65-7-116 - Issuance of stock. - Tennessee Statutes

65-7-116. Issuance of stock.

The railroad company shall, when the subscription becomes due and payable, as prescribed, make out and deliver to the county, city, or town, as the case may be, certificates of its capital stock amounting to the subscription, and the certificates shall be held, owned, and voted by such county, city, or town as by other stockholders, and the certificates of stock, and dividends and profits thereon, and the public benefits derived from the construction and operation of the railroad, shall be in full consideration of such subscription and the benefits derived therefrom by the railroad company.

[Acts 1887, ch. 3, § 15; Shan., § 1573; Code 1932, § 2627; T.C.A. (orig. ed.), § 65-716.]