assessment due from them, and shall have filed a certificate thereof in the office of the treasurer of the Commonwealth, signed by the directors of said corporation, scrip to the amount of two hundred thousand dollars, authorized to be issued as aforesaid, shall be delivered to the treasurer of said corporation. And when said corporation shall have laid a further assessment of five per cent. on their capital stock, to be expended as aforesaid, and shall have collected from the private stockholders seventy five per cent. of the part of said assessinent due from them, and shall have filed a certificate thereof in the office of the treasurer of the Commonwealth, other scrip to the amount of two hundred thousand dollars shall be delivered to the treasurer of said corporation. And when said corporation shall have laid a further assessment of five per cent. on their capital stock, to be expended as aforesaid, and shall have collected from the private stockholders seventy five per cent. of the part of said further assessment due from them, and shall have filed a certificate thereof in the office of the treasurer of the Commonwealth, other scrip to the amount of two hundred thousand dollars shall be delivered to the treasurer of said corporation. And when said corporation shall have laid a further assessment of five per cent. on their capital stock, to be expended as aforesaid, and shall have collected from the private stockholders seventy five per cent. of the part of said assessment due from them, and shall have filed a certificate thereof in the office of the treasurer of the Commonwealth, the residue of said scrip shall be delivered to the treasurer of said corporation. SECT. 3. The premium or profits on the sales of said scrip Premium on shall, when received, be paid to the commissioners of the sinking sale of scrip to fund of the Western rail-road corporation; and after said road is missioners of opened for use, a sum equal to one per cent. on the amount of said sinking fund. scrip shall be annually set apart from the income of said road and paid to the said commissioners; and the whole thereof shall be added to said sinking fund, and be managed, invested and appropriated as is provided by law in relation thereto. formed by rail SECT. 4. This Act shall not take effect until said corpora- Conditions that tion, at an annual meeting, or at a special meeting duly notified for are to be perthat purpose, shall have assented to the provisions thereof, and road corporashall have executed to the Commonwealth a bond in such form tion, before this act shall take as the attorney general shall prescribe, conditioned that said cor- effect. poration shall comply with the provisions of this Act, and shall faithfully expend the proceeds of said scrip as is herein provided, and shall indemnify and save harmless the Commonwealth from all loss or inconvenience on account of said scrip; and that said corporation shall well and truly pay the principal sum of said scrip punctually in London, when the same shall become due and payable, or such part thereof as the sinking fund aforesaid shall be insufficient to pay, and the interest thereon semi-annually in London as the same shall fall due; and shall also re-affirm to the Commonwealth, by a suitable instrument or instruments, to be prepared for that purpose under the direction of the attorney general, the conveyance of their entire road, with its income and all Governor, &c. to fill vacancies in board of state directors. When to take effect. the franchise and property to them belonging, together with any interest they now have or may hereafter obtain in the Albany and West Stockbridge Rail-road, or in the Hudson and Berkshire Rail-road, or any agreement, lease, or contract of transportation which they now have or may hereafter obtain from or with the Albany and West Stockbridge rail-road company, or the Hudson and Berkshire Rail-road company, and all the rights of said corporation under any such agreement, lease, or contract of transportation, or in and to both of said roads, whether now held, or hereafter to be procured; the whole thereof to be held by the Commonwealth as a pledge or mortgage to secure the performance of all the conditions of said bond: provided, that the Commonwealth shall not take possession of said pledged or mortgaged property, or any part thereof, under and by virtue of said mortgage, unless for a substantial breach of some condition of said bond. SECT. 5. In case a vacancy shall, at any time during the recess of the legislature, exist in that portion of the board of directors to be chosen on the part of the State, the same shall be filled by the governor and council. SECT. 6. This Act shall take effect from and after the performance of the conditions prescribed in the fourth section thereof. [March 18, 1841.] |