Chap. 0053 An Act authorizing the cuarles river street railway company to issue mortgage bonds.

Be it enacted, etc., as follows:

Section 1. The Charles River Street Railway Company from time to time by the vote of a majority in interest of its stockholders, at meetings called for the purpose, may issue coupon or registered bonds to an amount not exceeding five hundred thousand dollars, for a term not exceeding twenty years from the date thereof: provided, that the amount of bonds so issued under the provisions of this act shall at no time exceed the amount of stock actually subscribed for and paid in at par at that time ;
and (o secure payment thereof, with interest thereon, the said company may make a mortgage of its road aud franchise and any part or all of its other property, and may include in such mortgage property thereafter to he acquired. Said company may in such mortgage reserve to its directors the right to sell or otherwise in due course of business dispose of property included in such mortgage which may become worn, damaged or otherwise unsuitable to be used in the operation of its road ; provided, that an equivalent in value be substituted in lieu thereof.
Section 2. All bonds so issued shall first be approved by some person appointed by the corporation for that purpose, who shall certify upon each bond that it is properly issued and recorded.
Section 3.   This act shall take effect upon its passage.
Approved March 1, 1884.