Sales by sheriffs, SECTION 3. That the provisions of this act shall not prevent constables, &c. a sheriff, coroner, constable, or other proper officer, from disposing of any property, upon which he may levy, as heretofore. JOHN CESSNA, Speaker of the House of Representatives. Speaker of the Senate. APPROVED-The twenty-second day of April, Anno Domini one thousand eight hundred and sixty-three. A. G. CURTIN. No. 553. An Act To punish the fraudulent receiving of money on deposit. SECTION 1. Be it enacted by the Senate and House of Represen tatives of the Commonwealth of Pennsylvania in General Assembly met, and it is hereby enacted by the authority of the same, That from and after the passage of this act, it shall not be lawful for any saving fund society, or company, or any officer, or agent, thereof, within this commonwealth, to receive, on deposit, any sum, or sums, of money, whatever, when such society, or company, has not assets sufficient, at their eash value, to pay all its debts and liabilities; and any officer, or agent, of any such society, or company, who shall, knowingly, violate the provisions of this act, by receiving a deposit of any sum, or sums, of money, shall be deemed guilty of a misdemeanor, and upon conviction, shall be liable to a fine, not exceeding one thousand dollars, and an imprisonment, in the jail of the proper county, for a term not exceeding three years, or both, or either, at the discretion of the court. JOHN CESSNA, Speaker of the House of Representatives. Speaker of the Senate. APPROVED The twenty-second day of April, Anno Domini one thousand eight hundred and sixty-three. A. G. CURTIN. No. 554. A Further Supplement To the several acts heretofore passed relating to the Union Canal Company of Pennsylvania. WHEREAS, In pursuance of the authority contained in the said act of assembly, passed the tenth day of April, Anno Domini one thousand eight hundred and sixty-two, the creditors of the said Union Canal Company, therein referred to, have agreed, or are about to agree, to accept, in satisfaction of their claims, bonds, to be issued as therein authorized, in lieu of coupons for interest, to be surrendered and cancelled, and certain of the said bondholders of said company have agreed to surrender coupons for interest, due on their bonds, to an amount sufficient for that purpose: And whereas, The stockholders of the said company have, as therein provided, accepted the said act of assembly, and agreed to become bound by the terms thereof; and holders of the bonds of the company, secured by mortgages, to the amount of two million four hundred and fifteen thousand dollars, have, in the manner therein provided, also agreed to become bound by the provisions of the said act, whereby the principal sum, secured under the mortgages of the said company, heretofore made, is now, (as respects all persons, but such of the said bondholders as have refused to concur in and accept the said act, the principal of whose bonds amount to eighty-five thousand dollars,) or will be, when the said bonds are issued, three millions of dollars, and the parties thus assenting have, by the terms of the said act, agreed that all interest on said bonds, heretofore accrued, or hereafter to accrue, has, and shall be deemed, and taken, to have been fully satisfied and paid, by the appropriation, to their use, of the pro rata share of the net annual income of the said company, after the payment of all expenses; which said net income is to be divided among, and paid to, them, the said bondholders, in the proportions of the amounts due to them, respectively, on their coupons for interest: And whereas, It was provided in and by the said act of the tenth day of April, Anno Domini one thousand eight hundred and sixty-two, that upon the assent of two-thirds, in value, of the said bondholders, and the acceptance of the said act, by the said stockholders, the estate, and property, real, and personal, and all the franchises, and corporate privileges, which, by the indenture of the twenty-eighth day of October, Anno Domini one thousand eight hundred and fifty-seven, recited in the said act, were granted to J. Rodman Paul, R. Rundle Smith, and Oscar Thompson, in trust, should re-vest in the said corporation, under, and subject, nevertheless, to the several trusts, set forth in the said indenture, except as modified, or controlled, by the provisions of the said act of assembly; which assent has been given, and the act accepted, whereby the said corporation is entitled to have the said property, mentioned in the said indenture of October twenty-eighth, one thousand eight hundred and fifty-seven, assigned to them, as trustees, in lieu and stead of the said J. Rodman Paul, R. Rundle Smith, and Oscar Thompson, and as successors, in the said trust, and the rights, of the said creditors, bondholders, and all others, who have accepted the said act, or taken any interest under the same, or acted on the faith of the agreement therein mentioned, are preserved, and are to remain, and continue, as respects such non-concurring bondholders, as if nothing had been done under the said act of assembly: And whereas, For the securing, to the said bondholders, and creditors, who have agreed, or may agree, to accept the bonds issued in lieu of surrendered coupons, who thereby become parties to the contract, authorized by said act, and to the bondholders, who have refused to accept the provisions of the said act, their said relative rights, and interests, in the property, which, by the terms, and conditions, of the said act of the tenth day of April, Anno Domini one thousand eight hundred and sixty-two, are to become vested in the said corporation, upon the same trusts as are set forth, and declared, in respect thereof, in the said indenture of the twenty-eighth day of October, Anno Domini one thousand eight hundred and fiftyseven, recited in said act, it is necessary, that the trusts of the indenture of October twenty-eighth, one thousand eight hundred and fifty-seven, should continue in the said corporation, as provided in the said act of assembly, as long as any bondholders shall continue to refuse to accept the said act of assembly, and the contract therein authorized: And whereas, It is also necessary, to the execution of the said trusts, that the corporation, so created, and authorized, to act as trustees, under said indenture of October twenty-eighth, one thousand eight hundred and fifty-seven, in lieu and stead of the trustees therein named, should have, and possess, the power, out of, and with, the property, thus assigned to it in trust, and the receipts therefrom, and from the franchises, so assigned, to purchase, take, and hold, coal, tools, and other property, real, and personal, such as may be necessary for the carrying on, and conducting, the business of the said canal, and the exercise of the franchises of the corporation, as trustees, under the terms of the said indenture of October twentyeighth, one thousand eight hundred and fifty-seven, in like manner as the said trustees might do, if the said assignment, or surrender, had never been made, but had continued in the trustees named in the said indenture; therefore, SECTION 1. Be it enacted by the Senate and House of Represen tatives of the Commonwealth of Pennsylvania in General Assem oly met, and it is hereby enacted by the authority of the same That after the said franchises, and property, real, and personal, shall have been assigned, by the said trustees, to the said corporation, in trust, as contemplated by the said act of assembly, and from thence forward, and so long as any bondholders of the said corporation, secured by mortgages on the corporate property, and franchises, shall continue to refuse to concur in, and accept, the said act of assembly, the said corporation of the Union Canal Company shall be deemed, and taken, to have, hold, and possess, the said franchises, and property, and all receipts therefrom, and the rents, issues, income, or profits, thereof, and all other property, and effects, thereafter to be, by the said corporation, acquired, for the purpose of maintaining, and conducting, the work, and the business, of the canal, for, and upon, and under, and subject to, the same trusts, powers, provisos, provisions, and limitations, a sare set forth and contained in the above recited indenture of October twenty-eighth, one thousand eight hundred and fifty-seven; and the said bondholders shall be entitled to have an account, from the said corporation, as trustees, under the said indenture, of the annual receipts, and expenditures, in the prosecution, and execution, of the said trust, and the net annual income derived from the said canal, and in the prosecution of the said trust, ascertained; which net income shall be divided, apportioned, and paid among, and to, the said bondholders, in the manner they are entitled, preserving the relative rights of the said several classes of bondholders, and parties interested in said trust, as provided in the said act of assembly, of the tenth of April, one thousand eight hundred and sixty-two; and the sums, which shall be found due to the bondholders accepting the said act of assembly, and parties to the contract, thereby authorized, and therein contained, shall be paid to, and received by, them, respectively, in satisfaction of all coupons for interest, which shall have accrued, and become due, and payable, at the time of such account stated, as provided by the first section of the said act of assembly; and the sums, which shall be found due to the said bondholders, not concuring in, and accepting, the said act, and contract, shall be paid to, and received by, them, on account of the amount due to them, and with like effect as if the said act of assembly had not been passed, and so that the relative rights and interests of the said parties shall be preserved, and continue, as provided by the third section of the said act; and the said corporation, in the prosecution of the said trust, shall be authorized to make reasonable and proper compensation to its officers, and agents, who are employed in, and about, the necessary business of the said trust, and shall be allowed all reasonable expenses, but shall not be entitled to make any charge, by way of commissions, on the receipts, or disbursements; and in case any parties interested shall require the accounts of the said corporation to be filed, and audited, it shall be lawful to proceed, therefor, in the court of common pleas of the county of Philadelphia, in the same manner, and with like effect, and with the same right of appeal, as in case of an assignment for the benefit of creditors, under existing laws; and the said bondholders, who have refused to concur in the said act of assembly of the tenth day of April, Anno Domini one thousand eight hundred and sixty-two, shall not, until they respectively do so concur, and accept the provisions of the same, in writing, delivered to the said corporation, be entitled to any of the privileges set forth in the said act, and any property, which was the property of the said corporation, and was conveyed, or held, under the trusts aforesaid; and all property which shall be acquired, and held, for or in execution of the said trusts, shall, during the continuance thereof, be freed, and discharged, from all liability to be taken in execution under proceedings by the said bondholders, or any creditor of the said corporation, otherwise than by proceedings to enforce the execution of the said trust, saving, and reserving, nevertheless, to the said bondholders, all rights heretofore secured to them, under the mortgages of the twenty-third day of August, one thousand eight hundred and fifty-three, made, by the said corporation, to M. Brooke Bulkley, James W. Paul, and Charles H. Rogers, and of the twentieth day of October, one thousand eight hundred and fifty-seven, made, by the said corporation, to the said James W. Paul, and Charles H. Rogers, the survivors of the said mortgagees; which mortgages have been duly recorded; and also, under the trusts in the said indenture of October twenty-eighth, one thousand eight hundred and fifty-seven, set forth and contained: Provided, That when all of the said bondholders, secured by the said mortgages, shall have accepted the said act of assembly of the tenth day of April, Anno Domini one thousand eight hundred and sixty-two, in the manner therein, or hereby, authorized and directed, and all persons, whose claims are secured by the indenture of October twenty-eighth, one thousand eight hundred and fifty-seven, shall have become parties to the agreement, set forth in the said act of assembly, or have assented thereto, or have surrendered their claims, that the said corporation may, by deed, declare the same, and surrender the said trusts; whereupon, all of the said trusts shall cease, and the said property, and franchises, shall re-vest in the said corporation, as of their former estate, on the twenty-eighth day of October, Anno Domini one thousand eight hundred and fifty-seven, and immediately preceding the execution of the indenture of that date. JOHN CESSNA, Speaker of the House of Representatives. GEORGE V. LAWRENCE, Speaker of the Senate. APPROVED-The twenty-second day of April, Anno Domini one thousand eight hundrded an sixty-three. A. G. CURTIN. |