Page:United States Statutes at Large Volume 29.djvu/653

From Wikisource
Jump to navigation Jump to search
This page needs to be proofread.

FIFTY-FOURTH CONGRESS. Sess. II. Ch. 374. 1897. 623 mortgagees at the time of such decree of foreclosure; and the incorpo- rucorpommi. ration as hereby provided shall be completed and become effective whenever the said purchasers and their associates or assigns shall nle with the Secretary of the Interior a certincate of incorporation hereunder, duly acknowledged, specifying the name of such new corporation, its president, and the names of its directors, the amount of its proposed capital stock and bonds, together with certined copy of the decree or decrees ratifying such sale; but such new company shall be Li¤i>i1ity of new subject to all the obligations and duties to the United States which said °°mp“"" Atlantic and Pacino Railroad Company was subject under its charter or Act of incorporation, and nothing in this Act shall be held to deprive the United States of any right or remedy they may at any time have had against said Atlantic and Pacino Railroad Company; but nothing in Dvbtswwthis Act shall make such purchasers and their associates or such new corporation liable for any debts or claims or contracts of the old corporation except all debts, demands and liabilities which were due or owing by the old company, which were contracted, accrued, or were incurred or are due or owing for tickets and freight balances, or for wages, work, labor, materials, machinery, nxtures, and supplies of every kind and character, done, performed, or furnished in the repair, equipment, operation, or extension of said road and its branches so purchased, and all liabilities incurred by said old company in the transportation of freight and passengers thereon, including damages for injuries to employees or other persons, and to property, and which debts, demands and liabilities have accrued or upon which suit had been brought or was pending, or judgment rendered, within twelve months prior to the appointment of a receiver or receivers in the foreclosure proceeding or since the appointment of any such receiver, but such liabilities shall not include any liabilities to other railroad companies except for tickets and freight balances: Provided, The capital stock of the corporation herein author- Pm¤*¤¤· ized shall be divided into shares each of the par value of one hundred CWM °`°°°k` dollars, and shall not exceed the amount of the mortgage debt due and unpaid at the time of the decree of foreclosure: Provided, That addi- Aiiamomimuts. tional stock and bonds may be issued by the corporation upon the pay- ment into its treasury therefor the full par value thereof in cash. No stock shall be issued until the Secretary of the Interior shall approve its issue and certify that it is issued in conformity to the provisions of this Act. The total stock issued under the provisions of this Act shall not exceed one hundred million dollars. But no stock shall be issued by said corporation, until such issue shall be approved by the Secretary of the Interior as actually representing money, labor or property, estimated at its actual cost value, at the full or par value of said issue of stock: Provided further, That nothing herein contained shall be con- ¤¤£d¤·¤··¤¤f¤isl¤¤~ strued as making any additional grant of lands or other franchises to gm" ' such successor corporation, or as a waiver of any rights of the United States now existing to enforce any forfeiture of lands heretofore granted to the said Atlantic and Pacino Railroad Company, or as in any manner affecting the vested rights of any settler or settlers on any of the lands heretofore granted to the Atlantic and Pacino Railroad Company or of any purchaser or purchasers of said lands from said company: Pro- Claimtolaml mm vidcdfurther, That as a condition precedent to reorganization the pur- f§',,§‘Q§fLg’_L‘§;‘{,‘;dY"““ chasers of the railroad property and their associates shall relinquish in writing and convey to the United States (by a proper deed or instrument to be nled with and approved by the Secretary of the Interior within six months after the passage of this Act and before this Act shall take effect) all claim, right, title, and interest to all lands granted to the Atlantic and Pacino Railroad Company embraced within both the granted and indemnity limits, which were adjacent to and coterminous with the unoompleted portions of the road on the sixth day of July, eighteen hundred and eighty-six: And pro1··idedfurthor, That in Liability it pmevery case of failure of the title to any lands conveyed or contracted to “"”°“ °f "“‘“· be sold by said Atlantic and Pacino Railroad Company to any bona nde settler and occupant in a tract of six hundred and forty acres or less