The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-02-12
THE PROPOSED BILL.
Proposed to Wipe Out All Existing
Legislation.


The bill which the new company will have
introduced in the General Assembly will
have the effect Of repeating the S-cent-fare
law and the New law. The latter provided
the terms on which one company might &C
quire the property Of another. Both were
passed two years ago. Section of the bill
to be introduced provides, among other
things, that when a contract is entered into
by a street-car company and a city of 100000
inhabitants the rates of fare to be charged
may be stipulated in such a contract" The
3-cent-fare law made cents, with transfers.
the legal fare. Sections and of the bill
make it unlawful for one street-car COM
pany to buy from or sell to another it's
plant provided that a sale of one company
plant to another must be authorized by a
meeting of a majority in value of the share
holders. Section 6 protects the interests Of
any opposing shareholder who may not be
satisfied with the price that it is proposed
shall be paid for the plant. He is given the
right to petition the Circuit Court to APP
point three appraisers to fix the fair value
Of the plant. The bill is as follows:
AN act concerning street-railroad COM
panies in cities the population of which ex-
ceeCS one hundred thousand.
Section /. Be 1t enacted by the General
Assembly of the State of Indiana that it
shall and may be lawful for any street.
railroad company now or hereafter organ
lied under the laws of the State of Indiana
for the purpose of operating a street rail-
road in any city the population OF which, by
the federal census Immediately preceding
the Incorporation of such railroad company
exceeds one hundred thousand persons, and
for such city to enter into a contract, de-
fining the terms upon which such railroad
company shall exercise its franchises within
such city.
Sec. 2 In such contract shall be spec
which
of such corporation shall continue; the
rates of fare TO be charged; the method of
other matters and things affecting the OPP
Grafton, construction maintenance or ex-
tension of the railroad Df such company,
which, by agreement OF the contracting par
ties, may be incorporated in such contract.
Sec. 3. All the terms and covenants OF
any contract so made, as aforesaid, SHAH
be binding and conclusive for the period
fixed therein and the mutual rights. pow
ers, obligations and liabilities of the parties
thereto shall be as therein expressed, unless
during the term of said contract said par
ties shall otherwise mutually agree.
Sec. f. 1t shall be lawful for any such
railroad company, contracting as aforesaid
with such city, to acquire by purchase,
lease or otherwise the property and fran
chiSeS, or any portion of the same, OF any
other street-railroad company or companies
now or hereafter Incorporated under the
laws of the State of Indiana owning or OPP
Grating or possessing franchise to own
and operate street railroad in such city,
or connecting Herewith in territory adjacent
thereto, for money, shares OF stock or bonds
or other obligations, and to issue in payment
for the property and franchises so pur-
chased or otherwise acquired it's bonds, obh-
cations or shares of stock, to such amount,
in such manner anAFpon such terms as its
board Of directors may think proper and
contract; and it shall also be lawful for
such company, in addition to the powers pos
sesSed under the general laws for the in
corporation Of street-railroad companies ana
the amendments thereto, to secure the pay
ment of all bonds or obligations so issued by
it, by mortgage upon its corporate fran
chises, rights, privileges. property, real per-
sonal and mixed, well as upon the fran
chises, rights, privileges, property, real,
personal and mixed, purchased by it as
aforesaid.
Sec 5. Any street-railroad company
now or hereafter incorporated under the
laws of the State of Indiana, owning or
operating or possessing a franchise to own
and operate street railroad in such city, or
connecting Herewith in territory adjacent
thereto, may SELL lease, or otherwise trans
fer its property, franchises and assets of
every description and wheresoever situated,
or any portion Of the same, to any other
company authorized to acquire the same, by
purchase, lease or otherwise, under Section
4 hereof, for money, or stock, or bonds. or
other obligations; provided, however, that
such sale, lease or transfer shall be author
lied by the vote of a majority in value of
all the shares of said company, given at a
meeting of the shareholders called for the
purpose; at such a meeting a resolution
specifying the consideration, terms and con-
ditions of such sale or transfer shall be sub
mitted to the shareholders for their APP
prevail or disapproveal; and upon the vote
of a majority in value of said shareholders
in favor thereof the board Of directors Of
the said company shall cause the contract
authorized by such resolution to be duly
executed and delivered to such purchaser,
lessee or transferee by the proper officers Of
the company; such meeting of said company
shall be called in pursuance of resolution
of it's board of directors inStructing the
proper officers of the company to call the
same and after twenty days notice, which
shall be given by written or printed notice
mailed to every stockholder at MS last
known postoffice address.
Sec 6. If a sale be made, approved by
the vote of a majority in value OF all the
shares of the company, as aforesaid, any
shareholder or shareholders OF said company
not voting in favor of such sale, and VINO
may be dissatisfied with the terms Thereon,
may apply by petition to the Circuit Court
of the county in which such railroad is To-
Gated, within thirty days after such snare
! holders meeting, praying said court 70 APP
point three disinterested persons to estimate
and appraise the value of the property so
sold, over and above any liens on lncum-
ORANGES thereon, and claims or lnoeotedness
for the payment of which the same may be
liable and having so appraised SAID prop
erty and franchises, TO estimate and ascer-
tain the value of the shares OF the petition
ing shareholders as part owners thereof,
and the value of said shares having been so
appraised by the said commissioners by the
vote of a majority thereof, shall be re-
ported to said court and when confirmed
by the said court shall be final and con-
elusive on all parties. The value of the
shares thus ascertained shall be paid to the
said petitioning shareholders by the street.
railroad company purchasing the property
and franchises and other assets sold as
aforesaid, upon surrender to the purchasing
company of 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 mi
nority or other legal disability, said pur-
chasing company shall make payment of
the amount of said award to the clerk of
the court, and upon such payment to the
clerk of the court, the property or fran
chises purchased shall be released from the
lien of said award The costs of such pro-
ceeding shall be paid by the purchasing
company.
Sec. Z. All rights of creditors, and all
liens of membranes 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.
SEC. 8. All laws and parts of laws in
consistent with the provisions of this act
are hereby repealed.
Sec. g. 1t is declared that an emergency
exists for the immediate taking effect of
this act. and the same shall therefore be in
force from and after it's passage"
Accident Due to Crowded Cars.
The crouvfad condition Of the street cars