2015 Tennessee Code
Title 65 - Public Utilities and Carriers
Chapter 7 - Subscription to Railroad Stock by Counties and Municipalities
§ 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.
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