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eBook details

• Title: North Missouri Railroad Company v. Maguire
• Author : United States Supreme Court
• Release Date : January 01, 1873
• Genre: Law,Books,Professional & Technical,
• Pages : * pages
• Size : 74 KB

Description

'SECTION 9. The holders of the bonds of the State of Missouri, heretofore issued to the North Missouri Railroad Company, are hereby authorized to convert the same, which interest accrued thereon, into preferred stock of the North Missouri Railroad Company, and the holders thereof shall be entitled to receive a special dividend thereon, not exceeding the rate of six per cent. per annum, in the manner and in the order of priority above herein provided.' The thirteenth section provided for an acceptance of this act by the stockholders, and enacted that in the event of its being so accepted, 'It shall be and become of full force and binding effect upon the said corporation and the State of Missouri.' The act was accepted in due form by the stockholders. On the 8th of April, 1865, a convention of the people of Missouri adopted 'An ordinance for the payment of State and railroad indebtedness.' This ordinance levied on the railroad company an annual tax of ten per centum of all its gross receipts for the transportation of freight and passengers, and directed that it should be appropriated by the General Assembly to the payment of the principal and interest now due, or hereafter to become due, upon the bonds of the State, and the bonds guaranteed by the State, issued to the company.

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