Legislative enactment
of this State, which has heretofore taken pay
all Of
stock OF any person Twhol for the use or in
trust for any railroad company, shall have ia
Ken payment for any portion all of its cap
htal stock IN notes or bonds secured by mort
gage upon real estate in this State, and which
shall have been by such corporation sold hy-
pothecated or otherwise disposed of, for the
purpose of realizing funds with which to pay
the debts of such corporation, incurred in or
about the construction or equipment of the
road which such corporation was authorized
TO construct aai each railroad corporation
which has or which shall hereafter become the
owner of the railroad so as aforesaid authorix-
I'd TO be constructed. and which is now exer-
cising, or which saail hereafter exercise, the
powers, privileges and franchises, ofa railroad
corporation, by operating such railroad Assem-
ting to this act within the limits of this State
shall annually pay to the state treasurer, for
the use ofsaid fund, twelve per cent ct the
amount Of such notes or bonds nd mortgages,
when such amount shall be reduced and class
ited az hereinafter proyided and shall con
tinuc to make such annual payments on the
first day of June, in each year after the pr:s-
ent year, until soch amount, with interest at
The rate of six per cent. per annnm, is fully
paid, and shall, moreover, comply with, con
form aud abide by all the other provisions Of
this act The aforesaid Payments into the
ssatc treasury shall be in trust for the present
holders of the aforcmeEtio netes or bonds
and mortgages, their heirs executors adaia-
istrators and assigns, respectively and pro ra-
IT, as hereinafter providod and it is hereby
made the duty Of said commissioners to ascer-
tain the amount number and kind of su ch
n8tes or bonds and mortgages, 50 taken and
sold, or hypothecated or otherwise disposed
of, as aforesaid, by any such railroad conpa-
ny; and for that purpose the said commission
,crS shall have the ri ght to examine the rec
erds IN the office of any res ister of deeds in
this State, the books, papers and records of
ANY and al the railroad companies in this
State, and to cause to come before them per-
sons to be examined under oath, to administer
oaths to witnesses. and to take the testimony
Of any and all persons.
s S. Said commissioners shall, when the
full amount OF such notes Or bonds and mort
cages, SO taken and sold mentioned in the
preceding section of this act,issfully ascertain
ed, classify and reduce the same in the same
manner and to correspond with the classi6ca-
ZION and reduction of principal due upon iu-
struments that become liens upon such sinking
fund, as prescribed in this act and shall i'm
nediately serve upon the president of such
corporation, or upon the person or persons
who have the management or control of such
corporation so authorized to construct such
railroad or Of the corporation which has or
shall hereafter become the owner of the rail-
road so authorized to be constructed, dupli-
cate certificate Of the amount of such notes
or bonds and mortgages so taken and sold as
aforesaid, by such railroad company, as thu .
@ascertained, classified and reduced, and shall
fle the other of the said duplicate certificates
with the state treasurer.
4. The holders of the following described
instruments my establish liens upon that par,
of such fund as herein set forth, for ths
amounts and in the manner prescribed in sec
tion six of this act: All notes or bonds &C.
cured by mortgage upon real estate in thi.
state, originally given to anyrailrroad compa
nv in this State, prior to the first day of Janua
nv, 1860, in payment or in security for capita
stock of whether such capital stock shall reall,
have been issued or not and transferredby o]
0. such railroad company, either absolutely Q,
as collateral security, for the indebtedness O,
such company.
S. The amount paid bs any railroad cor
.ooratioa into such sinking fund, in pursuance
Of this act, shall be applied to the paymen
, and cancellation of such of the instrument,
mentioned in section four of this act as wer,
taken by such railroad corporation, or by tn,
railroad corporation who constructed ane
equipped the. railroad, of which such railroad
corporation so paying into such fund is in pcs
sc ssion, and of a fair proportion for such rail
p in fho nf
8. SION provided, honever, that whenever all O
such instruments given to any one railroad
company in this State, shall have been paid il
the mann sr provided in this act, by such rail
zcad company or its legal successors, then th.
" ,s.s..s -. -