The daily phoenix. [volume] (Columbia, S.C.) 1865-1878, 1869-04-24
ROBERT X. SCOTT, Governor.

An ACT 10 enable lie Sucannah and Charles
ton Rd'hoad Company TO complete Meir
Road
SECTION l. BE ii enacted 6y lie Senate and
House Of Representatives Of the State Of SouM
Carolina, noac met 0nd sitting IN General
assembly, dnd by the authority of Me same,
That the Savannah aud Charleston Railroad
Company is authorized aud empowered to
borrow and raise the sum of not more than
five hundred thousand dollars. to be used
In extending and rebuilding their road un-
der the provisions of their charter.
SEC. 2 That for this purpose, the said
company is hereby authorized and empow-
cred to issue bonds to the amount of not
more than five hundred thousand dollars,
payable twenty years after the date thereof,
with coupons attached for interest at the
rate OF seven per cent. per annum, payable
semi-annualfy.
SEC. 3. That the said company is hereby
further authorized and required to fund and
redeem the coupons for interest of the
bonds of the Charleston and Savannah
Railroad Company, guaranteed by the State,
now past due, and that may fall due on or
before the first day of September, 1869, by
issuing therefor an equal amount of their
bonds with coupons attached for interest,
payable semi-annually, at the rate of seven
per cent per annum, and the principal to
become due in twenty years after the date
thereof And the payment of the said
bonds, so to be issued in substitution for
interest coupons, shall be guaranteed by the
State in the same manner. and rs fully as
the said original bonds of the Charleston
and Savannah Railroad Company are now
guaranteed, subject, however, to the provi-
sions of Section 6 of this Act.
SEC 4 The honda hereinbofora author
lied for rebuilding said road shnll be used
exclusively for the building thereof, and the
outfit of the same. No salary shall be paid
to any officer of the said road out of the
funds so raised by this Act
SEC. 5. The said Railroad Company shall
deposit the interest on all their aforesaid
bonds, as it becomes due, with the Financial
Agent OF the State of South Carolina, in
the city of New York, and shall notify the
creditors of the same by public advertise
ment IN one newspaper in New York, one
In Charleston, and one in Savannah; and if
said company shall fail to pay the interest
en- its debt within six months after it shall
have become due. or fail to pay or provide
Tor the payment of the principal of its
debt within six months after it shall have
become due it shall be the duty of the
Comptroller General of the State, and he
shall have the power, to take immediate
possession Of said road, with all its appur-
tenances, and lease the same to responsible
parties, who shall have control thereof un-
til the General Assembly shall by law pro-
vide for the settlement of the affairs of said
company III the interest of all its creditors.
The Governor of the State is hereby au-
thorlzed and empowered to appoint two Di-
rectors to represent the State in the direc-
ton Of said company.
SEC. 6. That the present lien of the State
OF South Carolina on said road shall, upon
the issue OF the bonds provided for in and
by the first Section of this Act, be post
poned and become second lien, which
said second lien shall extend over and cover
the whole road its outfit and real estate, rs
fully as is already provided for by law. The
said road shall be completed by the first day
OF January. 1870.
SIC. 7. This Act shall not be of force un-
til said Savannah and Charleston Railroad
Company consent to the amendment of
their charter, so that the property of said
corporation shall be subject to taxation in
conformity with Section of Article XII of
the Constitution. and said consent be certi-
fled, under the seal of said company, to the
Comptroller General and Secretary of State.
Upon the filing of said consent, the said
charter shall be deemed and held to be
modified in conformity with said Section of
the Constitution: Provided, That no tax
shall be assessed or levied upon said road
until the same shall have been completed.
In the Senate House, the second day
OF March. In the year of our Lord
one thousand eight hundred and sixty.
nine
CHARLES w. MONTGOMERY,
President of the Senate pro tenn.
FRANKLIN J. MOSES, JR.,
Speaker House Of REPRESENTATIVES.