Fremont weekly freeman. [volume] (Fremont, Sandusky County, Ohio) 1850-1853, 1852-06-12

Sec. ]. BE 1T enacted by the General Assem-
big of the State Of Ohio, That any number G
natural persons, not less than FIVE, may be
come body corporate, with all the rights
privileges and powers conferred BY, and sub
ject to all the restrictions of this act.
ITO CREATE AND REGULATE RAIL
ROAD COMPANIES.
Sec. 2. That any number of natural persons
as aforesaid, associating to form company fo
the purpose of constructing a railroad. shall
under their hands and seals, make certificate
which shall specify as follows:-lst The name
assumed BY such company, and by which i
shall be known I'd. The name Of the place
of the termini Of said road, and the county or
counties through which such road shall pass
Sd. The amount Of capital stock necessary TO
10 construct such road.-Such certificate
shall be acknowledged before justice
Of the peace, and certified by the clerk of the
court of common pleas. and shaR be forward
ed to the Secretary of State, who shall record
and carefully preserve the same in his office
and copy thereof, duly certified by the Sec
retary of State. under the great seal Of the
State of Ohio, shall be evidence of the exis-
tence of such company.
Sec. 8. That when the foregoing provisions
have been complied with. the persons named
az corporators in said certificate, are hereby,
authorized to carry into effect the objects
named in said certificate, in accordance with
the provisions of this act; and they and their
associates. successors and assigns, by the
name and style provided in said certificate,
shall thereafter be deemed body corporate,
with succession, with power to sue and be sued
plead and be impleaded, defend and be defen-
dec, contract and contracted with, acquire and
convey, al pleasure, all such real AID person
al estate as may be necessary and convenient
to carry into effect the objects of the incorpo-
ration, 10 make and use a common seal, aud
the same to alter at pleasure, and do all need :
full acts to carry into effect the object for which
it was created; and such company shall pos
sess all the powers. and be subject to all rules
and restrictions provided by this act
Sec. 4. Said corporations shall be authorized
TO construct and maintain a railroad, with a
single or double track, with such side tracks,
turn outs, offices and depots, as they may deem
necessary, between the points named in the
certificate, commencing at or within and ex-
tending to or into any town, city or village,
named as the place ofthe 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 may pass.
Sec S. The capitol stock of such company
shall be divided into shares of fifty dollars
each, and consist of such sum as may be nam
ed in the certificate; such shares shall be re-
gardec as personal property and shall be sub
iect 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 residue
thereof shall be paid in such installments. and
at such times and places. and TO such persons
as may be required by the directors of such
company.
Sec. Z. fany instaIlmcnt of stock shall re-
main unpaid for sixty-days after the time il
may be required, whether such stock is held
by an assignee, transferce, or the original sub
scriber, the same NAV be collected by action
of debt, or the directors may sell the stock Sc
unpaid at public auction, for the installment
then due thereon; first giving thirty days pub
lie notice of the time and place OF sale, il
some newspaper in general circulation in the
county where such delinquent stockholder re-
sided at the time of making such subscription
| or becoming such assignee or transferee, or o
his actual residence at the tint
of said sale; or, if such stockholdrr reside ou
of the state such publication shall be made il
the county where the principle office of tht
company is located; and if any residue of mon
ey shall remain, after paving the amount du,
on said stock. the same shall, on demand, b,
paid over 10 the ownes; if the whole of saiC
installment be not paid by such sale, the re
mainder shall be recoverable by an action o
det against the subscriber assigne or lransferee
Sec. 8. That whenever any railroad compa
ny, heretofore Incorporated or created and in
cOrporated under the provisions of this act
shall, in the opinion of the direc
tors thereof, require an increased amount 0
capitol stock. they shall, if authorized by tn
holders of majority of the stock file with tn
auditor of state certificate, setting forth tn
amount of such desired increase, and thereai
ter such company shall be entitled to hav
such increased capital as is fixed by said cer
titcate.
Sec. 9. That the persons named in said Ger
Ii6cate of incorporation, or any three of then
shall be authorized to order books to be open
ed for receiving subscriptions to the capitc
stock of said company, at such time or time
& at such place or places. as they may deen
expedient. after having given at lie; s.thirty day
notice, in a newspaper published or general
fcfrcufared IN one or more counties where book
of subscription are to be opehedj of the tim
and place Of opening books; and so soon a
ten per centum on the capital stock shall b
subscribed, they may give like notice for tn
stockholders to meet at such time and plac
as they may Designate for the purpose c
choosing seven director, ,sEho shall continue i
office until the time fixed for the annGal elec
tion, and until their successors are chosen, an
qualified; at the time and place appointed. di
rectors shall be chosen, by ballot, by such c
the stockholders as shall attend for chat pur
pose, either in person or by hwful proxies
each share shalt er1itle the owner to one vote
and plurality of votes shall be necessary 70
a choi ce; but after the first election of direc
tors. no person shall vote on any share on
which any installment is due and unpaid. rh,
persons named in such certificate, or such Q
them as, may be present, shall Le inspectors O
such elcction,an shall certify what persons ar
elected directors. and appoint their time an'