Los Angeles daily herald., 1888-01-08

l NIuatlOu VI uutys fniS8ppfOpf1otiO0 OIL
assets, or any other act OF transaction
whatever in respect to which the said
departments Of justice shall allegc
that it desires such action, suit or
other proceeding to be instituted
and proseruted. All such actions,
suits aud proceedings shall
be conducted nv the Attorney G neral
of the Unite States, and he ha be
fully authorized by the said COM
panies, or either of them, to appear
for them as attorney or solicitor in
such actions. suit or proceedings. and
shall have the entire control of the
same from the inception thereof to the
end of such prosecution, and also the
right to take and prosecute any appeal
or appeals from any decision or de
termination made therein. ANY sums
Of money which may be recovered
under the provisions OF this section
shall be p. id over by the said Union
Pacific Railway Company, or by the
Union Pacific Railroad Company,
and the Kansas Pacific Railway { ON
pany, to the said trustees Tor the pur
pose OF the sinking fund established
SEC. II. This act shall take effect
upon the acceptance of its terms by
reason Of the Board of Directors of the
Union Pacific Railway Company, over
its corporate seal, signed by its Presi-
dent and atiested by its Secretary;
and upon such consent being filed or
deposited with the Secretary Of the
Treasury within enc month after the
passage Of this act, subject, however,
to the completion of the settlement
and adjusted In this act, proposed and
provided aud if surh acceptance be
not 80 filed the said company shall
take no benefit from this act
Upon the filing Of said acceptance.
the execution and delivery OF said
mortgage and the bonds referred to in
the fourth section of this act to the
Secretary of the Treasury, he is
autho lied and directed to sell any
securities heldin the sinking fund for
said companies and any excess realized
from such sale above the value ei
such securities, as estimated under
tho fir-t section of this act, shall be
paid to the said company, and any de-
ficiency belJw such value shall be
paid by the said company upon de-
mand made by the Secretary
OF the Treasury after such sale.
The delivery of the said
bonds and the adjustment provided
for by this Act shall be completed on
or before the first day Of October,
1883.
SEC, 13. II the said Union Pacific
Railway Company shall fail to accept
the t regcing pro, is!ons cf this Act.
or if the settlement and adju stmeht
provide | for by this act shall fail to
be completed on the first day of Octo-
Der, 1888, there shall be charged to
and collected from the said Uni"n
Pacific Railway Company, and the
said Kansas Pacific Railway Company
and their successors and assigns SO
failing, from and after the first day
OF July. 1858, 40 per centum Of their
annual net earnings, to be asoertained
a. provided In Section OF he act Of |
May 7, 1875, in lieu OF the % per cent |
provided for in said act. and to that |
end, said act of May Z, 1873, COM
monty called the Sinking Fund Act"
and any or all amendments or modifi-
cations thereof shall be and the same !
are hereby extended to the Kansas |
Pacific railway.
SEC. lin the event OF the
non-acceptance OF the provisions of
this act by the sad Union Pacific |
Railroad Company or of tel
failure TO complete the settlement |
hereinbeiorc provided for, on or be |
fore the 1st day of October, 1888, it il |
further provided that section 8, OF |
said act Of May 9TH, 1878, and also sec
ton s, of the act Of MARCH, 8, 1887, be
sad the same are hereby 50 amended |
rs to allow the secretary of the Treas
ury to sell any OF the securities held |
by him in tho sinking fund of said |
com panies; and to invest the pro-
eeeds OF the securities go cold, and
any other funds held by him in the
sinking funds in the Fl st mortgage
bonds of any OF the Pacific railroads
aided with bonds OF the United States,
or in anv bonds or securities Of the |
United States in his discretion.
SEC. Is. If the said Union Pacific |
Raj way Company shall accept tho |
provisions of this act in the manner
and within the time herein provided.
then from and after the completion OF |
the said adjustment and settlement |
oil provisions OF law relating to the |
appointment OF Government Directors |
shall be and the sane are hereby re- |
pesled, and the said Office is hereby |
aboli he'd, and all provisions of law |
relating to the collection Of any per-
centage of net earnings, and TO thu
Withholding or appropriation of any !
moneys due or to become due from the |
United States for any services rem
dered by the said Union Pacific Rail |
way company, or any Of its branches |
or auxiliary or leased lines, are here |
by repealed and all such amounts
shall (provided the said company
shall not be in default in the payment !
of the interest on the bonds or in the |
payments to the sinking fund required |
by this ect) shall be pad to the raid |
company as soon as such amount,
sh IL have been ascertained and
audited, and sll provisions Of law, for |
bidding the said company from
mortgagng or pledging its pro-
perty shall be repealed AMI
tho company shall, sfter the accept
ance Of the terms OF this act as he c.
inbefore provided, have and possess
all the usual powers Of borrowing
money on its credit, or on security Of |
any Of it's assets, or Of constructing,
or extending its railway, or of acquir-
ipO for c:,ch r,,,rpo,a t;tlo ~, lov, 1 he,
condemnation proceedings as are
granted to and exercised by railway
corporations in the respective States
and Territor;essin which the said Un-
ion Pacific railway is, or may be stu.
ated. The eaid Union Pacific Rail- |
way Company is also empowered
to extend the time for the maturity OF |
any bond or bonds of tho Union Pa
cite Railway Company, or Of the
Kansas Pacific Railroad Company,