Belmont chronicle. [volume] (St. Clairsville, Ohio) 1855-1973, 1863-03-26

railroad companies, was the wrong bill. -
The mistake was made in sending it to u.s.
The bill We should have had is printed
below 1t is an important measure. and
should receive attention at the hands ofou,
County Commissioners. 1t was drawn ur
at the instance Of Mr.. Jewett, President o.
the Central Road.
10 provide for the adjustment of the affairs
OF insolvent railr0ld companies. and foy
their reorganization without sale of the
property thereof.
SECTION I. Be IL enacted bv the Gsn.,,,
A@eniCB ofthe .Stute of Oh,o, That in Case a.
judicial proceedings are pending in any Of
the courts OF this state, OF inythe oirc,,it or
district courts vt the United Stntes fot eithe,
OF the districts of Ohio, for sale of aDy rail.
road, and the same is in the hands of a
receiver or receivers, appointed by smell
court, 1t shall ibe lawful for a maior;tv Il
interest OF the mortgage creditors of such
company, or q majority in interest OF All
other classes Of creditors OF such com 0anv.
and majority, in share OF the stock holder
thereof, to agree In writing upon a plan for
the adjustment loofs such Indebtedness bv
capitalization or otherwise.
SECr2 ThatlupOn such agreement being
made and filed in the Office Of the secretary
OF state, it shall be the duty of such
secretary to cause public notice thereof to
be gwen in newspaper published in the civ
Of Columbus, and also in a newspaper pub.
lished iQ each Of the counties through
which said road is located, such publication
to be made Immediately after the said agree.
mont is filed, and to be continued for ak
consecutive weeks, the cost thereof TO be
paid by said company.
SEC. 3. That a duplicate copy of said
agreement shall be kept at the princinal
office OF said company, and that all persons
IN interest, not parties thereto, shall be at
liberty, tor the period Oftwo months from
and after the date OF said fist publication.
either in person or by proxy, to appear and
necome a party to such agreement by
signing the same and securing the benefits
thereof sp,s.sus = 80
SEQ. 4. That sfter the expiration of tvo
months, all purso1sein interest refusine "a.
6ecome .partieF TO such agreement sball
forever thereafter be barred from any night
whatever to proceed in any of said courts
TO enforce BY Judgment or decree any such
claims SO held against said railroad company.
siid that all hens before made or acquired
to secure such claims shall, by virtue of
such agreement aud this act be extinguish
cd.
SIC. .. That uppn such agreement being
made, hled and notice thereof given, az in
tins net provided, and proof thereof made
or 0fsercd to DO made in the court ia which
such proceedings arc pending, it shall be
Inc duty OF the court to dismiss the same.
Provided, the court may make such order
or decree touching the cost and expenses
thereof as TO 1t may seem just aud proper.
SEC, o. That ii such agreement involves
ihe capitalization Of the stock OF such
company, and any portion of such stock is
held by counties, townships, cities, villages.
>r other municipal corporations, or otherwise
held IN u tduciary capacity, the county
ltfuste6e, or other corporate
body, representing the county, municipal |
corporation, or person holding in a fiduciary
as executors or administrators.
guardians, or otherwise, shall be, and thew
ire hereby authorized to become parties to
uch agreement, and to reduce, or other.
viso exchange such stock in accordance
With the terms Of such agreement.
SEQ. 7. This act shall not be so construed
. to require said agreement to be between
he several interests hereinbefore specified,
ut may be between each interest sepa.
ately, aud the said railroad company.
SEC. 9. In case the railroad involved in
uch judicial proceedings, in whole or IN
art may be used by said company in com.
lon with any other railroad company, Il
hall be lawful for said company owning the
aid railroad, if the same eau be done With.
ut impairing the usefulness thereof 70 the
ompany owning the same, to lease for :
eriod ofyears, for an annual rentsge, or
sell for fixed sum, to the said railroad
'mpany TO which the said line, in whole
IN part, Is common, 10 individual interest
! the sarue, upon such terms and oouditionsl
may be agreed upon; such lease or sale ,
be reported 10 and approved BY said ,
'urt, and when so.n'ade aud approved, the
ssee or rvender thefof, shall hold the same ,
ee from any previous lien which had been
.-s Nrr