Page:United States Statutes at Large Volume 20.djvu/84

FORTY-FIFTH CONGRESS. Sess. ll. C11. 96. 1878. 59 to him, and which he shall report to Congress, he shall at any time deem it advisable to invest in other bonds of the United States. All the bonds belonging to said fund shall, as last as they shall be obtained, be so stamped as to show that they belong to said fund, and that they are not good in the hands of other holders than the Secretary of the Treasury until they shall have been indorsed by him, and publicly disposed of pursuant to this act. Sec. 4. That there shall be carried to the credit of the said fund, on Credits to, and the first day of February in each year, the one-half of the compensation !{=•s{¤¤¤¤ ts inw for services hereinbefore named, rendered for the Government by said “‘“k‘“g`f““d· Central Pacific Railroad Company, not applied in liquidation of interest; and, in addition thereto, the said company shall, on said day in each year, pay into the Treasury, to the credit of said sinking-fund, the sum of one million two hundred thousand dollars, or so much thereof as shall be necessary to make the five per centum of the net earnings of its said road payable to the United States under said act of eighteen hundred and sixty-two, and the whole sum earned by it as compensation for services rendered for the United States, together with the sum by this section required to be paid, amount in the aggregate to twenty-five per centum of the whole net earnings of said railroad-company, ascertained · and defined as hereinbefore provided, for tho year ending on the thirty- first day of December next preceding. That there shall be carried to the credit of the said fund, on the first day of February in each year, the one-half of the compensation for services hereinbetore named, rendered for the Government by said Union Pacific Railroad Company, not applied in liquidation of interest; and, in addition thereto, the said company shall, on said day in each year, pay into the Treasury, to the credit of said sinking fund, the sum of eight hundred and fifty thousand dollars, or so much thereof as shall be necessary to make the five per centum of the net earnings of its said road payable to the United States under said act of eighteen hundred and sixty-two, and the whole sum earned by it as compensation for services rendered for the United States, together with the sum by this section required to be paid, amount in the aggregate to twentyfive per centum of the whole net earnings of said railroad company, ascertained and defined as hereinbetore provided, · for the year ending on the thirty-rst day of December next preceding. Sec. 5. That whenever it shall be made satisfactorily to appear to the Reniissionorpay- Secretary of the Treasury, by either of said companies, that seventy-Eve !"°“;·" l“*° "'” ‘ per centum of its net earnings as hereinbefore defined, for any current mg` um' year are or were insufficient to pay the interest for such year upon the obligations of such company, in respect of which obligations there may exist a lien paramount to that of the United States, and that such interest has been paid out of such net earnings, said Secretary is hereby authorized, and it is made his duty, to remit for such current year so much of the twenty-tive per centum of net earnings required to be paid into the sinking-fund, as aforesaid, as may have been thus applied and used in the payment of interest as aforesaid. Sec. 6. That no dividend shall be voted, made, or paid for or to any No dividend in stockholder or stockholders in either of said companies respectively at ¤¤¤¤ of d<>¤•¤l¤· any time when the said company shall be in default in respect of the payment either of the sums required as aforesaid to be paid into said sinking-fund, or in respect of the payment of the said five per centum of the not earnings, or in respect of interest upon any debt the lien of which, or of the debt on which it may accrue, is paramount to that of the United States; and any officer or person who shall vote, declare, Liabillbies to fvmake, or pay, and any stockholder of any of said companies who shall PW d“"d""d“· receive any such dividend contrary to the provisions of this act, shall be liable to the United States for the amount thereof, which, when recovered, shall be paid into said sinking-fund. And every such officer, per- Pe¤¤·1ty· son, or stockholder who shall knowingly vote, declare, make, or pay any such dividend, contrary to the provisions of this act, shall be deemed guilty of a misdemeanor, and, on conviction thereof, shall be punished