Texas Vernon's Texas Civil Statutes - Article 6508. Improvement Bonds
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Article: 6501 6502 6503 6504 6505 6506 6507 6508 6509 6510 6511 6512 6513 6514 6515
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