Edgefield advertiser. [volume] (Edgefield, S.C.) 1836-current, 1871-04-06

ratified and confirmed, and SAID mort
gage is declared to be a lien prior to
that of the State, on all property de-
scribed in said mortgaG }, and on the
entire line of the road aforesaid, and
onsall the properties, Of said several
Companies, or which they, or either of
them, may hereafter acquire; but moth
ing in this Act contained shall be con-
strued to divest the State of its lien on
the estate and property Of the several
Rail Companies, or either of them,
for its endorsement of the bonds afore-
said, but said lien is postponed to and
declared to be subject and subordinate
to that Of the mortgage, hereinbefore
mentioned, to Henry Clews, Henry
Gourdin and George S. Cameron, ,,Trus-
tees.
Sec. 5. That all other statutory or
other liens OF, lien, encumbrance, equi-
ties or equity, except the mortgage en-
cumbrances now upon the property, as
sets, effects, rights and franchises Of
said Greenville and Columbia Rail Road
Company, or any part thereof, and also
except the mortgage herein authorized,
shall be, and are, or is hereby, made
subsequent to the mortgage encum-
brances now in existence thereon, and
subseuuentto the one herein authorized,
SO that the holders of the bonds secured
by said mortgages, or either of them,
shall have lien and security as between
each other, according to the time said
mortgages have been or shall be record
ed, and prior Lien to all other lines or
encumbrances whatsoever. any law. or
laws to the contrary notwithstanding.
SEC. 6. The following clause in Sec
ton 2 of the Act of September Is, 49,
SO, to authorize additional aid to the
Blue Ridge Rail Road Company, in
South Carolina, viz: Z" Amd further pro-
vs;ded, That the said bonds, or any part
thereof, shall not be used, unless upon
the express condition that upon appli-
cation to the Congress Of the United
States, or to private capitalists, the
amount of three millions of dollars in
currency, or so much of that sum as
may be necessary, shall be furnished
in exchange, or upon the security of
said bonds" is hereby repealed.
SEC. 7. That after the consolidation
of the Greenville and Columbia Rail
Road Company with the Blue Ridge
Rail Road Company, the bonds now
held by the Greenville and Columbia
Rail Road Company and the Blue Ridge
Rail Road Company, shall be endorsed
by the consolidated Company.
Sec. 8. That if said Consolidated
Railway Company shall fail to pay its
interest on its guaranteed debt for two
wears, it shall be the duty of the Comp
troller-General of this State, and be
shall have the power to take Immediate
possession of said road, with all its ap'
4. purtenances, and lease the same to res
ponsible parties who shall have contro
thereof, ,until the General Assembly
| shall, by law, provide for the settlement
of the affairs of said Company in the
interest of all its creditors.
Sec. 9. That the said Greenville anc
Columbia Rail Road Company, and tht
Blue Ridge Rail Road Company shall
forever, continue and be body cor
porate, capable Of suing and being sqet
in any Court of competent jurisdiction
Sec. 10. That all Acts or parts o
Acts, inconsistent with this Act, or any
;, part thereof, are, for the purposes o
this Act, but forno other purpose, helre
by amended. altered, modified, or re
pealed, as the case may require, SO a
to conform to the true intent and mean
ing of this Act.
Sec IL. This Act shall take alsec
Immediately.
Approved the 9th of March, "A. D.
1871.
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