Sect. 2. The preceding section of this act shall not be so constructed as necessarily to delay the opening of the road between Greenfield and Shelburne Falls, until after the completion of six thousand feet of tunnel; but whenever any portion of not less than three miles of said road shall have been graded between Greenfield and Shelburne Falls, as herein before provided, a portion of scrip, amounting to fifty thousand dollars, shall be delivered to the treasurer of the said company; and in case such payments shall have been previously made upon the road, the payments upon the completion of the third, fourth, fifth and sixth thousand feet of tunnel shall be reduced to thirty thousand dollars for each thousand feet of heading, and twenty thousand dollars for each thousand feet of tunnel of the required dimensions; but no portion of said scrip shall be delivered for any portion of said heading or tunnel, until the corresponding portion of the road shall have been graded as is herein before provided.

Sect. 3. Whenever the treasurer of said company shall receive any of said scrip, he shall offer the scrip, 80 received, to the treasurer of the Commonwealth for sale; and if the treasurer of the Commonwealth shall so require, being thereunto authorized by law, the treasurer of said company shall sell and dispose of the same to the treasurer of the Commonwealth, at the fair market value thereof, to be determined by the governor and council. If the treasurer of the Commonwealth shall decide to buy as aforesaid, then the treasurer of the company shall forthwith pay, to the commissioners of the sinking fund, ten per cent. on the amount of the scrip so taken, as a sinking fund. If the treasurer of the Commonwealth shall decide not to buy, as aforesaid, then the treasurer of the company, within three months after the receipt of any of said scrip, shall pay to the commissioners of the sinking fund, ten per cent. on the amount of the scrip so received, as a sinking fund. After the whole of said road is open for use, twenty-five thousand dollars annually, shall be set apart from the income of said road, and paid to said commissioners; and the whole thereof shall be added to said sinking fund, and shall be managed; invested and appropriated, as is or shall be provided by law in relation thereto.

Sect. 4. The preceding sections shall be in lieu of and be substituted for sections two and three of chapter two hundred and twenty-six of the acts of the year one thousand eight hundred and fifty-four, and the second section of said act is hereby repealed.

Sect. 5. The time for completing the Troy and Greenfield Railroad and Hoosac Tunnel, is hereby extended until December thirty-first, in the year one thousand eight hundred and sixty-five.

Sect. 6. Subscriptions, the instalments upon which are payable in cash, or in the scrip of the towns authorized to subscribe to the stock of the Troy and Greenfield Railroad Company, under the provisions of chapter three hundred and ninety-four of the acts of the year one thousand eight hundred and fifty-five, shall be considered as unconditional subscriptions, in compliance with the requirements of this act; and payment in the bonds of said towns shall be considered as cash.

Sect. 7. This act shall take effect, whenever said company shall file, in the office of the secretary of state, a certified copy of any vote or votes accepting the same, which may be passed at any regular meeting of the stockholders of said company, or at any meeting specially called for that purpose.

Approved March 26, 1859.

[1860.—Chapter 202.]

An Act in addition to an Act authorizing a loan of the State Credit to enable the Troy and Greenfield Railroad Company to construct the Hoosac Tunnel.

Be it enacted, &c., as follows: