New-York tribune., 1886-03-10
BILLS INTRODUCED IN THE SENATE.

BILLS INTRODUCED IN THE SENATE.
SEEKING 10 ANNUL THE CHARTER OF THE BROAD
WAY ROAD AND WIND Up IT'S AFFAIRS.
rrRcv 1iF rrGriAE CORES .uSnENT OF mn. TWBUNE
ALBANY March 9.-The Senate Railway Com
mltlee to-day submitted bills to the Senate snnullng
the charter of the Broadway Surface Railway Company
and providing sale OF its eocs aud franchise
Ex-senator Conkllag supposed to have prepared the
bIl and writer the report Senator Low. the chairman
of the Committee stated that while he and his feo"
committeeman agreed upon the report they were
not united upon the bills. Some OF the members OF the
committee disapprOved OF the bill aunuiling
the charter Of the road. The committee
seemed TO he divided politically ON this
question (; the Democrats being opposed TO tho bl
while The Republicans approved Of It, The repeal bll
Consists OF only short paragraphs, one declaring
that the proposed law shall 20 into effect immediately
aud the other that the the Broadway Surface Railroad
Company rs hereby annuued and dis,oyed and It's
charter hereby repealed" second bill provides for
disposal OF the property OF the road alter s iran
chse has been annued II says;
Whenever any street surface railroad company shall
have leendlssOyed or annuled, or Its charter fceh'u
by OF Legislature, the consent OF the owh'r7 oi
authorities having the control OF that portion 0i
street or highw upon whlch the RAJ f1ar was con-
sructed OPERATED the act OF thr General Term
confirming the report OF the commission that such ra
road ought constructed Or Operated 'a not nor
shall thereof. he deemed To be IN Any way I'M
pared, royOked terminated or OthefWise aItFtel ny
such act uf dissolution repeal but the same and each
t reof shall continue iul force, efficacy aud beng
for the and purposes herein mcutinhcl.
The right to the further en neht ana tue use sure
quent to said dissolution. amendment or repeal
OF the SAID consents and orders and OF each
thereof aud OF all tho powers. privileges AMI
benefits therein and thereby created shall he sold at pup
lie auction by tue municipal Anihorte. within whose
jurisdiction such RAILROADS shan be IN the same manner
provided III Section or Chapter -- OF the laws of
Wien such sale shsll have made the purchaser
shall the the further enjoy and use OF
sucn cnaents and orders and o. all the powers pryl-
eges aud benefits therein and thereby created IN lso
II such purchaser had breh originally nanei
In such consents, reports and orders provided tina
such purchaser shall Do otherwise authorized ny law !"
construct, maintain aud operate street surface rail-
road wthIn the municipality within which rnch RAILROADS
shall be-
third bill makes provision for the winding up OF
pOratiops whose charters have been annuled by the
Legi ature 1t stated in the bill that whenever
corporation organized under the laws Of this state shall
he annulled by act OF the L"glapre tho Attorney
General shall bring suit to wind up the andirs OF the
corporation. II provides for the appointment OF
receiver who shall give bond not less than 10000
tnan 100000 No Of tho officers directors
or stockholders shall be appointed.
"The receiver shall take inventory Immediately
after his appointment and file It n the office Of
county clerk where the action Is pending and for
purpose of ascertauing the nature, extent and To-
cation OF such property The receiver sh t have power
to compel tue attendance OF witnesses as hereinafter
provided. and all evidence taken by before tho
ceivcr shall he filed In the Oice OF the county clerk
The shall publish In two newspapers to be
month notice TO all creditors u present their
claims The receiver Is authorized 70 examine oath
any creditor or claimant or other witness as 10 any
aud all the matters pertaining TO his claim At the
piraion OF ten days the snail present to the
court detailed list of the claimants which shall be filed
with the county clerk A notice Will then be published
for fourteen days. designating the time and place OF
sale of all articles in the inventory Any creditor or
stockhOder may appear aud be heard at sueh time and
place shall be the duty OF the court to whom the list
shall be presented to examine the same together
with such evidence as tho receiver sha have
taken and reject all claims demands and evidences OF
Indebtedness which were not legally Incurred or created
by the corporation whlcE In Of It's pow
ers or which any other shown 70 be H..
legal and claim demand shall be allowed for any
greater amount than the money value Of the consdera
ton Unless the court shall find and decide from the
evidence taken by aud before the receiver that the per
son protesting to such claim does III truth
own the by reason OF having taken
a negotiable instrument negotiable paper before tue
act dssolyng ana anaung tho corporation alleged to
be bound by such instrument or paper. and also be
fore such instrument paper by its terms due and
that The taken or value paid aud parted
in good faith before sad OF dissolution without
knowledge notice OF defect. want.
deficiency OF previous consideration, other
equity Offset defeHc1 originally attaching to
such instrument or paper or to tho claim
or demand upon which the same are founded.
"Any caimant,fceng aggricved by such rejection may
appeal hererOm to the General Term and 10 the Court
OF Appeals, but neither OF such appeals shall stay the
proceedings OF such receiver court The amount OF
all claims aud demands rejected by said court snail be
deducted from the total amount OF claims and demands
filed by the receiver and &b entry OF such
rejection shall be made upon the last BY the
court and theeupon the judge shall by order rccing
the proceedings direct the immediate sale By said
ceyer public auction nj time and place, and In the