The Portsmouth inquirer. [volume] (Portsmouth, O. [Ohio]) 1849-1855, 1852-06-04
Laws or OHIO.
PUBLIHsHD BIZ AUTHORITY

| io proVlue Tor the creation and regulatiOn.f
Incorporated Companies in the State (
Sec. !. BED enacted By he General Asse,nbl
Of the State Of Ohio, That any number Of nal
nral persons, not less than FIVE, may become
body corporate, with allthe rights, privilege
and powers conferred by, and subject to all tn
restrictions of this act.
TO CREATE AND REGULATERAILRoAI
COMPANIES.
sec. = That any number Of persons a
aforesaid, associating, to form company 70
thepurpose of constructing railroad, shall
unde. their hands and seals. make {, certificate
which shall specify as follows: lst. The nam
assumed by such company, and by which i
shall be known. I'd. The name Of the place q
the termini Of said road, and the county
counties through which suchiroad shall PASS
Sd. The amount of capital stock necessary :,
construct such road. Such certificate shall b,
acknowledge before justice of the peace, anC
certified by the clerk of the court Of common
pleas, and shall be forwarded to the Secretar,
OF state, who shall record and carefully pre
serve the same in his Office; and COPY thereof
duly certified by the Secretary Of State, unde,
the great seal Of the State Of Ohio. shall b,
evidence Of the existence Of such company.
have been complied with. the persons nsmeJ
as corporators in said certificate. are berebJ
authorized to carry into effecttbe objects nanoeS
IN said certificate, in accordance with the pro
visions of this act; and they and their associ
ates, successors and assigns, by the name and
style provided in said certificate, shall there
after be deemed body corporate, with success.
sion, with power to sue and be sued, plead and
be implicated, defend and be defended, contract
and be contracted with, acquire and convey. al
pleasure, all such real and personal estate as
may be necessary and convenient to carry into
effect the objects of the incorporation. to NAL
and use common seal, and The same to alter
at pleasure, and do all needful acts to carry
into effect the object for which it was created
and such company shall DO ssess all the nowers
and be subject to all rules and restrictions pro'
vided by this act.
Sec. A. Said corporations shall he antbor;
zed to construct and maintain arailroad with
single or double track. with spcb side .trocts
turn.outs, Offices and depots as tbev NAV doom,
necessary, between the points named in ,be
certificate, commencing at or within and er.
tending to or into any town, city or village
named as the place of the termini of such road
and construct branches from the main line
to other towns or places within the limits of
any county through which said road NAV pass
Sec 5. The capital stock of such company
shall be divided into shares of fifty dollars
each, and consist of such sum as may be named
in the certificate; such shares shall be regarded
as personal property, and shall be subject to
execution at law.
Sec. 6. An installment of five dollars on
each share of stock, shall be PAYABLE at the
time OF making the subscription. and the resi-
due thereof shall be paid in such iustallmepts
and at such times and places, and to such per.
son, as may be required by the directors of
such company. y
Sec. Z. If any installment of stock shall
remain unpaid for sixty days after the time
it may be required, whether such stock is
held by an assignee, tlansTeree, or the original
subscriber, the same may be collected by action
of debt, or the directors may sell the stock SO
unpaid at public auction, for the installment
then due thereon; first givinethirty days public
notice of the time and place of sale, in some
newspaper in general circulation in the coun-
ty where such delinquent stockholder resided
at the time of making such subscription, or be-
coming such assignee or transferee, or of his ac.
tual residence at the time of said sale: or. il
such stakeholder reside out of the state such
publication shall be made in the county where
The principal Office of The company Is located.
andlf any residue of money shall romain, af,
ter paying the amount due on said stock. the
same shall, on demand, be paid over 10 the
owner; if the whole of said installment he not
paid by such sale, the remainder shall he re.
coverable BY an action of debtapainst the sub.
scriber, assignee or transferee.
Sec. 8. That whenever any railroad comma
nv, heretofore incorporated, or created and in.
under the provisions Of this act
shall in the opinion of thedireetors thereof re.
quire an increased amount of capital stock
they shall, if authorized by the holders of a
Of the stock, file with the auditor of
state certificate, setting forth the amount Of
such desired increase, and thereafter such
company shall been titled to have such increas
capital as is fixed by said certificate.
Sec 3. That the persons named in saidcer.
tificate of incorporation, or any three Of them.
shall be authorized TO order books to be opened
for receiving subscriptions to the capital stock
Of said company, at such time or times. and az
such place or places, as they NAV, deem expe-
dent, after having given at least thirty days'
notice, in a newspaper published or generally
circulated in one or more counties where books
Of subscription are to be opened, of the time and
place Of opening books; and so soon as ten per
centum on thecapital stock shall be subscribed.
they may give like notice for the stockbolders
10 meet at such time and place as thew NAV
designate, for the purpose Of chosen seven al.
rectors, who shall continue in Office until the
lime fixed for the annual election, and until
their successors are chosen and qualified; at
the time and place appointed, directors shall
be chosen, by ballot, by such Of the stockhol-
ders as shall attend for that purpose, either in