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limits of such road any wood, stone, or other obstruction, other than permanent buildings already constructed, so as to interfere with the public travel upon such road, or prevents or interferes with the free passage of water in the side drains or ditches of such road, upon being notified by the president, a director, or the superintendent of such road to remove such fence or other obstruction, neglect or refuse to comply with such requirement within ten days from the service of such notice, he shall forfeit and pay to and for the benefit of the company owning such road a sum not less than one nor more than ten dollars, for each and every day he permits such fence or obstruction to remain upon such road after the expiration of ten days from the service of such notice; which sum shall be recoverable by action in the name of the company, before any justice of the peace of the township where the fence is situate or the obstruction placed. 58 v. 43, § 1; S. & S. 150.
$ 3516. Company may assess stockholders
When the stockholders of a turnpike or plank road company are individually liable for the liabilities of such company, the proportion that each stockholder shall be required to pay to meet existing liabilities may be determined and collected in the manner hereinafter provided. 53 v. 99, S 1; S. & C. 338.
$ 3517. Notice of meeting for that purpose
The directors of any such company, desiring to take such action, may give notice to the stockholders, by publication for at least thirty days in at least two newspapers published in the counties in which the road is located, for a meeting of the stockholders, specifying the time and place of meeting, and the object thereof. 53 v. 99, SS 2, 7; S. & C. 338.
$ 3518. Proceedings thereat
At such meeting a detailed statement shall be submitted, showing the assets and indebtedness of the company; and a majority of the stockholders may there determine upon the basis for assessing the stockholders to meet the indebtedness of such company, and fix the time or times, and the mode, for the payment of the amount assessed against each individual or corporation. 53 v. 99, SS 3, 4; S. & C. 338.
$ 3519. Collection of assessments
No stockholder shall be liable beyond the sum fixed by the charter of such company, and all assessments, when paid, shall be a credit on his liability, and a stockholder who fails to pay, as required, the amount so assessed, shall be liable to an action in the name of the company for the recovery thereof, as in other cases of indebtedness. 53 v. 99, SS 5, 6; S. & C. 338.
$ 3520. Those assessed for improved roads may become
incorporatedWhen a majority of the landholders whose lands have been or hereafter may be assessed to construct a road by virtue of proceedings had under the act of March 29, 1867, and the acts supplementary thereto and amendatory thereof, desire to incorporate themselves into a turnpike company, they may proceed in the manner provided in chapter one; but in their articles of incorporation they shall also state that the road has already been constructed under and by virtue of said act, and the amount of capital stock of the company shall be, as near as the same can be arrived at, the amount expended in the construction of the road; and there shall be annexed to the articles of incorporation a petition, asking for the incorporation of the persons named in the articles of incorporation, for the purposes therein named, which petition must be signed by a majority of the landholders whose lands have been taxed for the making of the improvement, accompanied by a certificate of the auditor of the county in which the road is located to the effect that the petition contains the signatures of a majority of the landholders whose lands have been so taxed. 66 v. 131, § 16.
§ 3521. Who to be stockholders
No stock books shall be opened, and no subscriptions received to the stock of such company; the auditor of the county in which any road is located shall, on demand, furnish to the corporators a certified list of the landholders whose lands have been taxed for the construction or improvement of the road; and at the first election of directors and officers of the company each person whose lands have been so assessed shall be entitled to one vote, and no more. 66 v, 131, $ 17.
$ 3522. Certificates of stock to be issued
After the company is organized, its president and secretary shall issue certificates of stock to each landholder, for the number of shares of the stock, of the sum which may be designated by the directors, and fractions of a share, as shall amount to the sum assessed upon his lands, and which he has already paid for making the improvement; and they shall also, from time to time, after the assessment on each landholder each year is paid, issue like certificate for the amount of the assessments so paid; but any person whose lands have been assessed, and whose assessments have been paid, may, at any time after the organization of the company, become a stockholder therein, by producing and exhibiting to the secretary of the company the certificate of the auditor and treasurer of the county, showing the amount of the assessment on the lands of such person for the improvement, and that the same has been paid, and thereupon the president and secretary shall issue certificates of stock to him for the amount so paid. 72 v. 172, S 18.
$ 3523. Powers of such companies
A company so incorporated shall have the same powers and be subject to the same liabilities as other turnpike companies incorporated under the laws of the state.
66 v. 131, § 19.
§ 3524. When such company may increase capital stock
A company organized as provided in section thirty-five hundred and twenty may, with the assent of the holders of a majority of its stock, and the consent of the county commissioners, increase its capital stock to such an amount as may be deemed necessary to extend its road or to build a branch road, not exceeding five miles in length, to form a connection with any other similarly improved road in an adjoining county or state. 69 v. 191,
$ 3525. Proceedings for such purpose
For the purpose of increasing the capital stock of the company for the objects heretofore stated, books may be opened for subscriptions, under the direction and at the office of the auditor of the county in which the company is located, upon giving thirty days' previous notice in some newspaper published and of general circulation in the county; and all persons, whether original stockholders or otherwise, may become subscribers to the capital stock of the company; but the aggregate of such subscriptions shall not exceed the amount necessary to construct or build such road or branch; and if a company so organized refuse its assent to such extension, or to the construction of such branch road, for the purposes stated, or refuse, by the vote of the holders of a majority of its stock, to increase its capital stock for such purposes, a stock company may be organized under chapter one, which may build such extension or branch, and erect toll-gates, as provided in this chapter. 69 v. 191, $ 1.
$ 3526. Company may divide its road
A company whose road extends into two or more counties may subdivide its road into as many divisions as it may determine, as hereinafter provided, and may reorganize the company, so as to have a separate corporation for each of the subdivisions.
75 V. 527, $ 1.
$ 3527. Proceedings to effect subdivision
For the purpose of making such subdivision there shall be a meeting of the stockholders of the company, at the usual place of meeting, on a notice of at least four weeks, and if at such meeting the owners of at least two-thirds of the stock of the company assent thereto, in writing, the subdivision shall be made, and the stock of the entire corporation shall be apportioned among the several new corporations as previously agreed upon; each subdivision shall be liable for its proportion of the debts of the original corporation, in proportion to its stock; and the action of the stockholders' meeting shall be duly recorded, and when attested by the president and secretary of the meeting, a copy thereof, duly certified by the president and secretary, shall be filed with the secretary of state, and shall become the articles of incorporation for each of the subdivided companies, and shall be recorded as other articles of incorporation are recorded. v. 527, § 2.
$ 3528. Reorganization of separate companies
After the certificate is filed with the secretary of state, each of the subdivisions shall become a separate corporation, and reorganize as such by the election of a board of directors as other turnpike companies, and thenceforth each of the companies shall have the same powers, and be conducted in all respects, as other companies; and the rights of stockholders in each subdivision to their stock and property shall remain and continue therein as if they had been the sole stockholders in the subdivision prior to the subdivision, subject, however, to the same liabilities of stockholders for debts of the corporation and legislative control as other companies. 75 v. 527, S 3.
$ 3529. Names of new companies
The name of each of the companies of such subdivided corporations shall be such as may be assumed and designated in the certificate of incorporation. 75 v. 527, $ 4.
$ 3530. Roads may be sold on execution
All turnpikes and plank-roads under the control of individuals or corporations, and held as property or as a franchise shall be liable to sale upon execution, in the same manner as other property. 65 v. 136, S 1; S. & S. 238.
$ 3531. The levy and appraisement
All such property shall be levied upon, appraised and sold as real estate is appraised and sold; and the appraisement shall be made with reference to the value thereof for the purposes for which it is or may be used, and shall include the value of the franchise therewith connected. 65 v. 136, $ 2; S. & S. 238.
$ 3532. When order for appraisement made
When any such property is levied upon and not appraised, and when portions of such property are situate in two or more counties, the court in which the judgment was rendered may, upon application of the creditor, order the same to be appraised, appoint appraisers, and have the same sold entire, or in such parcels as the court may deem most advantageous to the debtor; but if no such application be made, the sheriff shail proceed as in other cases. 65 v. 136, S 3; S. & S. 238.
S 3533. Purchaser takes franchise
The purchaser of any such road shall, upon the confirmation of the sale, be entitled to hold and exercise all the corporate franchises purchased at such sale, as fully as the same were held