Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1847-03-30


W. &. WILlIA,1s, Scct'y.
From the Indiana State Journal.
TERRE HAUTE AND RICHMOND E4Ii.
ROAD Co5lPANY.
The act passed by the last General Assembly,
incorporating a company TO construct Rail
Road between the two points above mentioned,
IS understood, in contemplation, to form one of
the links in that chain Of railroads which is to
connect the Atlantic with the Mississippi 1t is
consequently 4 work which, not only our own
citizens feel deep interest in, but one which e.
qualiy interests other portions of the country
The act incorporation, the lst section, grants
to the Company the necessary powers for their
own government. In the ID, the capital stock
is made to consist of $500, 000 to be divided into
shares Of SO each. The Sd and 18th, gives them
the privilege of meeting where and when they
proper TO elect their officers to appoint their
agents, engineers Sc, &c, necessary to carry
into effect the objects of the act, and makes it
their duty to keep faithful record OF their pro-
ceeengs. The 9Th and 9th sections provides that
books be opened for subscription to the capital
stock at such time and place as they choose, due
notice TO be given in some wspaper; that any
person of lawful age, agent of government or
corporation may become subscribers; that the
company may, by agent offer for sale in any oih-
State, such amount Of stock they may
deem advisable; also borrow money on such con-
ditions as may suit them, and require such sums
of money to be paid at the time of subscribing
not exceeding ten dollars on each share-as
they may deem proper, such requlsiton to be set
forth in the published notice. Section !, pro-
vdes for the election of directors as 500,
600 are subscribed and ten dollars paid in on each
share--no share comforting right to vote unless
" - 18th pio, ious TO the election, and that
any person having right TO vote may vote by
written proxy. Section s and 9, makes it the du-
~ of the directors thus elected TO and elect
out of their own body President, whe n they
vth the President elect shall continue in office
until their successors are elected and qualified,
which shall be the first Monday of January
annually thereafter. under the direction of three
stockholders not directors at the time, to be APP
pointed by the board at previous meeting. due
notice being given Section 10, provides that
certificates of stock, under the hand Of the Pres
icnt and Clerk shall be the evidence of the a.
mount of stock held, the to be transferable
upon the books of the company, but at all times
held by them for any dues from the holder there
Of the corporation, or for any that may
thereafter be due on contract made prior to such
transfer. Section II gives the corporation pow
to call for such portions of the stock subscrib
ed, not exceeding S25 each share in any
year, published notice to be given in re ference to
time and place Of payment; and if any refuse to
pay such ivdends, suit shall be instituted and
the amount recovered in any court having COM
mount with 10 per cent. damages, when thus
prosecuted, the delinquent stakeholder shall for
felt TO the company his stock and whatever
has been previously paid in upon the amount sub
scribed, and shall ever after be prohibited from
having any vote for directors recover any part
Of the dividends until the corporation is fully
satisfied. Section ID, gives the company the
privilege of running the road on the best ground
for their interest, CONNIE ncing at some point on
the western line of the State, and making Ierre
Haute, Greencastle, Indianapolis, and Richmond
points eastwardly. Sections ID and II authori-
said company to enter upon any land to make
surveys and estimates and for the purpose of
searching for materials to construct the road, but
provides that no property shall be taken or oc-
cupied without the consent of the owner until
the amount of compensation shall be asceriained
and paid 1t also makes it lawful for them to
receive gifts of money, land or materials for the
road from the owners thereof, provided that they
are of proper age to make contracts, and that all
such requests shall be fully and plainly made in
writing signed by the party making the same
Section Is, directs in where any of
land shall refuse TO sell or otherwise relinquish
the right of way over the same to said company,
twelve disinterested persons o. the neighborhood
shall be appointed by the Justice of the Peace
to assess the damages. taking every benefit into
consideration which will accrue to said land
An appeal may be taken TO the circuit court the
decision Of which shall be final. Section IS,
provides for similar action in case Of owners
of land being minors or insane. Section Il. gives
the company the right. with the consent Of the
county commissioners, TO locate their road along
any State county road provided they leave a
sufhciency of such road in good repair, for COM
mon use, previous to such occupation. Sec
ton Is, but protects the company in the enjoy
ment of those rights after they have been thus ac-
quired. Section 10, gives them five years IN
which to commence said road and fifteen years
| to complete il from the time of its co mmence-