Georgia Reports Volume 135

Georgia Reports Volume 135

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This historic book may have numerous typos and missing text. Purchasers can usually download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1911 edition. Excerpt: ...against our conclusion that under the contract in the case at bar the holders of the income bonds are entitled to have the interest paid, not exceeding five per cent., from the funds produced by net income, calculated as provided in the 8th paragraph of the mortgage; and that the discretion of the directors as to the application of any part of the earnings and income towards betterments, additions, or enlargement is controlled by the contract; and that the income bondholders have the right to demand the payment of their interest from the net income of each year, computable according to the contract method. We will now proceed to apply these principles to the specific findings of the auditor, to which exceptions were made, and overruled by the court. Albany and Quincy survey; extra yard space, etc. The sum of $6,894.44 was charged to operating expenses. Of this sum $4,869.44 represents the cost of a survey for a line of railroad from Albany, Georgia, to Quincy, Florida. It was thought by the directors that it was necessary to build a railroad between these points to prevent the construction of a rival road calculated to seriously impair the business of-the company. A railroad company called the Georgia Central & Gulf Railroad Company was chartered to build this road, but was never organized, and the project was abandoned. ' The auditor reported that if this railroad had been constructed it would have formed part of the amount paid for construction, and would have been a capital charge; as it was, nothing was done towards the construction of the railroad, and the survey, therefore, appears to have been, and was considered, an expense which drove off a competitor and helped the business of the company. Two thousand dollars were...
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Product details

  • Paperback | 422 pages
  • 189 x 246 x 22mm | 748g
  • United States
  • English
  • black & white illustrations
  • 1236915755
  • 9781236915757