Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1871-04-23

semi annually, commencing with the COM
pletion of the South and North Alabama
Railroad, Chat is from the time the track
is laid on the whole hne) on the present
stock of said company amounting to one
million, five hundred and twelve thousand,
one hundred and eighty-four dollars and
eleven cents Isl, 512, lS4.1) for the first
ten years, unless the South and North
Alabama Railroad Company fails to pay
out Of its net earnings the interest on its
bonded debt, in which event the said divi-
dend shall be applied towards the payment
of One-half of said deficiency in the pay
ment of the interest, and should the half
of said deficiency be less than the
said dividends, for each of the
two years, then the surplus of the
dividends over and above the bali of
the deficiency shall be distributed
pro rata among the stockholders,
and after the expiration of two
years, the Louisville and Nashville r all
road Company sgree and obligste them
selves to pay six per cent. per annum, pay
able semi-annually, as dividends to said
stockholders, whether said deficiency or
any part of it exists or not. But it is fur
Their agreed that, should the result Of any
ROl-hAhS Va AuJuAC hlA6atAOu IClulLO lLO
lessons to Issue stock in excess of the
amount just mentioned, the lessees agree
to declare and pay to such stock when is
sued the same dividends and in the same
manner as is herein contracted to be paid
to the other stockholders provided, new
ertheless, that the lessons shall in good
faith defend such litigation, and provided
further that the lessons shall give due
ond fipnalu Of oT1oh Eiioro
ton to the lessees, and provided fur
Their that the dividends in such additional
stock shall not exceed fifteen thousand
| (S15,000) dollars per annum, and provided
| further that the additional stock to be is
| sued on the result of such litigation shall
| mt exceed two hundred and fifty thousand
| ($25O, OOO) dollars, and it is further agreed
that all dividends shall be paid to the
lessons and to be by them paid to the
stockholders.
8. For all payments of the debts
and liabilities of the lessons by the lessees,
other than interest accruiDg after the time
when the lessees take charge of the road,
the lessees shall have stock issued to then
at the date of the payment, but 10 stock
shall be assessed to them, for any payment
of interest scoruing, after the date a
which they take charge OF the road, mol
for any amounts paid with the assets of the
lessons reserved from the lease.
4. The lessees shall have power, and
are authorized to issue the second m )rt
gage bonds Of the Nashville and Decatur
Road not to exceed four hundred Thousand
(S4OO, OOO) dollars, but so as not to make
the two million one hundred thousand
(S2,IOO, 000) dollars of bonds issued to re
tire the State debt a secondary liability
but the lessess in that event shall pay thu
principal and interest of said bonds with.
out any charge against the lessons, ant
said lessees shall have no pow
or or authority to sub-let said roa,
without the actual consent of the lessons
5. The lessons reserve the right to com
promise and settle all suits and disputes
claims against their company, or agsins
the original companies comprising il
present consolidated company, subject
the ratification of the lesees as to time an
manner Of payment.
6. The organization of the company
the Nashville and Decatur Railroad is
be kept up, consisting of the Presiden
Secretary and Board of Directors, as herr
| tofoGe, al the expense of the lesees, an
, the President and Secretary shall perfo1