The Portsmouth inquirer. [volume] (Portsmouth, O. [Ohio]) 1849-1855, 1852-06-04
LIBERTY, EQ1ALITY, PROGRESSION
PORTSMOUTH, O. FRIDAY EVENING. JUNE a 1852

!. Sec. 81. That whenever the lines of raj
! road of any railroad companies in this Stat
or any portion of such lines, have been or ma
4 oe constructed, SO as admit the passage of bu
4 den or passengers cars over any two or more
4 such roads continuously, without break oril
turruption, such companies are hereby autho
Z izedto consolidate themselvesi into single CO
I poration in the manner following:
Z l. The directors Of said two or more CO.
] tporations may enter into an agreement, undc
I tne corporate seal Of each, for the consolid;
I tion OF said two or more corporations, present.
1 ing the terms 4conditons thereof; the mode {
( carrying the same into effect;the nameofthe ne,
corporation; the number Of directors thereo
which shall not exceed thirteen; the time an
place of holding the first election of director:
j the number OF shares of capital stock, in th
new corporation; the amount of each share til
\ manner Of converting the shares of capita
stock IN each OF said two or more corporation
fftnt0shares in such new corporation; the man
ner or compensating stockholders in each o
SAID two or more corporations who refuse t,
convert their stock into the stock of such nev
corporation; with such other details as they
snali dean necessary to perfect such consolida
ton of said corporations; and such new corpor
alton shall possess all the powers, rights ant
franchises, conferred upon such said two OF
more corporations, and shall be subject [tol all
the restrictions, and perform all the duties
imposed by the provisions of this act; Provided
that all stockholders in either Of such corpor.
ations who shallrefuse to convert their stock
into the stock of such new corporation, shall
be paid at least parvalue for each, of the shares
so held by them, if they shall so require, pre-.
vious to said consolidation being consumma.
ted.
II. Such agreement Of the directors shall
not be deemed to be the agreement of the said
two or more corporations, until after it has
been submitted to the stockholders Of each oi
said corporations, separately, at meeting
thereof; to be called upon notice of at least
thirty days specifying the time and place Of such
meeting. and the object thereof, to be addressed
to each Of such stockhslders, when their place
of residence is known, and deposite il in The
post office, and published for al least three
successive weeks in one newspaper in at least
one Of the cities or towns in which each of said
corporations has its principal Office of bust.
ness, and has been sanctioned by such stock.
holders, by the vote of at least two-tbirds in
amount Of the stockholders present at such
meeting, voting by ballot in regard to such
agreement, either in person or BY proxy, each
share of capital stock being entitled 70 one
vote; and when such agreement of the direc-
tors has been so sanctioned by each of the NEE
tings of the stockholders separately, after be.
ing submitted to such meetings in the manner
above mentioned, then such agreement OF the
directors shall be deemed to be the agreement
of the said two or more corporations.
Sec. 90 Upon making the agreement men
toned in the preceding section, in the manner
! rooo;xoI 4I,o.o;x ,n1 6l;or d,,Y,1;ooto or
counterpart thereof in the Office Of the Secre-
tary Of State, the saidtwo or more corporotion
mentioned or referred to in the said first sec.
ton, shall be merged in the new corporation
provided for in such agreement, to be known
| by the corporate name therein mentioned; and
The details Of such agreement shall be carried
into effect, as provided therein.
Sec. 23 Uponth election Of the frstboard
OF directors of the corporation created by the
ogreement in the twenty first section Of this
act mentioned, and by the provisions of this
act, all and singular the rights and franchises
of each and all of said two or more corpora
tions parties to such agreement, all and singu-
lar 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 vested in such new corpora
ton, without any other deed or transfer; and
such new corporation shall hold and enjoy the
same, together with the right of way, and all
other rights of property, in the same manner,
and to the same extent, as if the said two or
more corporations, parties to such agreement,
should have continued to retain the title, and
transact the business Of such corporations; and
the titles and the real estate acquired by either
of said two or more corporations, shall not be
deemed to revert or be impaired by means Of
anything in this act contained; Provided, that
all rights of creditors, and all liens upon the
property of either of said corporations, parties
said agreement, shall be and hereby are pre-
served unimpared; and the respective corpor-
ations shall continue to exist so far as may be
necessary to enforce the same; and provided
further, that all the debts liabilities and duties
Of either company, shall thenceforth attach to
such new corporation, and be enforced from the
sane, to the same extent, and in the same man.
ner, as if such Debts liabilities and duties, had
been originally incurred by it. S1
Sec. "a. Any railroad company heretofore
or hereafter incorporated, may, at any time, by
means of subscription to the capital of any
other company or rotherwise, aid such coinpa-
nv nthe construction of its railroad, for the
purpose of forming connection Of said last
mentioned road, with the road owned by
the company furnishing said aid; or any
railroad company organized in pursuance
of law, may lease or purchase any part or
all Ct any railroad constructed BY any
other company, if said companies lines Of
road are contiguous or connected as aforesaid,
upon su,h terms and conditions as may be
agreed on between said companies respective
ly; orany two or morerailroad companies whose
lines arc so connected, may enter into any ar,
rangement for their common benefit, consistent
with and calculated to promote the objects for
which they were created Provided, that no
such aid shall be furnished, nor any such pur-
chase, lease or arrangement be perfected, until
meeting of the stockholders Of each of said
companies shall have been called by the direc-
tors thereof at such time and place, and and in
such manner, as they shall designate, and the
holders of at least two thirds Of the stock of
such company represented at such meeting in
person or by proxy, and ioting thereat, shall
have assented thereto.
Sec. 25. The commissioners Of any county,
the city or town council of any city, or town,
and the trustees of any township, which coun-
ty, city, town Or township, has heretofore sub
scribed to the capital stock Of any railroad
company, or turnpike or plank road company,
and has issued, or shall hereafter issue any
bonds for the payment of any such subscrip-
ton, are hereby authorized to sell the said
stock, or any part thereof, and on such terms
as they shall deem to be for the interest Of said
county, city, town or township, respectively,
and may apply the proceeds Of such sale to
the payment Of the bonds by such county, city,
town or township, respectively subscribed.
Soc OG Thar ovaru raiirnad comf1nnv in