PERFECT RAILROAD TITLES.
Mr. CONNER, from a Select Committee, returned Senator Hamilton's bill 31-see page 45 of these Reports-on the third reading (being identical with the bill H. R. 33;) with amendments.
Mr. C. explained the amendments as follows : The first amendment submitted requires that a majority in interest, stockholders as well as creditors, shall agree upon the sale, or plan of adjustment, before they can be benefitted by this act; and such reorganized companies shall exercise no corporate powers inconsistent with the laws of the State. The bill now requires a decree of court before any road can be sold. We have made a new section (4), which provides that when a road shall be sold at sheriff's sale, under a decree of court, the purchasers shall reinstate the stockholders and creditors of that road in the order in which their debts accrued. We have also reserved the right of the Legislature to alter, amend, or repeal this act, reserving only the rights of others who may have derived benefit therefrom during the time the law was in force.
Mr. MARCH dissented from the qualification put upon the amendment, reserving the legislative right to repeal. If corporations cannot trust the Legislature, how can the Legislature trust corporations?
Mr. CONNER was perfectly willing to strike out the qualifications; he would not leave anything in the bill that would injure any citizen of the State of Indiana.
This was agreed to by consent.
Mr. ANTHONY thought the amendments obviated all his objections to the bill, and he could now vote for it heartily.
The bill was finally passed, by yeas 33, nays 8.
