River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1876-03-30
approved March z, 1876.
Published March 20, 1851
CHAPTER or


AN ACT toauthorize street railway compan-
les 10 issue bonds, and 10 secure the same by
mortgage or trust deed.
The people OF the State Of WISCONSIN reple-
sented in senate and assembly, do enact a.
follows:
Section l. Any corporation now existing
OF that may be hereafter organized or created
under tn. laws OF this state, for the purpose q
constructing or maintaining and operating a
street railway in any city, and which shall
have in operation not less than one cun,inu-
Gus mile OF such railway, is hereby authori-
zed aud empowered 10 issue and dispose Of It's
corpoate bonds, with or without interest con
pOns, to such an amount, and payable at such
time and place as the corporation shall deter
mine, and bearing interest at q tate not great
err than ten per cent per Annum, payable an
nually or semi-apnnally, as the corporation
shall determine, and for the purpose o. secnr-
ing the payment OF such bonds, and the IN
terest thereon, 20 make, execute aud deliver
= trust deed or mortgage Of any or all OF lis
property both real or personal and sueh mott
gage or trustmay lawfully he made 10 embrace
cover aud convey any and al raiways
and other property used in con-
necton herewith, to he alter
wards acquired, constructed or owned and
used by said corporation, as well as any and
all railways and other property used IN con-
nectiOn Herewith, al that time owned and
used by any such coropration, and II shall be
lawful for such corporation having made any
such mortgage, which shall include aud cover
horses, harness or cars, 10 dispose o. the same
a. they shall become old and worn, or otherwise
unfit i0r use on il railgay and any such cor.
poration msy by is mortgage or trust deed as
aiorsaid PTorided, that as fast a. hores, har.
ness or Cars, included in the mortgage or trust
deed, shalt becOme old or worn, or otherwise
unfit Tor use, other horses, harness or cars
owned by the corporation shall h sub tituted
IN lieu thereof, and such substituted horses,
harness and cars shall he held 10 I've covered
by such mortgage ~ trust deed, aud sui ject
10 the hen thereof, in eve resi- Get, az is own.
ed Ivy such corporoiion, aud included ia such
mortgage or trust deed originally pr0ridsd
howerer, that no such bonds shall h. issued
nnd no mortgage or trust deed shall be made
liy any such corporation, unless the issue OF
tue bunds and the making Of the mortgage or
trust deed shall be first approved by stock =
bolders holding and owning three-f0nrihs In
amount Of ne capital stock Of the corpora
tiu.
Section ANY such mortgage. which shall
be made 90 include both real and personal
property, aud Is properly executed and &C.
ku rwlsdged, SO a. 10 be entitled 70 be record.
ed, may w. recorded IN the Office oi the regis
ter % derds Of tie county in which the city
Is fituaied, wieic TIE railway of such oorpor
A'i0n is located, End such mortgage being 10
recorded shall 10 M valid aud binding Ia ali
fesJso.sa a. y fiei in the proper ofioe, a. a
chhttle mortgage, and shall remain 10 valid
and binding until j Is prnpFrly satisfied aud
discharged oi record, aud no subsequent 90 =
oayit by the mOltgale e " hiF agent or attor.
ney shall H. require 10 cont inue Il iu tore.
Section 3 Auy such corporation may law.
fully ne. oliae aud dispose Of any bond is.ued
under the provisions ~ this chapter h. nv
person Or Marty. on such terms nod Al such
rates A. may r. asefed on, anything 10 any
law % this tiate, on the subject q usury, "a
the contrary notwithstanding
Section 8 fhiB aet snail .ake effect and
10 10 iorce from and after H. passage hnd pulr
llCati0n.
Approved March 4, 1915.