The weekly clarion. [volume] (Jackson, Miss.) 1863-1882, 1877-02-21

agement of said property, fix their duties, terms
OF Office and compensation and adopt bylaws
not inconsistent with the laws of This State.
SEC 3 Be At further enacted That upon an
organization being effected as aforesaid by the
election of a board of directors. and upon said
board of directors filing with the Secretary Of
State of this State, statement signed by said
directors, showing the name of said corporation,
amount OF capital stock, shares into which
same is divided number and residence of board
of directors, where this road is situated and the
name names by which it was chartered and
has heretofore been known. the Secretary of
State shall certify the fact of such filing. and
the said company. upon filing said statement
Of its board Of directors aforesaid, shall be a
body corporate under the name chosen as afore-
said, with all the rights, privileges, immunities
and franchises granted to the company or
companies whose road and franchises were
sold and bought as aforesaid), and which
had been granted to said company or companies
by Acts Of It's incorporation Acts amenda-
tory thereof, III as full and perfect manner as
If the new company, chartered under the pro
visions OF this Act, was granted a charter OF
incorporation in the very words of the Act or
Acts OF incorporation under which the com
pany whose road was sold existed; PrOUtded
that the powers and privileges granted in this
section, and sections one and two of this Act
shall be subject to the limitations hereinafter
!
poration organized under this Act shall exist
for longer period than forty years after its
organization.
SEC. 4. Be It FURTHER enacted, That all per
sons or corporations who may become purchas-
ers of any railroad at a sale thereof made by vir
tue of the decree Of any court of competent
jurisdiction as a condition precedent to awaiting
themselves Of the provisions of this Act, shall
in case said railroad shall be indebted to the
State Of Mississippi, give good and sufficient
security to the State of Mississippi by
mortgage, hypOthecatiOn Of bonds or other
wise, such security to be approved by the
Governor. Treasurer, and President of the Sen
ate, or a majority of them, of said State for the
payment in ten equal annual installments to
the State of such Indebtedness with interest at
eight per cent. per annum, payable annually;
Pr0cide3 that where said principal indebted
ness shall have been contracted prior to 1874
all interest accrued prior to January LIST, 1874
shall be abated, and the corporation organizing
under this Act shall only be required to pay
said principal Indebtedness with interest there
on, at eight per cent. per annum, from last said
named date, such principal Indebtedness and
interest thereon, from January 1st 1874 up to
the time OF acceptance of the provisions of this
Act, to be consolidated and thereafter evidenced
by the obligations of the corporations organic
ing under this Act maturing in two, three, four
FIVE, six seven, ght, nine and ten years respec
lively, and bearing eight per cent. per annum
interest, aforesaid.
Sec. 5. Be It further enacted, That the prop
erty of all corporations organizing under this
Act shall be liable for the taxes now due, and
shall hereafter be subject to taxation the same
as that of individuals, and the tax shall be
levied and collected in the manner provided
by law, and any provision in any railroad char
ter, or in any amendment to any railroad char
ter, inconsistent with this section, is hereby
repealed.
SEC g. BE ii further enacted, That nothing
in this A ct or in the sale under foreclosure of
any mortgage or other lien by the decree of
any court, OF the property Of any railroad cor
poration, shall in any way manner affect or
impair any legal liability, bond or bonds, note or
notes, obligation obligations, right, lien, or
any other legal or equitable claim of the State
of Mississippi, against any of the railroad cor
poratons Of this State, but such liability, bond
or bonds note or notes, obligation or obhga-
tioas right. lien or any other legal or equitable
claim. shall continue unimpaired, and shall fol
low the property of SAID railroad corporation
into, and be binding upon any corporate organ
ization made in pursuance of the provisions of
this Act until it is discharged now provided
by law, or in such manner may hereafter b
provided by law.
SEC. Z. Be 1t furthe' enacted, Plat this Act
take effect from and after its passage.
APPROVED, February 1st, 1877.