Laws of the State of Illinois 1867
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Said company are hereby authorized and empow- May unite with ered to unite and, in connection, operate their railroad and otherioads - branch railroad with any other railroad now constructed or which may hereafter be constructed within this state or the states of Iowa and Wisconisn, terminating on either of the lines between those states and this state, upon such terms as may be mutually agreed upon between the companies whose railroads shall so unite or connect ; and for that pur- pose full po...wer is hereby given the company by this act created to make, execute and deliver to such contracts with such other companies as will secure the objects contemplated in and by this section.
§ 10. Said company are hereby authorized and em- May borrow powered to borrow money, not exceeding the sum of two " ° n n d e s y ' ls a s n '| million dollars, at a rate of interest not exceeding ten per mortgage pro- centum per annum, payable annually or semi-annually, and per y ' for such length of time, not exceeding twenty years, as shall be determined by the board of directors of said company, and therefor may make, execute and deliver the bonds of said company, either with or without interest warrants or coupons annexed, and with or without a provision therein that the same may be at par converted into the stock of said company, at the option of the holder or holders, in case such option shall be signified, in writing, to the company at its principal office in this state, at least three years before the maturity of such bonds; and to secure the payment of the principal sum and the interest in said bonds specified, said company are hereby authorized and empowered to mortgage its franchises, lines of railroad, in divisions or the whole length thereof, the net income thereof or therefrom, and all and singular the other property and rights and in- terests to and in property of the said company ; and the substance and form of such bonds and mortgage or mort- gages shall be determined by the board of directors of said company, and shall be contained in a resolution spread in full upon the records of said company and adopted, and as adopted by said board.
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To quickly assess the difficulty of the text, read a short excerpt:
Said company are hereby authorized and empow- May unite with ered to unite and, in connection, operate their railroad and otherioads - branch railroad with any other railroad now constructed or which may hereafter be constructed within this state or the states of Iowa and Wisconisn, terminating on either of the lines between those states and this state, upon such terms as may be mutually agreed upon between the companies whose railroads shall so unite or connect ; and for that pur- pose full po...wer is hereby given the company by this act created to make, execute and deliver to such contracts with such other companies as will secure the objects contemplated in and by this section.
§ 10. Said company are hereby authorized and em- May borrow powered to borrow money, not exceeding the sum of two " ° n n d e s y ' ls a s n '| million dollars, at a rate of interest not exceeding ten per mortgage pro- centum per annum, payable annually or semi-annually, and per y ' for such length of time, not exceeding twenty years, as shall be determined by the board of directors of said company, and therefor may make, execute and deliver the bonds of said company, either with or without interest warrants or coupons annexed, and with or without a provision therein that the same may be at par converted into the stock of said company, at the option of the holder or holders, in case such option shall be signified, in writing, to the company at its principal office in this state, at least three years before the maturity of such bonds; and to secure the payment of the principal sum and the interest in said bonds specified, said company are hereby authorized and empowered to mortgage its franchises, lines of railroad, in divisions or the whole length thereof, the net income thereof or therefrom, and all and singular the other property and rights and in- terests to and in property of the said company ; and the substance and form of such bonds and mortgage or mort- gages shall be determined by the board of directors of said company, and shall be contained in a resolution spread in full upon the records of said company and adopted, and as adopted by said board.
What to read after Laws of the State of Illinois 1867?
You can find similar books in the "Read Also" column, or choose other free books by Illinois General Assembly to read onlineMoreLess
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