River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1877-04-19
Published March 81, 1871.
CHAPTER IA.

AN ACT to amend subdivision ten, of section
eleven, OF chapter ll9, OF the general laws
of 1872, entitled "An act in relation 10 rail-
roads, and the organization OF railroad COM
panies."
The people of the State OF Wisconsin, repre-
santed in Senate and Assembly, do enact as
follows:
Section |. Subdivision ten, OF section IL,
of chapter ll9, OF the general laws of 1872,
entitled San act in relation to railroads and
the organization Of railroad companies" APP
proved March %, 1872, is hereby amended SO
to read as follows "To borrow such sum or
sums OF money, at such rates of interest and
upon such terms as said company or its board
OF directors shall authorize and agree upon,
and may deem necessary or expedient, and to
execute one or more trus deeds or mortgages
or both, as occasion may require, on any rail-
road or railroads constructed or in process OF
construction by said company, for the amount
or amounts borrowed or owing by such
company, upon such terms and in such man
ner as such company or its board of directors
shall deem expedient; and such company
may make such provisions in such deed or
mortgage tor pledging or transferring their
railroad track, right OF way, depot grounds,
machine houses, rolling stock, furniture,
tools, implements, appendages, and appurte-
nances used in connection with such railroad
or railroads. In any manner whatever then be-
longing to said company, or which shall there
after belong TO il, as security for any bonds,
debts, or sums OF money that may be secured
by such trust deed or mortgage as they shall
think proper; and in case OF sale OF any rail-
read or railroads, or any part thereof, con-
structed or in process OF construction by any
railroad company, or by virtue OF any trust
deed or on any foreclosure OF any mortgage
thereupon, the party or parties acquiring title
under such sale, and their associates, success
orS ard assigns, shall have and acquire there
by, and shalt exercise and enjoy thereafter all
and the same rights, privileges, grants, iran
chises, immunities, and advantages in and by
said mortgage or trust deed enumerated and
conveyed, which belonged to and were en-
joyed by the company making such deed or
mortgage, or contracting such debt, so tar as
the same relate and appertain to that portion
of said road, or the line thereof mentioned
and described in and conveyed by said mor.-
gage or trust deed, and no further, as fully
and absolutely in all respects as the corp0-
rators, shareholders, officers and agents OF
such company might or could have done
therefor had not such sale or purchase taken
place; such purchasers, their associates, sue
cessors or assigns, may proceed to organize
anew by filing articles Of association and elect
ing directors as provided in this act: and may
distribute and dispose OF stock, take the same
or another name, and may conduct their bust
ness generally in the manner provided by this
act; and such purchaser or purchasers and
their associates shall thereupon be corpora
ton, with all the powers, privileges and fran
chises conferred by and be subject to the pro-
visions of this act provided, that ii the par
ties purchasing at such foreclosure sale, and
so organizing anew as hereinbeiore provided,
own or represent a majority OF the bonds Sc
cured by said mortgage or trust deed, and
also include the persons who at the rendition
of such Judgment or foreclosure decree owned
majority OF the capital stock OF said company.
The sale under such Judgment or decree
shall not be deemed or held to be such sale
within the meaning of any law OF this state.
particularly applicable to said company, as to
deprive the parties so purchasing and organ
izing anew, or the company so organized OF
any special exemption, privilege or immunity
granted 10y any law of this state to the compa-
ny which executed such mortgage or trust
deed and operating upon any OF the property
in such instrument described, embraced or
referred to; but such parties so purchasing,
as in this proviso first mentioned, and the
company organized by such purchasers shall
have, possess and enjov any such special ex-
emption, privilege or immunity as fully as
the company executing such mortgage or trust
deed might or could have done il such FORE
closure or sale had not taken place.
Section 2. This act shall take effect and be
in force from and alter its passage and publ
cation.
Approved March 6, 1877.