The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-02-24

cry description and wherssoever situated or
any portion Of the same 70 any other COM
pany authorized to acquire the. same, by
purchase, lease or otherwise, under section
! nereoI, Tor money, stock or Donds or other
o0ilgatIons: Provided, however that such
sale, lease or transfer shall be authorized
by the vote of a majority In value OF all the
SHARES OF said company, given at q meeting
OF the shareholders called Tor the purpose.
AT such meeting a resolution specifying the
consideration, terms and conditions or such
SAFE or transfer shall be submitted to the
shareholders for their approval or disap-
proval, and upon the vote of a majority in
value OF said shareholders the board of di-
rectors OF the said company shall cause the
contract authorized by such resolution to be
duly executed and delivered to such pur-
CHASER, lessee or transfers. by the proper
oHeers or the company; sucn meeting of
sald company shall be called in pursuance
OF a resolution of its board OF directors in
structlng the proper officers of the COM
Gays notice, which shall be given by writ
ten or printed notice mailed to every stock
hoider at his last known postofice address.
sec; o. Ii a sale be made, approved by a
Hote OF the majority in value of all of the
shareS or the company as aforesaid, any
shareholder or shareholders of said COM
VINO may be dissatisfied with the terms
thefeoI, may apply by petition to the Cir
CUT court OF the county in which such rail-
road is located, within thirty days after
such shareholders meeting, praying said
court 10 appotnt three disintereSted persons
70 estimate and appraise the value of the
property 50 sofa, over ana ABOVE any liens
or lncunbrances thereon and claims or in
debtedness for the payment of which the
same may be liable, and having so appraised
SAID property and franchises, to estimate
and ascertain the value Of the shares of the
petltIoning shareholders as part owners
thefeor, and the value Of said shares having
been SO appraised by the said commissioners
by the vote of a majority thereof, shall be
reported to said court and when confirmed
by the said court shall be fral and conclu-
slve on all parties. The value Of the shares
thus ascertained shall be paid to the said
pet1tlonlng shareholder by the street-ratl-
road company purchasing the property n
franchises and other assets sold as afOre-
said upon surrender to the purchasing COM
pany or the shares so appraised. In case
said petitioning shareholders shall not pre-
sent their shares to the purchasing COM
pany for surrender within sixty days from
the date of said award, or in case of minor
ity or other legal disability said purchasing
company shall make payment of the amount
of said award to the clerk of the court, n
upon such payment to the clerk of the court
the property or franchises purchased shall
be released from the lien of said award;
The costs of such proceeding shall be paid
by the purchasing company.
Sec. Z. All rights of creditors and la
bilities for damages and all liens or incum-
brances upon the property or franchises
sold or transferred. pursuant hereto, shall
continue unimpaired, and may be enforced
as against such property and franchises as
if said sale or transfer had not been made.
WHEN FRANCHISE EXPIRES.
"Sec. 8. No street-railroad company shall
hereafter have the right to use or occupy
for street-railway purposes the streets,
alleys, highways, or other public places of
any such city except under and in pursuance
of an ordinance or contract specifically
stating the period of such use or occupancy.
Where such use or occupancy is now or
shall hereafter be had by any street-rail-
road COMPANY under any ordinance, or or
dinances, contracts or agreements in which
is fixed or limited. or attempted to be fixed
or limited. the period of time Of such occu-
pancy, or in which an extension of time
originally SO fixed or limited has been made,
and the right and franchises of such use
or occupancy shall not nine or more months
prior to the final expiration of the period
of time so limited or extended, have. been
granted for a further definite period of time
to said company or some company Whlc1
has acquired the property and franchlse OF
said company, by q contract entered INTO
by such city and said company under the
provisions Of this act, then and IN an sucn
cases upon the final expiration or the time
so originally limited or extended, the right
to such use or occupancy by said company,
its successors or assigns, or any other COM
many claiming under such ordinances, con-
tracts or agreements, shall Immediately
terminate and cease forever. T~hereupon,
such company, its successors, or assigns,
may remove it's tracks and appurtenanceS
from such streets, alleys and other pupllc
places, doing no more damage thereto than
is necessary, and when the same are re-
moved, such company, its successors or
assigns, shall restore such streets,
alleys and public places. as nearly as may
be to the condition in which the same were
prior to such removal; which removal shal
be made within a time to be fixed by the
mayor of such city, and the WORK shati De
commissioner or other officer having the
charge and supervision Of the streets there
in; and upon failure so to remove the same,
and to elect to have the same appropriated
by it's successor in such use and occupancy
as hereinafter provided, the city may cause
tho 60 nc 10 N NY QUAR- q r fhnL n~nanEA or
the owner: Provided, however, that not
later than nine months before the eXpira-
ton Of the period of time so originally lin
tied or extended, in the event that no con-
tract for the further use and occupancy OF
such streets, alleys and public places has
been entered into under the provisions Of
this act between such city and said COM
pany, its successors or assigns, such city,
through its Board of Public Works, shall
open to free competition the further occu-
pancy for a period of thirty years of the
streets, alleys and public places of such city
for the purpose of operating therein an cleo
trio or other street railroad, and such city,
through it's Board of Public Works, shall
prescribe in the form of a contract to be en-
tered into by the successful bidder all con-
ditions and limitations for such use of said
streets, alleys and public places as pre-
scribed in Section 2 Of this act; and such
other conditions as shall best promote the
interests Of said city and the public, and
also a bond or undertaking with %sureties,
to be approved by said Board of Public
Works, conditioned hat the bidder, if sue
cessful, will enter into the prescribed con-
tract in accordance with the terms and con-
ditions thereof and of the bid. and in case
of failing or refusing or FORGETTING, as here
matter provided, the right to enter into such
contract, to a TO such city all damages it
may sustain by reason of such failure. re-
fusal or forfeiture, and, as to bidders other
than the occupying company, that the bid
der, If successful. and in case the occupying
company elects not to remove its tracks and
other property from the streets, will imme-
dlately institute, as hereinafter provided,
proceedings to appropriate the property Of
said company and pay the assessed value Of
such property to said company or other per-
son entitled thereto, as hereinafter pro-
Vtded. In such competition no company
pose shall be excluded. If the occupying
company shall not be the successful com
pet1tor and elects not to remove it's tracks
or other property from the streets, then the
company. that shall be. successful in the
competition shall Immediately, after the ac-
ceptance of its bid by such city, through it's
Board OF Public Works, file In the Circuit
Court or the county where such city is To-
Gated a complaint or petition for an appro-
prlatlon OF the property of the occupying
company and an assessment Of it's damages
Dy reason OF such appropriation. describing
lne pant, property, power houses. cars, cleo
teHances and appliances connected with and
used as a part of the railway system of the
occupying company TO be appropriated and
showing the execution of the bond or I'M
certaklng aforesaid, to which proceeding all
persons having an interest in or lien upon
such property shall be made parties. The
practlce and proceedings upon such appro-
prlaton ana in as~certaining the value Of
such plant and property shall be as is now
PROVIDED Tor the appropriation of property
Tor railway purposes under the general laws
OF TINS state. When the value of such nrop-
erty is so ascertained upon the expiration Of
II such contract has expired before the as
certalnment of such value. then. within a