No. 555. A Supplement To an act to authorize the Wyoming Canal Company, and its creditors, to agree to an adjustment of their respective rights, approved April third, one thousand eight hundred and sixty-three. 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 the annual election of the president and managers of the Wyoming Valley Canal Company shall be held on the third Wednesday of May, in each year, instead of April, as provided for by the fourth section of the act to which this is a supplement; and all the elections of the said company shall be held in the city of Philadelphia. 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. 556. An Act Relating to the assignment of bonds and mortgages. SECTION 1. Be it enacted by the Senate and House of Representatives of the Commonwealth of Pennsylvania in General Assembly met, and it is hereby enacted by the authority of the same, That in any scire facias, or suit, upon any mortgage bond, or other obligation, although the same may have been assigned, and the assignment thereof recorded, as required by the act of ninth of April, one thousand eight hundred and forty-nine, the assignee, or assignees, may sue, or proceed thereon, in his, or their, own name, or names, or in the name, or names, of the mortgagee, or mortgagees, or obligee, or obligees, to the use of such assignee, or assignees; and such assignee, or assignees, or person, or persons, having an equitable, or legal, interest therein, shall be entitled, in actions now pending, or hereafter to be brought, at any time, before verdict, or judgment, on application to the proper court, to have the record so amended as to the parties in any such suit, as will enable the proper plaintiff, or plaintiffs, to proceed in such suit, with the like effect as if the proper party had been placed on the record, at the commencement of the suit; and the court, on such application, shall amend such record accordingly. 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. 557. An Act To extend the fourth section of an act, entitled "An Act to alter the times of holding courts in the county of Tioga, and for other purposes," approved the fourth day of April, Anno Domini one thousand eight hundred and thirty-seven, to the county of Schuylkill. SECTION 1. Be it enacted by the Senate and House of Represen atives of the Commonwealth of Pennsylvania in General Assembly met, and it is hereby enacted by the authority of the same, That the provisions of the fourth section of an act of the general assembly of the commonwealth of Pennsylvania, approved the fourth day of April, Anno Domini one thousand eight hundred and thirty-seven, entitled "An Act to alter the times of holding courts in the county of Tioga, and for other purposes," be and the same is hereby extended to the county of Schuylkill. 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. 558. An Act To stay proceedings against the sureties of Andrew S. Harrison, and revive the warrant of Andrew S. Harrison, a collector of taxes in the borough of Huntingdon. WHEREAS, John W. Mattern, and John K. M'Cahen, sureties to the county of Huntingdon, for Andrew S. Harrison, late collector of taxes, in the borough of Huntingdon, Huntingdon county, have become liable, by the defalcation of the said Harrison, to pay the commonwealth, and the county of Huntingdon, about one thousand dollars: And whereas, The warrant is not revived, and there being a considerable amount of taxes due, and owing, the said collector of taxes, and which will discharge a large portion of said defalcation, if the said warrant is revived; therefore, 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 the warrant, issued to Andrew S. Harrison, of the borough of Huntingdon, in the county of Huntingdon, for the county, state, and military taxes, dated the twenty-second day of June, Anno Domini one thousand eight hundred and fiftynine, be and the same is hereby revived, and continued in full force and virtue, for the space of one year from the passage of this act. APPROVED-The twenty-second day of April, Anno Domini one thousand eight hundred and sixty-three. A. G. CURTIN. No. 559. An Act To authorize the Commissioners of Mercer county to compromise with the holders of its bonds, issued to railroad companies. 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, Commissioners That the commissioners of the county of Mercer, or a majority authorized to of them, are hereby authorized to compromise with any holder, compromise. New bonds to be issued. Amount and conditions of. Proviso. Proviso. or holders, of the bonds of said county, heretofore issued by the said county, to railroad companies, or with any holder, or holders, of coupons, detached from said bonds; and upon the surrender of such compromised bonds, or coupons, by such holder, or holders, to pay to such holder, or holders, any amount that may be agreed upon between said commissioners, or a majority of them, and such holder, or holders, either by new bonds, hereinafter authorized to be issued, or with money hereinafter authorized to be borrowed. SECTION 2. That said commissioners, or a majority of them, for the purpose of effecting such compromises, are hereby authorized to issue new bonds, to an amount sufficient to pay for all the bonds heretofore issued by said county, to railroad companies, which shall be compromised, as aforesaid, of any denomination, not less than fifty, nor more than one thousand, dollars, bearing interest at any rate per annum, not exceeding six per cent., payable semi-annually, at such place as may be agreed upon by the said commissioners, and the parties accepting the same, with coupons attached, for the payment of the said interest, the principal payable at any future time, not less than twenty years from the date of said bonds; which said bonds, the said commissioners, or a majority of them, are hereby authorized to deliver, either directly, to such holder, or holders, upon such compromise, or to any person, or persons, for loans ⚫ of money, by them, to said county, to be used in payment of any amounts which may be agreed upon in said compromises: Provided, That persons loaning money, upon such bonds, shall not be liable to see to the proper application of the same by the said commissioners: And provided further, That the said new bonds shall be redeemable in the manner hereinafter provided, and shall not be subject to taxation for any purpose whatever. Tax to be levied for payment of interest and creation of sink ing fund. Not to be appro SECTION 3. That for the purpose of promptly meeting the interest on the new bonds, hereby authorized to be issued, and for the creation of a sinking fund for the ultimate liquidation and payment of said new bonds, a tax shall be levied, annually, by the commissioners of said county, sufficient to produce a sum, which shall be sufficient to meet the interest upon the said new bonds, and create a sinking fund, which shall liquidate, and pay, the principal, at its maturity; the said money, so raised, by said tax, annually, shall be kept separate, and apart, from all other funds of the said county, and shall not be appropriated, by priated to any any action of said commissioners, nor be liable to be appropriother object. ated by any writ of attachment, or by any judicial process whatsoever, from the following uses, to wit: out of the said sum, so raised, by taxation, annually, shall be first paid the interest on the outstanding new bonds, issued by virtue of this act, and the balance, and residue, of said sum, shall be then applied to the redemption, and cancellation, of new honds, issued by virtue hereof: Provided, That all bonds, purchased for the said sinking fund, shall be forthwith cancelled, and a register of bonds, so cancelled, shall be kept; the cancellation shall be effected by writing, in red ink, across the face of such cancelled Interest to be first paid, and balance applied to redemption of new bonds. Mode of cancel ling bonds. bond, the fact of such cancellation, and the date thereof; the seal shall be crossed with black ink, and the signatures with red ink; and each coupon shall be punched with two, or more, holes. SECTION 4. That it shall be lawful for the said commissioners, Surplus moneys from time to time, to increase the sinking fund, by appropri- in treasury may ating to the same any surplus funds, moneys, or revenues, re- be appropriated maining in, or payable to, the treasury of said county, not to sinking fund. required for the ordinary expenses of the said county; the sink ing fund, created by this act, shall be, at least once in every to. year, invested by the said commissioners, in the purchase of Purchase of the the new bonds, hereby authorized to be issued, at the lowest new bonds isrates for which the same can be procured; and if none should sued, relative be offered, or obtained, below par, then the said commissioners shall pay off the outstanding new bonds, at par, in rotation of numbers, beginning at the lowest number outstanding; and in the event of such bond, or bonds, not being surrendered, after In the event of bonds not being four weeks' advertising, of the number, or numbers, to be paid, surrendered, afthen the commissioners shall deposit the money therefor, in ter advertising, any bank in the city of Pittsburg; and the bond, or bonds, so the money advertised, shall cease to draw interest thereon; and the holder, or holders, of such bond, or bonds, shall look only to the de- deposited in posit for the payment of his, her, or their bond, or bonds; terest thereon banks, and insuch advertising to be made in one newspaper, published in cease. the borough of Mercer, and one in the city of Pittsburg, once a week, for three successive weeks. therefor may to. b SECTION 5. That so much of the annual tax, hereby autho- Appropriation rized to be levied, for the payment of the interest on the said of tax, relative new bonds, as may not be required, at the time, for the payment of interest on the said new bonds, shall go into, and become part of, the sinking fund, hereby provided, there to remain, until, by reason of future compromises, between the said commissioners, and other holders of said bonds, bereafter issued to railroad companies, and the issue of new bonds, sufficient to require the same, for the payment of interest thereon, and the liquidation of the principal, as aforesaid, and shall, in no event, be used for, or appropriated for, any other purpose. SECTION 6. That all necessary powers are hereby given to Authority to the said commissioners, or a majority of them, and to the hold- compromise ers of said railroad bonds, or coupons, whether for their own use, or in trust, to consummate any compromise, which may be ageeed upon in pursuance of this act. 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 hundred and sixty-three. A. G. CURTIN. granted to commissioners and bondholders |