Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1871-03-07

| ties, an immediate reference of the same
| shall be made to the Clerk and Master,
| or, if thought preferable, 10 such special
l commissioner as the court may appoint,
| who shall proceed at once 10 take such
| account, and make report 20 6n adj burned
term of the court within such period as
| the court shall limit, not exceeding TWEEN
| ty days from the dste of the decree order
ing tue account. And at such adjourned
| tenn final action shall be had upon said
report But thu taking of such account
shall not postpone the determination of
all such questions of law presented by
the parties as are not involved in the mat
tiers of account ordered TO be taken.
Sec. 4. Competent counsel shall be re-
tanned on behalf of the State by the
Commissioners, whose duty it shall be,
Immediately on the passage of this act,
10 file q bill in said Cbancery Court so
| framed as TO elicit determination by the
court of all questions of law and matters
of controversy now existing or thai may
hereafter arise between the State and any
| and sn of the parties interested, IN any
of said roads, and to conduct tae suit and
superintend its progress with view to
the speediest practicable determination,
| and fer such services said counsel shall
be paid fair compensation out OF the
! public treasury of the State.
Sec. 3. Upon a final decree being made
| by the Chancellor settling he rights of
the parties, either party shall have the
right of appeal or writ of errcr to the
Supreme Court, in the usual mode, except
that the time for prosecuting E writ OF
error is hereby limited, in view OF the
urgent publ necessity for a speedy deter
minatioD, to thirty days from the final de-
cree; and in case of an appeal or writ of
error to the Supreme Court, transcript
of the record OF such part thereof as
may be thought necessary, shall be filed
in the office of the Supreme Court at
Nashville, within said period of thirty
days.
Sec 6. IN case Of appeal OF Wi, OF
error to the Supreme Court as herein pro
vided for, The Judges thereof, in view of
the pressing eXigenCies of the safe, are
hereby specially empowered, auG respect
fully requested as soon as the transcript
of the record shall be FLED in the office of
said cOuTt-if then in sessiOn-tO take up
and finally dispose Of the case, il prefer
ence 70 all other cases on the docket, and
if not in session to appoint a special term
for the immediate hearing of the same.
Sec. 7. In case any of the said rail
road companies should decline q contest
with toe State, in regard to the sale of
the Sta'e's interest in their road, sale
may at once be made, and, upon The final
determination Of any controversy that
may arise between the State and any of
said railroad companies, in the ChanCery
or Supreme Court, the interest Of the
State in such roads, shall Immediately be
brought to sale by the Commissioners.
Sec 8. A specific value shall be fixed
upon the States interest in each of said
roads, by the decree of the court and
the Commissioners shall be authorized to
dispose of the same at such valuation,
either at public or private sale, as they
may Judge most advisable; and if sale
of any OF the roads caLnOt be made at
such valuation, the same shall be sold for
the highest price that can be obtained.
Sec. 0. The interest of the State in
either of said railroad companies may be
sold on time, and the amount agreed to
be paid by the purchasers, may be dis
charged il any of the outstanding legal
bonds of this State; but a sale On time
shall be upon the following expressed con-
dirioHs.
The purchaser at the time of sale shall
psy, or deliver TO the Governor, at least
one-fourth of the amount agreed to be
paid, in legal bonds of the State, and
shall execute a bond with sufficient Sc
curity to the Governor, for the delivery
of the remainder of the bonds to be paid
at intervals OF one, two and three years
from the date of the sale, in like legal
bonds of the State, and also pay into the
Treasury from the time of his purchase
an amount equal to the interest accruing
semi. annually, from the remaining three
fourths of the bonds to be there after de-
livered by him, until the whole amount
shall be delivered TO the Governor; said
interest to be paid as the coupons mature,
and il is expressly declared that the failure
Of the purchaser to pay or deliver to the
Governor any subsequent installment OF
bends as shove provided, when the same
shall fall due, shall work an absolute for
fciture to the State of all and every pay
ment previously made; and in addition,
his interest in such road shall be Te-sold
by the Commissioners, after forty days
notice, TO meet the default in payment by
him.
Sec. 10. Upon the sale of any of the
franchises of any of the railroad COmpa-
nies by the Commissioners under the pro-
visions of this act, all the rights, priv
leges and immunilies appertaining to the
franchises so sold, under its act of incOr-
poration and amendments thereto, and
the general Internal Improvement law OF
the State, and acts amendat ~ thereof,
shall be transferred to and vest in saio
purchaser, and the said purchaser shall
hold said franchise subject to all the liens
and liabilities in favor of the State as now
provided by law against the railroad COM
panies.
Sec. II. Whenever hereafter any exist
ing railroad company, to which bonds OF
the State have been issued or loaned, or
any railroad company hereafter to be
created, shall fail to pay to the State the
interest due thereon for the benefit OF the
bondholders, or shall f2il to pay in as re-
uuired by law the sinking fund, they may
be proceeded against in the Chancery
Court al Nashville, in the same manner