Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-03-02
A. 7. LACEY,
Speaker OF the senate.
". S. MCGAUGHEY,
Speaker Of the House.

AN ACT 70 authorize certain Railroad Com
panies Of this state 70 issue consolidated
or income bonds and % mortgage their
property TO secure the same for the purpose
OF paying on their indebtedness-
SECTION / Re q enacted o. he General a.
ssz1oiv Of the STATE Of Ienns1ees, That any OF
the Railroad companies Of this state, which
has heretofore leased its road, road-bed and
rolling stock 70 any other person, or corpora
ION Tor a term Of years, and which is lndsbt-
ed 70 this state, BY reason OF bonds loaned,
OF indorsed, or otherwise, and % either tndi-
Vtduals or corporations BY reason OF the
mortgaze bonds OF such Railroad Companies
being owned or held By such individuals or
corporations, may and they are hereoy an
thorized and empowered TO make and issue
bonds 70 be known as Consolidated mort
laze gold bonds" in denominations Of one
thousand dollars each, bearing seven per
cent. per ann1m gold interest, payable SEMI
Annually in order 70 enable sucn Railrosc
Ompanies 70 raise money FOR the purpose OF
paying OF such Indebtedness 20 the state and
individuals and corporations, and also ior
he purpose Of dischargtng any other tndeot-
edness or liability which such ha1LrOeu
Companies may incur or have incurred n ne
exercise Of their lawful pursuits OF opjectss
and II shall be the duty OF the Board OF d.
ractOrs Of any such Railroad Company 70
prescribe the date and time OF maturity OF
aid consolidated bonds, and me
date for the payment OF the interest
Of the same and the place where the
principal aud interest Of said consolidated
bonds snail De paid; provided that no
such consolidated bonds as herein authorised
hall be issued until the stockholders Of such
stock in such Company shall have agreed and
consented to the issuance thereof. Provided
turther, that II the stockholders representing
majority Of the stock IN any sucn Con-
Dany have heretofore agreed and consented
10 the issuance Of such bonds such previous
consent shall be sufficient authority for the
Directors 10 issue the bonds.
Section 2. Be it further enacted, That In or
der TO secure the payment OF satc- consolidated
bonds and the In crest thereon rs II falls due,
The said Railroad Companies be and they are
nereby authorized and empower ed 70 execute
I mortgages or deeds Of trust upon and convey
either the whole or any part OF tneir i53l. T9ll-
roads, franchises, fixtures, real estate, rolling
| stock, machinery and other property OF said
/ Companies in such form as the Board OF d.
rectors Of such Companies may ossm nsees-
L ECTIOS 8. Be q JtfrtteT eT1Gcaui Inat any
l Raj road Company in this Sta5e owing out
L -taudIng floating debts and being Qeslrous 70
i make PROVISIONS for the payment Of the same
1 be anu they are hereby authorized and en-
l lowered to make and issue bonds 20 oe known
4 A. "IncOme Bonds for an amount fuily sum
l .Tart 10 cover and pay OF the Aforesaid in
| tebtedness specified in this section OF TINS ac
| ,rl,fch said Income Bonds may bear q raJe Of
| interest not 10 exceed ten per cent. per an
I nnnr which interest may be made payable
1 sither annually or seml-annually, ana sall
/ Railroad Companies may negotlate aEd se4
| ne said INCOME Bonds for the Aforesaid pur.
| nose and in order 70 secure the payment ol
i F1e principal and interest Of said income
/ Bonds may mortgage or convey 2y % deea q
Il trIISr either the whole or any part OF the rent
A and prOfi Is and other property and franchlses
| 1f said Railroad Companies, and the Boz 70 o
Directors Of any such hallroad com = ny
4 ayaiIfnz itself Of the benefit OF provision >
4 bfs section OF this act shall prescribe th'
4 40 tes and time of maturity OF said Income
| Ron is and also the dates and place Of pay
i n7ent OF the principal and the interest,"
SESTI0y 4. Be It rirtAer enacted, That n
Company avatllng itself 0I me DehenI oL III N
| sct Sham isAus OF such Consolidated or Incom
| Bonds or OF either or both more tnan twenty
| thousand dollars per mile Of the road so mort
| gagged or conveyed -, ~. 81,
SxCrIOS 5. Be Il Further enacted, That N
| proyfsions OF this act shall in no way tmpal
1 anv lien or mortgage OF pr1or1tles Of Lien ina
The state Of Tennessee or any i lnaiFtaQa .
| cOrDoratfon has upon any Of said kallrOas
/ COM panfes or upon the property OF ancn COIn
| panies, and that nothing IN this act coutalne'
snail prevent the state Us oLlesrs OF As5L.ss s,t
| or the Commissioners for the state or tnel
l agents or attorneys rom enforcing tne CO..
I lection Of any notes, or bonds or mortgage
4 sxacuted by any Railroad Company or Com
| Dauies in the state or its agents or attorney
| but al such notes, bonds or mortgages nay .
| enforced against all Railroad Companies II
l rhis state to the same extent and IN as Ia
| and mplete and speedy manner as II N
! act had not been passed, and nOthlng N ~
1 act shall be construed TO alter, abolisn, posl
1 poue or in any Eaannet modify the lien Wnlc
| me : ATE now has or may hereafter have o
| any Railroad, its franchises and properly
provided no such mortgages shall bar an
1 Judgment against such roads FOR WorK or lapo
l,tons or damages done to person or prop9dl
SECTION 8. Be tt JlfrtheT sT'e-etsd, Inat "a
| act shall take effect r. m anG after Us passa5
he public welfare requiring It.
| Passed February 10, lsI3.
A. T. LACEY,
Speaker Of the Senate.
". 5. MCGAUGHEY,
Speaker Of the House.
| Approved February a 80.
JNO. C.. BROWN, Governor
! certify that the foregoing = a true S cogy
l - -TsnT esSee nsssed February 10. ls73, u
origtnaI OF which is now on 1le IN my ofhe'
CHAS. n. GIBBS.
| mh2 -ecIetALy " o---c.