Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1852-07-14
ny county through which said road may

Sec. 5. The capital stock of sucl
company shall be dlvidedinto shares of fiji
ty dollars each, and consist of such sum a.
may be named in the certificate; suct
shares shall be regarged as personal prop
eriy. and shall be subject 10 execution a
law. s.-
Sec 6. An installment Of five dollars
ON each share of stock. shall be payable al
the time OF making the subscription. and
the residue thereof shall be paid IN such isl-
staimenis, and at such times and places,
and TO such persons, as may be required
by the directors Of such company.
SEC. Z. If any installment of stock shall
remain unpaid 70. sixty days after The time
it may be required. whether such stock is
held by an assignee, iransferee, orthe orig
| inal subscriber; the same may be collected
| by action of debt, or the dicrectors may
sell the stock so unpaid at public auction,
for the installment then due tnere con; first
giving thirty days. public notice cfthe time
and place Of sale, in some newspaper in
general circulation in the county where
such delinquent stockholder resided at the
time Of making such subscription. or b.
coming such assignee or ortransferee, or Of
his actual residence at time of said sale; or,
il such stockholder reside out of the State,
such publication shall be made in the eoun.
ty where the principal Office Of the com.
pany is located; and if any residue Of mon-
ey shall remain. after paying the amount
due on said stock, the same shall ON de-
mand, be paid overlo the owner; if the
wholeof said dinstallmentb be not paid py such
sale, the remainder shall be recoverable.
by an action Of debt against the subscriber,
assignee, or transfe;ee.
SEC. 8. That whenever any railroad
company. heretofore Incorporated, or ere.
ated and incorporated under the provisions
oflhis act shall in the opinion Of the direc-
tors thereof, require an increased amount
Of capital stock. they shall, if, authorized
by the holders of majority Of the stock,
file with the auditor Of state, certificate,
setting forth the amount Of such desired in
crease, and thereafter such company shall
be entitled TO have such increased capital
as is fixed by said certificate.
SEC. g.. That the persons named in
said certificate of Incorporation, or any
three of them, shall be authorized to order
books to be opened for receiving subscrip-
tions to the capital stock of said company,
at such time or time, and at such place or
places Us they may deem expedient, af,er
having given at least thirty days. Io.ice, in
newspaper published, or generally circu-
lated in one or more counties where books
Of subscription are 10 be opened, of the
time and place of opening books; and SO
soon as ten per centum on the capital stock
shall be subscribed, they may give like no.
lice for the stockholders 10 meet OF such
time and place as they may designate, for
the purpose of choosing seven directors,
who shall continue in Office until the time
fixed for the annual election, and until their
successors are chosen and qualified; ut the
time and place appointed, directors shall
be chosen, by ballot, BY such Of the stock.
holders as shall attend for that purpose,
either in person or by lawful proxies; each
share shall entitle the owner to one vote,
and plurality of votes shall be necessary
for choice; but after The first election OF
directors, no person shal. vote on any
share [on] which any installment is due
and unpaid, The persons named in such
certificate, or such Of them as may be
present, shall be inspectors ofsuch election,
and shall certify wnat persons are elected
directors, and appoint The time and place
for holding their first meeting; majority
of said directors Shall form board, aud be
competent to fill vacancies in their board,
make by laws, and transact all business of
the corporations; new election shall be
annually held for directors, at such time
and place as the stockholders, at their first
meeting shall determine, or as the bylaws
Of the corporation may require; and the dl.
rectors chosen at any election, shall, SO
soon thereafter as may be convenient,
choose one Of their number to be president,
and shall appoint secretary and treasurer
Of the corporation. The directors, before
entering on their duties, shall each tske an
oath or affirmation, faithfully to discharge
his duties, and they shall, from time to time
make such dividends Of the profits of said
company, as they may think proper.
SEC. 10. Such corporation is author
lied to enter upon my land, for the pur-
pose of examining and surveying its rail-
road line, and may appropriate SO much
thereof as may be deemed necessary for It's
railroad, including necessary side tracks,
depots and workshops, and waller stations.
materials for construction. except timber,
a right of way over adjacent lands, suffi.
cient to enable such company TO construct
and repair its road, and right to conduct
water by aqueducts, and the right Of ma
king proper drains; but no appropriation
of private property to the use Of any cor.
poration provided for in this ACT. shall be
made, until full compensation therefor be
first made, in money, or first secured by de-.
post of money to the owner or owners, ir.
respective of any benefit from any impro-
vement proposed by such corporation. as
shall be prescribed by law.
SEC. II. That whenever any railroad COM
pany heretofore incorporated, or which may
hereafter be incorporated, shall find it neces-
sary, for the purpose of avoiding annoyance to
public travel, or dangerous or difficult curves
or grades, or unsafe or unsubstantial grounds
or foundations or for other reasonable causes,
to change the location or grade ofany portion
of their road, whether heretofore made, or
hereafter to be made, such railroad companies
shall be and are hereby authorized to make
ol1 oT nd IA