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Texas Vernon's Texas Civil Statutes - Article 6508. Improvement Bonds

Legal Research Home > Texas Laws > Vernon's Texas Civil Statutes > Texas Vernon's Texas Civil Statutes - Article 6508. Improvement Bonds

Art. 6508. IMPROVEMENT BONDS.  When the Commission shall 
make an order as authorized by the provisions hereof for the 
improvement of any line of railway, it may in its discretion at the 
same time make an order permitting said railroad corporation to 
issue bond sufficient to raise the money necessary to make such 
improvements;  and authorize such railroad corporation to secure 
the same by proper mortgage upon its property, and designate such 
bonds and mortgages as "Improvement Bonds and Mortgages;"  
provided, the entire amount of bonds of said railroad company shall 
not exceed the assets of the said company.  The Commission shall 
also see that the funds arising from the sale of such bonds are 
applied to the making of the improvements ordered by it to be made, 
and shall regulate the same in the proper manner and any sale of 
such "Improvement Bonds and Mortgages" at less than par value 
thereof, must in order to be valid, be approved by the Commission.

Acts 1915, p. 201.                                                            

Last modified: August 11, 2007