Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1870-07-20
81 & TENNESSEE. arn
PUBLtc LAWSAoFFICrAL.

An act authorizing the sale ard transfer of the
terest Of the State in delinquent railroad COM
panies.
! Whereas under an act Of The General
Assembly of the State of Tennessee,
passed December Z, 1867, entitled An
act to amend the internal improvement
laws of this State, passed February IL,
| 1852" the Governor, Secretary of
State. and Comptroller, are empowered
| in their discretion, upon the failure of
| any Of the railroad companies mentioned
! in said ack ''for two consecutive years
10 pay the interest that may accrue upon
the bonds loaned to them severally, /"
to sell the railroad track, railing, rolling
stock, ETC., upon such terms and
| conditions as they may deem best to Sc
cure the interest of the State, ssand shall
retain of the proceeds of said sale, the
amounts loaned to said companies, and
the interest due on the same, with ex
penses of said sale, and,
Whereas, ''The time has arrived when
II is necessary to protect the interests of
the State, and to secure the State from
loss in consequence of the Insurance OF
bonds to the several railroad companies of
the State, 'that a sale should be- made of
the interest of the State in each and every
railroad company in this State, which has
heretofore failed to pay the interest that
has accrued on the bonds of the State
loaned to it, or which may hereafter fail
to pay the interest as it accrues on the
bonds of State loaned to it; and,
Whereas, 1t is important to relieve the
mamie Of thu nd
by wise legislation endeaEor to restore the
public credit which can be done by a
proper enforcement of the legal rights of
the State of Tennessee as against said
railroad companies so in default; There
fore,
Section /. Be it enacted by the General
Assembly of State of Tennessee, That
the Governor of the State, Secretary of
State, and Comptroller of the Treasury,
and Robert J. Mckinney, of Knox coun- ,
ty, Francis B. Fogg, of Davidson county,
and Archibald Wright of Shelby county,
be and the same are hereby appointed
commissioners to sell the interest of the
State of Tennessee in all the railroad
companies of the State, ''to whom the
bonds of the State have been loaned, by
the act of Dec. Z, 1867, or former acts,
and which have failed for two consecu-
tive years, to pay the interests that have
accrued upon bonds loaned to them sew
orally" and also in all railroad companies
that may hereafter fail to pay the interest
that may or has accrued on the bonds
loaned to them severslly, or that are now
in default of payment of. the interest
which has accrued upon the bonds loaned
to them severally, with full authority to
make and perfect said sale, in all cases
where the said company can dispose of
the interest of the State of Tennessee in
the defaulting railroad for a sum of
money equal to the amount of the bonds
of the State of Tennessee, with unpaid
interest due upon them, and which bid
may be discharged and satisfied by az
equal amount of the bonds of the State
of Tennessee, with accrued interest, le-
gally issued by the State of Tennessee, in
aid of said railroad company, or for any
other purpose, and with full power to
place the purchaser or purchasers in quiet
possession of the railroad 30 purchased.
Sec. 2. Be it further enacted, That
if any Receiver, who shall have control
of any or either of the railroads of the
State, and which road may be sold by the
Commissioners under the first section of
this act shall refuse to give possession of
said railroad track, railing, rolling stock.
etc, to the purchaser upon demand, the
Governor of the State shall issue his war
rant to the Sheriffs of the different coun.
ties through which the road may run,
commanding them to put the purchasers
in possession of the railroad, its
property and effects, and the Receivers SO
refusing shall be guilty of high crime,
and upon conviction shall be fined in
sum of not less than one thousand dollars
and imprisoned at the discretion of the
court.
Sec. 5. Be it further enacted, That in
the event said Commissioners cannot sell
said defaulting railroads, or either of
them, for the amount and upon the terms
as prescribed in the first section of this act,
then the said Commissioners are author
lied, after giving such public notice as
they may deem advisable or necessary,
to receive sealed bids from any person,
persons or corporations, for the purchase
of either of the delinquent railroads of
the State, and after giving thirty days
notice of the time and place, shall open
the bids so made, and the said Commits
sioners will report to this, or some subse-
quent General Assembly, the best bid Of
fered with such Recommendation as to
them may seem best for the interest of the
State, for the approval or rejection of the
General Assembly.
Sec. 4. Be it further enacted, That no
less than four of the Commissioners
named in this act shall be competent to
perform any duties required by this act.
Sec. 5. BE it further enacted, That the
Commissioners, on making sale of the
interest of the State in any of the rail
roads, shall give the preference to the
purchaser or purchasers, who will obi
gate himself or themselves to operate the
road so purchased over its entire line from
terminus to terminus, and that as the public
welfare requires it, this act shall take ef
feet from and after its passage.
Passed July ], 1870.
w. ON. PERKISs.
Speaker of the House of Representatives
d. B. THOMAS,
Speaker of the Senate.
Approved July 5, 1870.
D. w. c. SENTEB,
Governor.
certify that the above is true copy
of the original, now on file in my Office.
T. II. BUTLER,
Secretary of State
An act to provide for the appointment Of Special
4 Judges il certain cases.
Section /. Be it enacted by the Gen
eral Assembly of the State of Tennessee,
When from any cause, the Judge of any
Court of Record in this State Except
the Supreme Court fails to attend, or if
in attendance, cannot properly preside in
cause or causes pending in such Court,