Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1873-03-19
TOL. 33.-NO. m
LAWS OF TENNESSEE.

AN ACT 70 authorize certain Railroad Com
panies OF TINS state 70 Issue Consolidated
or income bonds and TO mortgage their
property % secure The same for the purpose
OF paying on their Indebtedness.
SECTION ]. Be e enacted by the GeneraI As-
seTably Qf ne state Of Tennessee, That any OF
the Railroad Companies Of this State, which
has heretofore leased Its road. road bed and
rolling stock 20 any other person. or CORPORA
ton, for term Of years, and which is iudebt-
ed to this state, by reason OF bonds loaned,
or indorsed. or otherwise, and 10 either indi-
viduals or corporations by reason OF the
mortgage bonds OF such Railroad Companies
being owned or held BY such individuals or
corporations, may and they are hereby au-
thOrizeo and empowered to make and issue
bonds 10 be known as consolidated mort
gage gold bonds" IN denominations OF one
thousand dollars each. bearing seven per
cent per annum gold interest, payable semi
annually, In order 70 enable such Railroad
companies 10 raise money for The purpose OF
paying on such Indebtedness 70 the State and
individuals and corporations, and also for
the purpose OF diseharging any other fndebt-
edness OF liability which such Railroad
exercise Of their lawful pursuits or objects;
and &c shall be the duty or the Board Of Di-
rectors OF any such Railroad Company TO
pres prescribe the date and time OF maturity OF
date for the payment 2 OF the i1.su interess Sss
Of the same and the place where the
principal and interest Of said consolidated
bonds shall be paid; provided that no
such consolidated bonds as herein authorized
shall be issued until the stock khOiders OF such
e.lIIp COMPANY representing majority Of all the
stock in such Company shall have agreed and
consented 70 the issuance thereof. Provided
furthers that II the stockholders representing
a majority OF the stock in any such Com
pany nave heretofore agreed and consented
TO the issuance Of such bonds such previous
consent shall be sufficient authority for The
Directors 10 issue the bonds.
SECTION 2. BE L FURTHER enaefed. That in or
der to secure the payment OF said consolidated
bonds and the interest thereon as IL falls due,
the said Railroad Companies be and they are
hereby authorized and empowered 10 execute
mortgages or deeds OF trust upon and convey
either the whole or any part OF their rail-
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 deem neces-
sary TO accomplish The objects Of this act.
SECTION 3. Be % further enacted, That any
Railroad Company In this State owing out
floating debts and being desirOus 10
make provisions for the payment Of the same
be anu they are hereby authorized and EN-
powered 70 make and issue bonds % be known
as "IncOme Bonds" for an amount fully sufii-
eient to cover and pay on the Aforesaid in
specified in this section of this act,
which said Income Bonds may bear rate Of
interest not 10 exceed ten per cent. per an
mum, which interest may be made pcyable
either annually or semi-annuaily, and said
Railroad Companies may negotiate and sell
the said Income Bonds for the aforesaid pur-
pose, and in order to secure the payment OF
the principal and interest Of said Income
trust either the whole or any part OF the rents
and profits and other property and franchises
OF said Railroad Companies, and the Board OF
Directors Of any such Railroad Company
avaihng Itself OF the benefit or provision Of
this section of this act snail prescribe the
dates and time Of maturity Of said Income
Bonds and also the dates and place Of pay
ment Of the principal and the interest
thereof.
SECTION 4. Be Il nlrther enacted, That no
Company availing itself Of the benefit Of this
act shall issue OF such Consolidated or Income
Bonds or Of either or both more than twenty
thousand dollars per mile Of the road 80 mort
gagged or conveyed
SECTION S. BE Il Jsrthsr enacted, That Ae
provisions Of this act shall in no way impair
any lien or mortgage or prlOr1ties Of lien that
the State Of Tennessee or any individual or
corporation has upon any Of said Railroad
Companies or upon the property Of such Com
shall prevent the state, its officers or agents.
or the Commissioners for the state or their
agents or attorneys from enforcing the col
lection Of any notes. or bonds OF mortgages
executed by any Railroad Company or Com
panies in the State or its agents or attorneys,
but al such notes, bonds or MORTGAGES may be
enforced against all Railroad Companies in
and complete and speedy manner as if this
act had not been passed, and nothing in this
act shall be construed 10 alter, abolish, post
pOne or in any mannet modify the lien which
the Ssate now has or may hereafter have on
any Railroad, its franchises and property /;
judgment against such roads for work or labor
done OF damages done 70 person or properly
SECTION 5. Be q further eIlucted, That this
act shall take effect from and after its passage,
the public welfare requiring it..
Passed February l9, lSl3.