The weekly Union times. [volume] (Union C.H., South Carolina) 1871-1894, 1878-05-03
Sections shall be incorporated into and be-

come par. of said Act, to wit:
"SEC 9SThat upon the petition of one
hundred legsl voters of any County, or of
twenty.cSe Il Al voters of any Incorporated
town ineres' cd in the construction of said
RAILROAD, pEM,y branch thereof, it shall be
tho duty 1fthe County Commissioners of
such Coantyx or of the Town Council of
such town, toSubmit the question of sub
scription or no subscription and the sum or
sums to be subscribed to the said capital
stock, to the qualified votA tArsof such County
or town, and to that end public notice shall
be given for thirty days previous of the
time and place where aud when the vote
will be taken upon said question of sub
scription or no subscription. ~,
SEC. 10. That if majori&pf the votes
cast at such election shall be &r ,subscrip.
tlon, it shall be lawful, and is hereby made
the duty Of such County or town. to sub.
scribe 'hc sum SO authorized to the capital
stock'of the Chester and Union Railroad
Company to be payable in such manner us
the, proper authorities of such County or
town may deem best ProUilcd, That the
amount to be subscribed shall not exceed
re pcr centuA Of the entire valuation of
the entire pSperty of tho County or towns
50 subscribing: Procidel, tirtier, That
the said Chester and Union Railroad Com
pany shall receive in payment of said sub
Scription the bonds issued under the pro-
visions of the next Section, at a valuation
| OF not less than eighty cents on the dollar
SEC. IL. That in order to meet said
subscription the corporate authorities of
such County or town shall have power, and
are hereby authorized, to issue seven per
cent coupons bonds, in denominations of
one thousand dollars. five hundred dollars
and one hundred dollars, payable in twenty
years after date. with the coupons pavablc
on the first day of April in every year
And 1t is further made the duty of the
corporate authorities Of such County or
town to have levied and collected from year
to year on the taxable property of such
County or town n sum Of money sufficient
TO meet the interest accruing on such bonds
and to provide for the payment of such
bonds as they fall due and the moneys so
levied and collected under the provisions of
this Section shall be kept separate and
apart from all other funds collected by the
Ircasurcrs OF such Counties or towns and
paid only to the coupons of the said bonds
Aud this Section shall. on and after its pas.
sage. be considered to be in the nature Of
contract with the holder of the bonds aforc
SAID, for his protection and the better sccur-
ing OF the prompt payment of the coupons
on tie same as they may fall due.
SEC. II. That out Of any funds in their
hands not otherwise appropriated the corpo-
rate authorities Of such Counties or towns
shall at all times have power to purchase.
retire and cancel bonds issued under the
power, and it is hereby made their duty. to
exchange stock in said railroad company
Tor their bonds SO issued, whenever the
same can be done dollar for dollar.
SEC. 13 That no stakeholder of said
company shall be hell !. ,lc for tho debts.
contracts or acts of said corporation beyond
the amounts actually subscribed to the cap
ital stock Of said company by such stock
holder"
SEC If. That the election to be ordered
under the provisions of Section 8 hereof
shall be held by Managers to be appointed
by the corporate authorities OF such Coun>
ties or towns, in accordance with the laws
and regulations providing for general clcc-
''NhS ih WIS 'rSaiC 4 TOGNCU, J. nat the re-
turns OF the polls shall be made to the said
corporate authorities, who shall declare the
result. .'..,si,,,-s,z,,..
SEC. +. That Section of said original
Act shall be hereafter numbered Section
ID, and shall read as follows:
SEC Is. That the sa;d railroad shall
be commenced on OR before January l, 1882.
am" completed between the towns Of Chcs.
ter and Union on - before January 1st
lHS y and all extensions thereof within ten
yca.S,7: th1 date Of the commencement of
work on said rairoad'
SEC D. That Section Of said original
Act shall be hereafter numbered Section
1G.
Approved March -, 1873.
AN ACT to Exempt Fair Grounds and
Buildings Thereon from Taxation
W hcrcas the holding Of agricultural ard