Pennsylvania Act 1865-842 — LEASING OF RAILROADS

Act text

LEASING OF RAILROADS
                 Act of Jun. 21, 1865, P.L. 852, No. 842              Cl. 15
                                  AN ACT

     Authorizing the Western Transportation Company to purchase the
        stock and lands of any railroad company, and to lease
        railroads.

        Section 1.  Connecting road, sold under mortgage or decree of
     court, may be purchased and paid for in stock
        When any railroad shall be sold and conveyed, by virtue of
     any mortgage or deed of trust, or under and by virtue of any
     process or decree of any court of this State, or of the Circuit
     Court of the United States, it may be lawful for any company, of
     which the railroad connects therewith, to purchase and pay for
     the same, to issue their own stock, for such amount as the
     purchasers may deem the full and fair value thereof, and to hold
     and enjoy the railroad, so purchased, with all the rights,
     privileges and franchises, and with the same rights to charge
     for tolls, transportation, and car service, and subject to the
     same restrictions, as were held, enjoyed and limited by and in
     respect to the company of which the road may be so sold.  1865,
     June 21, p.l. 852, sec. 1.