Palestine daily herald. [volume] (Palestine, Tex.) 1902-1949, 1910-09-02
RAILROAD
MEASURE:
AWAITS SIGNATURE OF THE Gov
ERNoR-ExPEcTED TO BE Eff
FEcTIvE BEFORE SALE OF THE
l. & G. N. ROAD.

AUSTIN, IeXaS, Aug. Slime fOl
lowing is complete copy of the so
called International and Great North,
ern claim bill as it finally passed the
legislature, with the senate amend
ment inserted, which had for its pur-
pose the barring of the Gould's I'M
secured claim for $4,000,000.
This is the first time this important
bill has been published in full. 1t was
passed finally in the senate yesterday
and today the final touches were gwen
it in the house. 1t will no doubt re-
ceive the approval of the governor
'~and- be in effect befcre-the sale of the
International and Great Northern, Sep
TENDER Is. Under the terms the pur-
chasers of the International and
Great Northern are, obligated to pay
unsecured claims aggregating approx
imately $2,225,000 Of course they
can resist the payment of these
claims and thereby test the constitu-
tionality of the law.
The Bill In Full.
The bill in full Is as follows:
AN act to amend Articles 4549 and
4550, of Chapter IL, Title XCIV, of
the Revised Statutes of the State of
Texas and prescribe the conditions
upon which the purchaser or pur-
chasers and associates, if any, of the
property and franchises of railroad
company may become owners of its
charters, or may organize a new cor
poration, and governing, regulating
and limiting the stocks and bonds of
the new corporation and of the old
corporation after the sale of it's prop
erty and franchises.
Section l. Be it enacted by the
legislature of the state of Texas, that
Arts. 4549 and 1850, of Chapter II,
Title XCIV, of the Revised Statutes
of the State of Texas, be so amended
as to hereafter read as follows:
Title to Property.
Art. 4549 In case of the sale of
the property and franchises of rail
road company, whether by virtue of
an execution, order of sale, deed of
trust, or any other power, or by a
receiver acting under judgments, here
tofore or to be hereafter rendered by
any court of competent jurisdiction,
the purchaser or purchasers at such
sale, and associates, if any, shall &C
quire full title to such property and
franchises, with full power to main
tain az operate the railroad and
oths2g operty incident to it$nder
- u l---zB--.s,..k,s-ss.ll 49, 4 PRO- 70
purchasers, and associates, if any.
shall not be deemed and taken to be
the owners of the charter of the rail
road company and corporators under
the same, nor vested with the pow
ers, rights, privileges and benefits of
such charter ownership, as if they
were the original corporators of said
company, unless the purchaser or pur-
chasers, and associates, if any, shall
agree to take hold of said property
and franchises, charged with, and
subject to the payment of, all subsist-
ing liabilities and claims for death
and for personal injury sustained in
the operation of the railroad by the
company and by any receiver thereof
and for loss of and damage to prop
erty sustained in the operation of the
railroad by the company and by any
receiver thereof and for the current
expenses of such operation, including
labor, supplies and repairs; provided,
that all such subsisting claims and
liabilities shall have accrued within
two years prior to the beginning of
the receivership resulting in the sale
of said property and franchises, or
within two years prior to the sale if
said property and franchises be sold
otherwise than under receivership
proceedings, unless suit was pending
on such claims and liabilities when |
the receiver was appointed or when
the sale was made, in which event |
claims and liabilities, which suits were
SO pending, shall be protected hereby |
as though accruing within the two
years; such agreement to be evil |
denced by an instrument in writing, |
signed and acknowledged by said pur-
chaser or purchasers, and associates,
if any, and filed in the office of the |
secretary of state of the state of Tex |
as; and, provided, further, that such |
charter, together with the powers, |
rights, privileges and benefits there
of shall pass to said purchaser or pur-
chasers, and associates, if any, sub
ject to the terms, provisions, restric-