Report of the Hoosac Tunnel and Troy and Greenfield Railroad, by the Joint Standing Committee of 1866.Wentworth, Tappan
History
Report of the Hoosac Tunnel and Troy and Greenfield Railroad, by the Joint Standing Committee of 1866.
Wentworth, Tappan
Hoosac Tunnel (Mass.); Railroad tunnels -- Massachusetts; Troy and Greenfield Railroad Company
SECT. 7. The legislature may, after the expiration of five years from
the time when such railroad shall be opened for use, from time to time,
alter and reduce the rate of toll, or profits, upon said road; but said
toll shall not be so reduced, without the consent of said company, as to
produce, with said profits, less than ten per cent. per annum, upon the
investments of the said company.
SECT. 8. The said corporation may contract with the owners of any
contiguous railroad leading into or from either of the states of Vermont
or New York, for the use of the whole or any part thereof, or for the
running and operating the two railroads conjointly, or for the leasing
of such contiguous road, or for the letting or hiring of their own road
to the owners of such contiguous road, or of any other road which
composes a part of the railroad line between the cities of Boston and
Troy, of which the railroad hereby authorized shall be a part.
SECT. 9. The Troy and Greenfield Railroad Company shall, within one year
after the opening of their road for use, purchase and take an assignment
of the lease and contract of transportation, made and executed between
the Western Railroad Corporation and the Pittsfield and North Adams
Railroad Corporation, on the thirteenth day of January, in the year one
thousand eight hundred and forty-six; and shall have all the advantages,
and assume all the liabilities, accruing under and by virtue of said
lease: provided, that the said Western. Railroad Corporation shall
perform their covenants in said lease, to keep said road, and other
property therewith connected, in repair, until such assignment; and
shall, within six months after the said Troy and Greenfield Railroad
Company shall have filed the location of their road, according to law,
and shall have raised, by subscription, one million of dollars, for the
construction of the same, signify, in writing, their election to make
such assignment: and provided, that, at the time of such assignment,
there shall be secured to said Western Railroad Corporation, by a proper
instrument, a lien or mortgage upon all their rights in said Pittsfield
and North Adams Railroad, as collateral security for the performance of
all the obligations of said corporation, contained in said lease and
contract of transportation: and, provided also, that, after the
completion of the said Troy and Greenfield Railroad, the said Western
Railroad Corporation shall assign and convey, to the said Troy and
Greenfield Railroad Company, the said contract of transportation,
according to the terms of this section, if the said Troy and Greenfield
Railroad Company shall so elect.
SECT. 10. This act shall take effect from and after its passage.
[_May 10, 1848._
[1852.--Chapter 291.]
AN ACT concerning the Troy and Greenfield Railroad Company.
_Be it enacted, &c._
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