Page images

Powers of compauy.

every contract or transfer made in pursuance of the power and authority hereby granted, when executed by the respective parties under their several corporate scals, shall vest in the company hereby incorporated, all such rights and privileges, and the rights to use and enjoy the same as fully as they are used and enjoyed by the said corporation in whom they are now vested.

Sec. 19. The said company shall have power to purchase with the funds of said company, or contract to for and place on any rail road constructed by them under this act, all machines, wagons, carriages or vehicles of any description which they may deem necessary and proper for the purposes of transportation on said ral road, and they shall have power to charge for tolls and transportation, such sums as shall be lawfully established by the by-laws of said company, and it shall not be lawful for any other company or any other person or persons to transmit any passenger or merchandize or property of any description whatever upon said rail road or any part of it without the license or permission of said company; and the said rail road, with all its improvemen's, works and profits, and all machinery used on said rail road for transportation, and all the machine shops, depots, buildings and edifices connected with said rail road shall be vested in the said company forever, and the shares of the capital stock of said company shall be considered personal property, and shall be transferable on the books of said company, agreeably to the by-laws of said company, and subject to be taken in execution, agrecably to such laws as are or may be hereafter in force.

Sec. 20. The said company shall have full power and authority to

ask for, demand, recover and take the tolls or dues to and for their transportat'n

own proper use and benefit, on all goods, merchandize and passengers using or occupying the said rail road, or any other convenience, erection or improvement built, occupied or owned by the said company, to be used therewith ; and they shall have power to regulate the time and manner in which goods and passengers shall be transported, taken and carried on the same, as well as the manner of collecting all tolls and dues on account of transportation and carriage and storage, and shall have full power to erect and maintain such toll houses and other buildings, for the accommodation and proper transaction of their business as to them may seem necessary. Said company may charge

Tolls and dues for

and collect a reasonable sum for storage on property transported by
them on said rond, on delivery thereof at any of their depots, which
property shall have remained so stored more than five days after no-
tice to the owner or consignee, if known, at his usual place of business
or residence, or after notice by mail sent to owner, if consignee not
known; and said company shall transport merchandize and property
and passengers upon said road, without partiality or favor, and with
all practicable dispatch, under a penalty for ench violation of this pro-
vision, of one hundred dollars, to be recovered by the party aggrieved,
in an action of debt against said company. But soldiers, sailors and
marines, and officers of the army and navy of this State, or in the
service of the United States, and arms, ordnance, military stores and
munitions of war, shall take precedence of other persons or property,
first in favor of this State, second of the United States.
Sec. 21, Whenever it shall be necessary for the construction of

May cross their rail road, to intersect or cross any stream of water or water course strearas. or road or highway, lying on the route of said rail road, it shall and may be lawful for the said company to construct their rail road across or upon the same : Provided, That the company shall restore the stream or water course, road or highway thus intersected or crossed, to its former state, or in a sufficient manner not unnecessarily to impair its usefulness.

Sec. 92. The said company may annually or semi-annually, make such dividend as they may deem proper, of the nett profits or in. Dividon(s. come of the said company, deducting the necessary expenses, and they shall make a dividend among the stockholders of the said company in proper proportions to their respective shares.

Sec. 23. It shall be lawful for the directors to require payment of the sums subscribed to the capital stock of said company at such times and in such proportions, and on such conditions as they shall deem proper and necessary

in the execution and progress of the work, and direct the same to be paid to the treasurer of the corporation. And the treasurer shall give notice of all such assessments; and in case any subscriber or stockholder shall neglect to pay an assessment on his share or shares for the space of thirty days after the time in such notice specified for the payment thereof, as shall be prescribed by the by-laws of said corporation, the directors may order the treasurer to

Assessments on shares of stock.


sell such shares at public auction, after giving such notice as may be prescribed as aforesaid, to the highest bidder, and the same shall be transferred to the purchaser on the books of the company, by the president thereof : and such delinquent subscriber or stockholder shall be held accountable to the company for the residue of the assessments, not satisfied by the proceeds of such sale of his share or shares, if sold for less than the assessments due thereon, with the interests and costs of sale, and such costs and interests to be first paid from the proceeds of such sale, and shall be entitled to the surplus if bis share or shares shall sell for more than the assessments due, with interest and cost of sale : Provided, however, That no assessment shall be laid upon any shares in said corporation for a greater amount in the whole than one hundred dollars upon each share.

Sec. 24. The directors shall have full power to conduct the affairs General powers of of said company, and to exercise any powers which said company

might exercise, except where provision is made by this act for the exercise of such powers by the stockholders at their annual or special meetings, or where the powers of the directors may be restrained by the by-laws of snid company.

Sec. 25. The directors of said company shall annually, on or beAnnual re- fore the twenty-fisth day of January, make a report to the Secretary of

State, which shall embrace the business of the preceding year, to the first day of January, stating the length of their road in operation, cost of construction, and the indebtedness of the company for materials or work in progress of delivery or execution, on account of construction, as near as can be convenientiy ascertained, and all other indebtedness, if any there be ; the amount of capital stock subscribed and the amount actually paid in, and the amount of all loans made by said company for the purpose of constructing said road; the amount of dividends, the names of the stockholders, with the amount of stock owned by each, respectively ; receipts from freight, from passengers, and from all other sources on account of operating the road; the number of through and way passengers, respectively; the expenditures for the repairs of the road, for the repairs of engines and cars, and other expenditures, which three items shall include all the expenditures for operating the road, and the expenditure made for construction during the

year; the number of engines, of passenger, freight and other cars;


the average number of men in employment of the company ; the number of miles run by passenger, freight and other trains, which report shall be verified hy the affidavit of at least two of the directors, and filed in the office of the Secretary of State.

Sec, 26. The said company spill pay to the state an annual tax of one half of one per cent upon its capital stock paid in, including all loans made by said company, for the purpose of constructing said rail road, until the first day of Februry. 4. D. one thousand eight hundred and fifty-eight, and thereafter an amount of one per cent on the capital stock paid in, including all loans made to such company, which tax shall be paid in the last week in January in each year to the State Treasurer, and the property and effects of said company, whether real, personal or mixed, shall, in consideration thereof, he prompt from all and every other tax, charge and exaction by virtue of any laws of this state now or hereafter to be in force, except penalties by this act imposedi.

Sec. 27. The state shall have a len upon the rail road of said company, its appartenances and stock thereon, for all penalties, taxes and dues which may accrue to the state from said company, which shall take precedence of all other debts and de rands, jurigments or decrees against said company; and every inhabitant in this vte shall have a lien

upon said rail rool, stock and appurtenances, and upon the property of said company, for all penalties, dues or deinands against said company to the amount of one hundred dollars, originally contracted within this state, which, after said state lien, shall take precedence of all other debts or demands, judgments or darrees, liens or mortgages against said rail road or company,

Sec. 23. If any person shall wilfully or maliciously do, or cause to be done, or aid in doing or causing to be done, any act or acis whatever, whereby any building, construction or work of said company. or any engine, machine or structure, or any matter or thing appertaining to the same, shall be stopped, obstructed, in:paired, weakened, injured or destroyed, the person or persons so oflending, shall be guilty of a misdemeanor, and may be punished, upon conviction, by fine or by imprisonment not exceeding five years, or both, at the discretion of the court; and shall foi feit and pay to said corporation treble the amount of darnages sustained by means of such offence or injury, to

Trc67, 2680E,

State right


be recovered in the name of said company, with costs of suit, by action of trespass or tresspass on the case.

Sec. 29. Said company shall at all times, if required by the post

office department, transport the United States mail upon said road, as Transporta. tion of l'.S. often as their cars shall pass thereon, not exceeding twice in each day,

for such compensation as shall be agreed upon by said company and the said department; and in case no such agreement can be made, it shall be lawful for the Governor of this State to appoint one commissioner, and the said company one, who, in case they cannot agree, shall appoint a third commissioner; which said commissioners, or a majority of them, shall agree upon and fix the price, terms and conditions of transporting such mail, after fifteen days' notice to said company: Provided, That nothing herein contained shall be construed to require any of the vehicles of said company to wait at any office for the change of mail.

Sec. 30. The state may at any time after twenty years from the to purchase approval of this act, purchase and take from said company said rail

road, and all the effects, assets and property of said company, and said rail road, property and appurtenances (subject to all existing mortgages or other liens thereon, on account of loans, the proceeds of which shall have been invested in the said rail road and other works of said company) shall fully and forever vest in and become the estate, property and effects of the state, to all intents and purposes, so soon and whenever, after the day aforesaid, the state shall pay or cause to be paid to said company, the value of the entire stock of said shares in said

company, at the market value of such stock or shares, and ten per cent in audition to the market value of such stock or shares. The market value of said stock or shares to be ascertained by the supreme court of this state, in case the said company and the state cannot agree upon said value.

Sec. 31. No provision of this act shall be so construed as to authorof powers. ize said company to use any of its capital either directly or indirectly,

in any banking, brokerage or stock-jobbing transaction.

Sec. 32. The legislature may at any time alter, amend or repeal Kepeal.

this act, by a vote of two-thirds of each branch thereof, but such alteration, amendment or repeal shall not be made within thirty yers after


« PreviousContinue »