The Portsmouth inquirer. [volume] (Portsmouth, O. [Ohio]) 1849-1855, 1851-03-31
LAWS OF OHIO.
BYAUTHoRITY.
ACT
!. Relating to R ailroad Companies.

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I Relating to Railroad Companies
SEos1 BE II enacted bgthe Genrat ASSEM-
bly Of The State of Ohio, That whenever the
lines OF. Railroad Of any Railroad Companies in
this State, or any portion of such lines have
been or may be constructed, so as 70 admit the
passage of burden OF passenger cars ever any
two or more Of such roads continuolisly,Sw
out break OF interruption, such companies are
hereby authorized to consolidate themselves into
a single corporation in the manner following:
J.. The directors of said two or more corpo-
rations may enter into an agreement under the
corporate seal OF each, for the consolidation OF
the said two or more corporations, prescribing
the terms and conditions thereof /; the mode of
carrying the same into effect the name of The
new corporation; tine number of directors there
of, which shall not exceed thirteen, the time
and place Of holding the first election OF direcr
tors; the number. Of shares OF capital Stock IN
tne new corporation; the amount OF each share;
the manner of converting the shares of capital
stock in each of said two or more corporations
into shares in such new corporation; the manner
Of compensating stockholders in each Of said
two or more corporations who refuse to convert
their stock into the stock Of such new corpora
ton. with such other details as they shall deem
necessary to perfect such consolidation of said
corporations. And such new corporation shall
possess all the powers rights and franchises con
ferred upon said two or more corporations by the
several acts incorporating the same, or relating
thereto respectively, and shallbe subject to all
the restrictions and perform all the duties i'm
posed by such acts, SO far as the, same may be
consistent with the provisions of this act; Pro
uided, That all stock holders in either Of such
corporations who shall refuse to convert their
stock into the stock Of such new corporation
shall be paid at least par value for each Of the
shares so held by them, if they shall so require,
Fpreyious to said consolidation being consummat.
ed. n2l tt 4o
III. Such agreement of the directors shall no,
be deemed to be the agreement of the said two
or more corporations, until after ithas been sub.
mitted to the stockholders of each Of said cor
porations separately at meeting therenf to bt
called upon notice of at least thirty days
specifying The time and place Of such meeting
and the object thereof, to be addressed TO eacf
of such stockholders, when their place of resi-
dence is known, and deposited in the post office
and published for at least three Successive
weeks in one newspaper in at least one of tht
cities or towns in which each of said corpora
rations has its principal Office Of business, ant
has been sanctioned by such stockholders by the
vote of at least two-thirds in amount of the
stockholders present at such meeting, voting b,
ballot, in regard to such agreement, either il
person or by proxy, each share of capital stocl
being entitled to one vote; and whensuch agree
ment of the directors has been so sanctioned b,
each of the meetings of the stockholders sepa
rately after being submitted to such meetings il
the manner above mentioned, then such agree
ment of the directors shall be deemed TO be the
agreementof the SAID two or more corporations
SEC. 2. Upon making the agreement men
toned in the preceding section, in the name
required therein. and filing duplicate or coun
terplit thereof in the Office Of the Secretary O
State, the said two or more corporations men
toned or referred TO in the said first. section,
shall be merged in the new corporation provided
for in such agreement to be known by the cor.
porate name therein mentioned; and the details
Of such agreement shall be carried into effect as
provided therein.
SEC. 3. Upon the election of the first board
of directors Of the corporation created by the
agreement in the first section of this act all and
singular the rights and franchises of each and
all of said two or more corporations. parties tO
such agreement, all and singular their rights and
interests, in and to every species of property
real personal and mixed, and things in action
shall be deemed to be transferred to and vester
in such new corporation, without any her deco
or transfer; and such new corporation shall
hold and enjoy the same, together with the rgh
of way, and all other rights Of property. in The
same manner, and to the same extent, as if tht
said two or more corporations, parties to sucl
agreement, should have continued to retain thu
title, and transact the business Of such corpo
ratiohs; and the titles and the real estate ac
quired by either of said two or more corpora
tions, shall not be deemed torevert or be impair
ed by means of anything in this act contained
Propided, That all rights of creditors, and al
liens upon the property of either of said corpo
rations, parties 10 said agreement, shall be ant
hereby are preserved unimpaired; and the re
spective corp rationS shall continue 10 exist s.
far as may be necessary to enforce the same
And propided further, that all the debts, liabili
ties and duties Of either company shall thence
forth attach to such new corporation, and be en-
forced from the same to the same extent, and il
the same manner, as if such debts, liabiltie
and duties had been originally incurred by it.
SEC. 4. Any railrhad company heretofore o
hereafter incorporated, may, at any time, b.
means of subscription 10 the capital stock O
any other company, or otherwise. aid such com
pany in the construction of its railroad, for tht
purpose of forming a connexion of said last men
toned road with the road owned by the compa.
ny furnishing sad aid; or any railroad compan,
organized in pursuance of law, NAV lease O.
purchase any part or all of any railroad cnnstruc
ted by any other company, if said company
lines Of road are continuous or connected as d
fpresaid, upon such terms and conditions asma,
be agreed on between said companies reSpec.
lively; or any two or more railroad companies
whose lines are so connected, may enter into
any Arrangement for their common benefit, con-
sistent with aud calculated to promote the OBJ
jectS for which they were created: Provided,
That no such aid shall be furnished nor any such
purchase, lease or arrangement perfected, until
a meeting Of the stockholders Of each OF said
companies, shall have been called by the direc-
tors thereof, at such time and place and in such
manner as they shall designate, and the holders
Of at least two-thirds of the stock Of such COM
pany represented at such meeting in person OF
by proxy, and voting thereat, shall have asSented
thereto. a9i .'a1tH Na FWf iS
SEC, 8. ALI contracts between railroad com
panies, under the provisions ofhthis act, may be
enforced by decree Of the Supreme Court in .
suit in chancery brought for that purpose and
an'two judges Of said court, IN vacation, may
after hearing, make any provisional order OF de-
cree in such suit which maybe necessary 70 en-
force such contracts, to be in force until the
next session Of said court in the proper county,
6Ec. o.. The directors Of any railroad com
pany are hereby authorized tosell or negotiate
the bonds or notesissued by said company, or
received byit in payment Of subscription TO It's
capital stock OF Otherwise. nt such times and
such places, either within or without this
State, and N snch rates as in thaif oninion will