Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1877-04-19
Published March q, 1877.
CHAPTER I44

AN ACT to amend subdivision ten, of section
eleven of chapter 119 of the general laws of
1872, entitled, Z" An act nrelation to railroads,
and the organization of railroad companies"
The people of the state of Wisconsin, represented
IN senate and assembly, do enact as follows:
Section l. Sub division 10. of section eleven,
of chapter 119, of the general laws of 1872, en-
TITLED, An act IN relation to railroads and the
organization of railroad companies, approved
March y, 1872 is hereby amended so as to read
as follows: Ito borrow such sum sums of
money at such rates of interest and upon such
terms as said company or It's board of directors
shall authorize and agree upon, and may deem
necessary or eXpedient, and to execute one or
more trust deeds or mortgages, or both, as occa-
sion may require, on any railroad or railroads
constructed or in process of construction by said
company, for the amount amounts borrowed
or owing by such company, upon such terms and
IN such manner as such company or Its board of
directors shall deem eXpedient; and such COM
pany may make such provisions IN such deed or
mortgage for pledging transferring their
railroad track right of way, depot grounds rights
privileges, franchises, immunities, machine
houses, rolling stock, furniture, tools, nipple
ments, appendages and appuTtenances used in
connection with such railroad or railroads in any
manner whatever then belonging to said compa-
ny, which shall thereafter belong to it as Sc
curlty for any bonds, debts, or sums of money
that may be secured by such trust deed or mort
gage as they shall think proper; and in case of
sale of any railroad or railroads, or any part
thereof, constructed In process of construction
by any railroad company, on or by virtue of any
trust deed on any foreclosure of any mort
gage thereupon the party or parties acquiring
title under such sale, and their associates, sue
cessoTs and assigns, shall have and acquire there
by, and shall exercise and enjoy thereafter ali
and the same rights privileges, grants, fran
chises. immunities and advantages in and by
said mortgage trust deed enumerated and
conveyed, which belonged to and were enioyed
by the company making such deed or mortgage,
or contributing such debt, SO far as the same re-
late and appertain to that portion of said road,
or the line thereof mentioned and described in
and conveyed by said mortgage or trust deed,
and no further, fully and absolutely in all re-
spects as the corporators, shareholders, officers
and agents of such company might or could
have done therefor had not such sale or pur-
chase taken place; such purchasers, their
associates, successors or assigns, may proceed
to organize anew by filing articles of asso-
citation and electmg directors as provided
in this act; and may distribute and dis
pose of stock, take the same or another name,
ard may conduct their business generally
IN the manner provided by this act: and such
purchaser purchasers and their associates shall
thereupon be a corporation, with all the powers,
privileges and franchises conferred by and be
subject to the provisions of this act; provided,
that If the parties purchasing at such foreclosure
sale, and so organizing anew as hereinbefore
provided, own or represent majority of the
bonds secured by said mortgage or trust deed,
and also include the pc sons who, at the rendi-
tion OF such judgment or foreclosure decree
owned a majority of the capital stock of said
company, the sale under such judgment or de
cree shall not be deemed or held to be such sale
within the meaning ofany law of this STATE par
ticuiarly applicable to said company, as to dc
prive the parties purchasing and organizing;
anew, or the company organized, of any spe-
cial exemption, privilege or immunity granted by
any law of this state TO the company which exc
cuted such mortgage or trust deed and operating
upon any of the property In such Instrument de-
scribed, embraced or Referred to; but such par