Insert the following
That for the purpose of facilitating the taking the stock of the Jacksonville & Meradocia Rail Road company, it shall be lawful for any person who is the rightful owner of any tract or tracts
of unincumbered land in Morgan County in this state to Mortgage to the President and Directors of said company forty acres of land as aforesaid for every share of fifty dollars which he may have
subscribed to the stock of said company, which Mortgage shall bind the land so Mortgaged for the payment of the principal
and interest of the stock by him subscribed. Provided that the interest shall not
exceed the rate of six percent per annum, and that the time and place of the payment of the principal & interest shall be
stipulated in said Mortgage
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and in no event shall the land so mortgaged, be liable for a greater sum than ^the^ principal and interest of the stock for which it may have been originally pledged
2nd It shall be lawful for said company to affect a loan or loans of a sum of money sufficient to pay the stock so subscribed
and execute as a security therefor a Mortgage or Mortgages on all or any part of the
lands which may have been Mortgaged to said President & Directors for the security
of any stock subscribed as aforesaid which Mortgage shall be good and valid to all
interests and purposes for the payment of any sum so borrowed by said Company
Provided. that said Mortgage shall not bind any tract of land beyond the amount of
the
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principal and interest of the stock for which it may have been Mortgaged to said company.
The directors of said company may loan out at any rate of interest authorised by the laws of this state, any sum of money which they may have in their hands belonging to said company, either to a bank or to individuals on such terms and conditions as they may deem
best calculated to promote the interest of said stockholders
3rd The Directors of said company shall cause an account to kept with each stockholder who has Mortgaged land to said company as aforesaid and it shall be their duty after retaining a sum sufficient to pay the
interest which may be due on the money borrowed for their subscription to pay over to them every six months, any excess which may have been
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collected from tolls, or may be due and paid for interest on the money loaned by said
company, and in the event of the money tolls and profits of said road failing to pay the interest which may accrue upon
the sum so borrowed by the company, together with an equal amount to other stockholders, then they shall be bound to
pay to said directors of said company, after twenty days notice, the amount of interest which may be found deficient, not
exceeding the rate of six percent per annum and if they shall fail, after ^for the period of^ six months notice after such notice to pay said interest the Directors may order said stock by them
subscribed, together with all payments by them made, to be forfeited to the company.
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Sect[Section] 4 It shall be lawful for the directors of said company at any time after the sum of fifty thousand dollars shall have been expended in the
erecting of said road, to negotiate a loan or loans, on a pledge of the Rail Road
or Track way aforesaid, and the tolls and profits ariseing therefrom to aid and assist in the completion of said work.
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[ docketing
]
Senate
A Bill entitled An act concerning the appropriation of the Revenue of the several Counties in this state. supplementary to the act incorporating the Jacksonville and Meredocia Rail road Company
A Bill entitled An act concerning the appropriation of the Revenue of the several Counties in this state. supplementary to the act incorporating the Jacksonville and Meredocia Rail road Company
[ docketing
]
[02]/[07]/[1835]
[02]/[07]/[1835]
Engrossed
Handwritten Document, 6 page(s), Folder 196, SB 39, GA Session: 9-1,
Illinois State Archives (Springfield, IL) ,