Such subscription of any county or incorporated city or town shall not become due and payable unless the railroad company shall have constructed and put in operation within the time fixed in the application, and substantially in the direction and on the line as shown in the plan or map, that portion of its railroad located within the county making the subscription, or that portion of its railroad located within the county in which is situated the incorporated city or town making the subscription, as the case may be; provided, that any county, incorporated city, or town making a subscription under these provisions, may, in addition to the restrictions imposed by this section, stipulate with the railroad company that its subscription shall not become due and payable until the company shall construct its road to such points, or for such distances, as may be agreed upon.
Structure 2021 Tennessee Code
Title 65 - Public Utilities and Carriers
Chapter 7 - Subscription to Railroad Stock by Counties and Municipalities
§ 65-7-101. Power of Locality to Become Stockholder
§ 65-7-102. Right to Subscribe to Stock
§ 65-7-104. Record of Application, Plan, and Amount — Ordering of Election
§ 65-7-105. County Election on Question — Order by Legislative Body
§ 65-7-106. City or Town Election on Question — Order by Governing Body
§ 65-7-107. Notice of Election
§ 65-7-108. Conduct of Election — Certificate of Result — Validity
§ 65-7-109. Election — Style of Ballot
§ 65-7-110. Action on Return of Commission
§ 65-7-112. Subscriptions — Time of Payment
§ 65-7-113. Bond Issue for Payment