Year: 1859

mo. 81 AN ACT


TO authorize the sale of any and all of the


shares of stock held by the state, in the


turnpike companies of this state, and to


amend section one of an act in relation to


the duties Of tho commissioners of the


sinking fund, passed May l, 1854.


Section /. Be It enacted by the General
assembly of the State of Ohio, That sec
ton enc of the act to which this act is sup
Elementary and amendatory, be so amended
as to read as follows:


That the commissioners of tho sinking
fund are hereby authorized, and when an
opportunity occurs they are directed to ex-
change for certificates OF the six per cent.
stock Of the funded debt of this state, or to
sell or otherwise dispose Of for money, any
and all of the shares Of stock held by the
state in any of the railroad companies, and
canal companies of this state; provided,
that such shares of stock, shall in no case
be sold or otherwise disposed Of, except up
on cash payment therefor; and in no case
shall any shares be sold, exchanged, or 9th
erwise disposed OF, at less than the actual
cash value of tho same. Should such COM
-missioners be unable to exchange said
stocks for certificates Of the funded debt Of
the state, they may, at such times as they
may deem proper, advertise that proposals
will bc received by them at their Office in
Columbus, for the purchase of any or all
of said stocks: such notice shall be publish
ed in such newspapers as they may direct
and shall be given at least ninety days be-
fore the time fixed for opening said propos.
ais. Proposals shall be considered without
respect to the number of shares bid for, and
the sale shall be awarded TO the highest
bidder; Provided, that nothing in this sec
! ton contained shall be construed to compe
the sinking fund commissioners to exchange
sell, or otherwise dispose of any of said
stocks at less than the par value thereof, un
less in their opinion the interest Of the state
will be promoted thereby.


Sec. 2. The commissioners of the sink
ing fund are hereby authorized and direct
ed to sell, and transfer, any and all of th'
shares of stock held by the state in any turn
pike company of the state. They shall
Immediately after the passage Of this act
advertise all the the shares Of stock held D.
the state, in any turnpike company to b
be sold at auction to the highest bidder, il
lots of not less than ten shares each, no
more than fifty shares each, at some public
and convenient place on the line of the roaC
Of said company, by giving at least thirt,
days notice Of the time and place of the sale
by posters set up at the gate or gates there
on, and in some newspaper Of general circu
lation 10 the county or counties through
which said road passes; Provided, that moth
ing in this section contained shall be con
strued to compel the sinking fund commits
sionors to sell or dispose Of, any of sail
stocks for less than their fair cash value, t
be estimated by said sinking fund commits
sioners.


Sec. 8. Any sale Of shares Of stock mad
under the provisions Of this act, shall be con
Quoted by an agent appointed by the gov
ernor; but the approval Of at least two c
the commissioners shall be necessary to it
confirmation. The purchaser or purchaser
Of such shares Of stock shall be required u
pay one-third of the purchase money dowl
and tho balance in two equal annual pay
meuts, with six per cent. interest; but n
transfer shall be made BY said commission
ers until tho same is paid in full.


Sec 4. The shares Of stock now owne
! by tho state, in any turnpike company, shal