Page:Federal Reporter, 1st Series, Volume 3.djvu/684

 8TETÏN3 V. t. & W. E. 90. 677 �preparee as aforesaid,' including the rdad-bed, right o^ way, grading, bridges, ànd masonry, upon ail the stock subscribed for in said company, and upon said iron rails, chairs, spikes, and equipments, when purchased and delivered; and thô state of Tennessee, upon the issnance of said bonds, and by virtue of the same, shall bô învested with the said lien or mortgage without a deed from the compàny, for the payment by said company of said bonds, with the interest thereon as the same becomeô due." ■ �The requirement, by section 5, as to the payment of inter- est, is that 15 days before it falls due the company shall de- posit in the bank of Tennessee — the state's fiscal agent— "an amount sufficient to pay such interest, includiiig exchange and necessary commissions, or satisfactory evidence that said interest has been pàid or provided for, and if said company fails to deposit said interest as aforesaid, or furnish the evi- dence as aforesaid, it shall be the daty of the comptroUer to report that fact to the governor, " who is immediately to put the road into the hands of a receiver, to operate it in behalf of the state until the default is made good, and then to sur- render the road to the company. �By the section "the comptroller is authorized, and it is made his duty, upon his warrant, to draw from the treasury any sum of money necessary to meet the interest on such bonds as may not be provided for by the company, as provided for in this act, and the comptroller shall report thereof to the general assembly from time to time. " �The requirement aS to the payment by the company of the principal of the bonds by section 7 is "that, at the end of five years after the completion of said road, said company shall set apart 1 per centum per annum upon the amount of bonds issued to the company, and shall use the same in the purehase of bonds of the state of Tennessee, which bonds the company shall pay into the treasury of the state, after assign- ing them to the governor, and for which the governor shall give said company a receipt; and, as between the state and said company, the bonds so paid in shall be a credit on the bonds issued to the company ; and bonds so paid in, and the ����