The comet. [volume] (Jackson, Miss.) 1877-1882, 1880-03-13

An Act for the settlement Of oil contro,
yersies and litigation between the state o.
Mississippi and the Mobile and ONO haii'
road Company. ,.
Section /. Be il enacted by the Legisla'
ture of the State Of Mississippi, that ~
consideration of the REIMBURSEMENT by inc
Mobile and Ohio Railroad Company OF all
its rights to exemption or quallneu e *,
emptiOn by virtue Of section three OF an
Act entitled Gan Act to incorporate the
Mobile and Ohio Railroad Company"
approved Feb. 18th, 1S4S, the State Of Mis-
agrees to relinquish to and cancel all claims
OF every sort held, owned or possessed by
by her against the said Company, by rea-
son of or growing out of the receipt by
said Company of Il portion of the fund com,
monty known as the Chickasaw School
Fund, upon which claim, judgment was
rendered by the Supreme Court OF this
State, on 9th day of March, 1861 in favor OF
| tbe State for $780,, 1866, with interest at
eight per cent. per annum from Feb. list
| 1876, against said Company, and from
which an appeal was taken by said Compa-
nv to the Supreme Court of the United
States, where the said appeal is now
Sec. 3. BE it further enacted that the
first section of this Act shall be wholly in
operative and of no effect unless the said
Company shall on or before the first day Of
July 1880, file in the Office of the Secretary
of State, Il certified copy of resolution TO
be passed by the Stockholders of said
Company, at meeting to be called for
that purpose, relinquishing i'll behalf OF
the said Company, all the rights to eXemp-
ton or qualified exemption from taxation,
by virtue of section three of an Act entitled
dan Act to incorporate the Mobile
and Ohio Railroad Company, "approyed
Feb. II. 1S4S, together with relinquish-
ment of the same rights, under the hand
and seal of such Receiver or Receivers,
Trustee or Trustees, as may be IN the
possession of said road, so far as he or they
can relinquish the same. And II said
certificate of the Stockholders shall be so
filed with the Secretary of State, the said
Company shall be deemed and held to have
accepted and agreed to this Act, with all
of ITS conditions and section three of the
Act of February II, 1S4S, aforesaid, shall
be deemed and held thereby to be repealed
with its full consent
SEC. 8. Be il it further enacted, That
upon the copy of said resolution, and said
REIMBURSEMENT by said Receiver or Trus-
tee, being so filed with the Secretary of
State, it shall be the duty of the Governor.
under the seal of the State, to execute and
deliver to said Company written relin-
punishment of all claims of every sort held,
owned or possessed by the State, by reason
of, or growing out of the receipt by said
Company of portion of the fund common
ly known as the Chickasaw School Fund,
to which reference is made in section one
of this Act.
SEC. 4. BE it further enacted, That upon
the settlement provided for being so made,
it shall be the duty of the said Company to
dismiss the appeal now pending in the SUI
preme Court of the United States, as men
toned in section one of this Act, at their
costs and upon failure to do so within
four months after the first day of July, 1880,
the State of Mississippi shall have the right,
through her attorneys, to have the same
so dismissed.
SEC. 5. BE it further enacted, That if at
anv time hereafter, it should be adjudgcd
by any Court of competent jurisdiction, at
the suit of said Company, or any of the
thereof, or any other person
or persons interested therein, that the reso-
luton of the stockholders, of which copy
is required to be filed with the Secretary of
State, as directed in section two of this
Act, was not binding on said Company or
or other person interested
therein. or that from any cause the settle
ment herein provided for was not legally
made, and is not binding, as it is designed
to be, then, and in that event, the judg-
ment described in section one of this Act,
shall stand in full force and effect against
said Company, anything in this Act to the
contrary notwithstanding.
SEC. 8. Be it further enacted, That if
said Company shall accept the provisions
of this Act, whereby the third section of
the Act of Feb. II, 1S48, aforesaid. shall
become repealed, it shall thereafter be sub
iect to taxation only in the same manner
and form, and to the same extent as other
railroads in the State, of the same class,
which may be subject to taxation, shall be
taxed under the laws of the State from
time to time enacted in relation thereto {; |!
and said Company shall pay taxes for the
year 1880, and in default thereof, shall be
subject to the same remedies, pains and
penalties, provided against other roads,
making default in the payment of the taxes
due by them.
SEC. I. Be it further enacted, That this
Act take effect and be in force from and
after its passage.
APPROVED March 5, 1880.