1874: road to pay in cipal. seal of the corporation affixed, to an amount not exceed ing five millions of dollars, bearing not exceeding eight per cent. interest, payable semi-annually, with coupons attached, signed by the secretary of the company, to be made payable as said company may direct, within thirty years from their date. § 37. To secure the prompt payment of the interest and May mortgage principal of bonds issued by authority of this act, said terest and prin- company may execute a mortgage or deed of trust, conveying said railroad and its property and franchises to a trustee or trustees, and, from time to time, fill vacancies that may occur for the use, and to secure the holders of such bonds, with such covenants and stipulations as may be necessary to effect the purpose and objects of its execution. in case of sale § 38. That if the mortgage or deed of trust authorized Duty of president by the last preceding section shall be foreclosed by legal under mortgage. proceedings, such foreclosure shall be for the benefit of all the holders of bonds secured by its provisions. Upon such foreclosure, the president shall make a correct list of all bonds secured by such mortgage or deed of trust which have been sold, and verify it by his affidavit; which affidavit and list shall be filed in the circuit court, where only such proceedings are authorized to be had. Such foreclosure shall not take place until ninety days after publication of notice of the commencement of proceedings to that end shall have been made in one or more newspapers published in the cities of Louisville and Lexington, Kentucky, and Chicago, Illinois. chaser under mortgage. § 39. The person or corporation becoming the purRights of purchaser or lessee of said road, by reason of any sale or leasing to satisfy the demands of bondholders, shall be vested with all the rights, privileges, franchises, and immunities of the corporation. § 40. That to create and to secure a fund for the final redemption of mortgage bonds issued under authority of this act, a sinking fund shall be created by said company; and in order to create such sinking fund, said company shall, at the time of declaring the first cash dividend, ascertain what sum ought to be set aside annually, in order to create a fund sufficient to redeem its bonds at maturity, and then set apart and pass into the sinking fund that sum; and thereafter, annually, there shall be set aside and pass into said fund a like sum, until a fund is created sufficient to pay the outstanding bonds of the company; which fund shall be held sacred for the redemption of said bonds, and shall be used for no other purpose; that the company may loan and reloan the sums thus set apart at any rate of interest no greater than that paid on its bonds, or may invest the same in any safe and profitable manner deemed advisable, which is not inconsistent with the purposes and objects of creating said fund: Provided, That said company may use any or all of said funds in retiring its bonds before maturity, if deemed advisable; but no bond purchased with the proceeds of the sinking fund shall be resold, but the same shall be canceled. 1874. § 41. The bonds of the company, nor the bonds of the Bonds valid. counties, cities, or towns, issued under authority of this. act, whether sold and delivered in this State or elsewhere, shall not be avoided, in whole or in part, by reason of the rate of interest agreed to be paid, or of the place at which they may be sold or delivered, nor by reason of their having been sold at less than their par value. § 42. That upon application by said company to the county court of any county into or through which it is proposed to construct said Chicago and South Atlantic Railroad Company of the State of Kentucky, such court shall appoint three (3) commissioners, two of whom shall be residents of said county, and one an engineer of said company, who shall be sworn faithfully to discharge their duties under this act to the best of their skill and judgment; and whenever said company shall be unable to agree with the owner of any land, earth, stone, gravel, timber, or other material or thing required for the site or construction of said road, or whenever the land or material required shall be owned by any person not a resident of said county, or who is a feme covert, infant, or non compos mentis, it shall be the duty of said commissioner to view the land or material required, and fix the amount of compensation to which the owner or owners of such land or material shall be entitled, and make out and return to the office of the clerk of the county court a report, in writing, particularly describing the land or other material valued, and the interest and duration of the interest valued, and the amount of damages assessed. The report of the commissioner shall give the name of the owner, and state whether such owner is a resident of the county, and whether a feme covert, infant, or non-sane person. The clerk shall receive such report and file the same, indorsing thereon the time of its being filed; and if the owner resides in the county, he shall forthwith issue a summons commanding the owner or owners of such land to appear and show cause why the report should not be confirmed, which summons shall be forthwith executed by the sheriff or other officer in whose hands it may be placed. The report shall be docketed in the county court, and stand for trial at any term of said court commencing not less than ten (10) days after service of the summons. LOC. L.-33 Duty of company when parties disagree as to con demnation road purposes. for 1874. damages. If the owner is not a resident of the county, the court shall, at the first term after the report is filed, appoint an attorney to defend for such owner, who may file exceptions at any time not later than the next term; and upon exceptions being filed by the owner, or by an attorney appointed to defend for him, or by the company, the court shall forthwith order a jury to be empanneled to try the question of damages, unless, for good cause shown, time is given for preparation. § 43. If no exceptions are filed the report shall be conMode of paying firmed. The jury and commissioners shall, in estimating the damages to any proprietor of land or material sought to be condemned for said road, be governed by the same rule as prescribed in section thirteen of an act incorporating the Elizabethtown and Paducah Railroad Company, approved March 5, 1867; and the mode of valuation provided for herein shall have the same effect, and confer upon the company all the rights and privileges which would be conferred if the proceedings had been had in accordance with the provisions of the original charter of the Elizabethtown and Paducah Railroad Company; and whenever a verdict shall be had, the court may give judgment condemning such land or other material for the use of said company, and against the company for the amount of damages assessed, and also to the owner for his costs, if the verdict shall be for more than, was assessed by the commissioners. May take possesafter paying dam sion of property ages. tioned owners. between § 44. Whenever it shall be necessary for the said company to have, use, or occupy any land, material, or other property, in order to the construction of said road or repairing the same, or the construction or repairing of their necessary works or buildings, it shall be lawful for the president, directors, or their agents, to take possession of said land or other property after the verdict of a jury has been rendered as herein before provided, and after payment has been made to the owner for the said land or material in accordance with said verdict. § 45. If the person or persons in possession of the land Damages appor shall hold an estate for years or for life thereon, it shall be the duty of the jury to find the aggregate of the damages, and the circuit court of the county shall apportion the damages found by them to be due between the owner of the estate for years or for lite, and the person or persons holding the remainder or reversion therein. 46. It the person in possession of the land, or the Owner thereof, a tender being made to him of the amount of damages fixed by the jury upon the land, or by the circuit court, in case an appeal is taken, shall refuse to receive the same, it shall be lawful for the company to deposit the same with the sheriff of the county in which the inquisition is had: Provided, The said sheriff shall 1874. previously execute bond, with security, in the county court of the said county, to pay it to such person or persons entitled thereto whenever they may demand the same. Bond to be executed for payment of damages. § 47. If the person in possession of the land be not the owner of it, before he shall be entitled to receive the damages assessed by the jury, he shall execute bond, with good security, to the company, that he will faithfully pay over to the owner of the land the money so received by him; and in case he fails or refuses, upon demand of the company, to execute the bond, it shall be lawful for the company, or its agents, to deposit the money with the sheriff, in the same manner as hereinbefore provided upon the execution of a similar bond by him. § 48. If the land be vacant, or the owner live out of Sheriff to receive the county or State, or be unknown, upon the rendition of the verdict of the jury, a deposit of the amount fixed thereby with the sheriff of the county shall authorize an entry by the company upon the land: Provided, The sheriff first execute bond, as hereinbefore provided. for non-residents. Cases in which damages shall be sheriff. $.49. Where it is ascertained that the person in possession holds an estate for years or for life, and the remain- deposited der or reversion is in another or others, a payment to him of the aggregate amount fixed by the jury shall be sufficient, and the company shall have the right to demand from him a bond, with security, that he will pay to the remainderman or reversioner the amount to be adjudged to him by the circuit court; and if he refuse to execute said bond, the company may deposit the amount with the sheriff, who shall execute bond, as above directed, and then the company may enter and take possession of the land. § 50. The mayor and council, or general council of any city, and the board of directors of any railroad company, may, on behalf of their city or company, guarantee the payment of the principal and interest of the bonds of the said Chicago and South Atlantic Railroad Company of the State of Kentucky; and any railroad or other corporation may subscribe to the capital stock of the said Chicago and South Atlantic Railroad Company of the State of Kentucky. None of the bonds mentioned in this bill shall bear a greater rate of interest than ten per cent. § 51. All acts and parts of acts inconsistent with the rights and privileges conferred by this act, are hereby repealed. § 52. This act shall be in force from and after its pasApproved February 23, 1874. sage. with May guarantee payment of bonds 1874. CHAPTER 446. · AN ACT providing for the payment of the cost and expenses incurred before the Senate Committee on Privileges and Elections in the investigation of the controversy between Edmund Wooldridge and W. C. Goodloe, as to who was entitled to a seat in the present Senate from the Twentyseventh Senatorial District. Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. That the Auditor of Public Accounts be, and he is hereby, directed to draw his warrant on the Treasury in favor of the Sergeant-at-Arms of the present Senate for the following sums of money, payable out of any money in the Treasury not otherwise appropriated, to-wit: two hundred and sixty-eight dollars and eighty-five cents for the payment of witness claims; twelve dollars and fifty cents for sheriffs' fees; two dollars and twenty-five cents for telegraphic dispatches, express charges, and postage. The above sums being for cost and expenses incurred before the Senate Committee on Privileges and Elections in their investigation of the controversy between Edmund Wooldridge and W. C. Goodloe, as to who was entitled to a seat in the present Senate from the Twenty-seventh Senatorial District, which sums shall be drawn by the Sergeant-at-Arms of the present Senate, and distributed by him to the persons entitled thereto. § 2. This act shall take effect from and after its pas sage. Approved February 23, 1874: CHAPTER 447. AN ACT to amend the charter of the Elizabethtown and Paducah Railroad Company. Be it enacted by the General Assembly of the Commonwealth of Kentucky: § 1. That on and after such time as the board of directors may designate, the name of said company shall be changed to that of the Louisville, Paducah, and Southwestern Railroad Company; and in such name it shall thereafter sue and be sued, carry on all its corporate business, hold and own all the property, choses in action, moneys, rights, privileges and franchises of every description, and be subject to all the duties, obligations, debts, and liabilities of every description which it shall hold, own, or be subject to immediately before such change of its name; but all suits which may be pending by or against said company, at the time of such change, shall proceed to final judgment in all respects as if this act |