Weekly national intelligencer. [volume] (Washington [D.C.]) 1841-1869, 1854-02-04

tend for that purpose either in person proxy
share of said capital stock shall entite the holder
vote and person shall be eligible director
he shall be the bona de holder of at least fifty share
Of the capital stock of said company in his right
be citizen of the United States. Said commissioner
shall be the inspectors Of the first election OF directors
and shall certify the of those duly elected
the time and place Of the first meeting Of said board
directors shall be fixed by said commissioners whereo
they shall give personal and timely notice each of saG
directors by letter otherwise. As practicable
after the election of treasurer by said board OF directors
hereinafter provided the said commissioners shall de
liver such all the books of subscription AND
of money received by them the shares of the
capital stock of said company, subscribed aforesaid
After the first election Of directors and the
the subscription books and the moneys Of said company
to the Treasurer thereof aforesaid the powers and
ties of said board of commissioners such, created
by this act, shall cease Prouided, AoreDer, That II
two hundred and fifty thousand shares of the capital
stock of said company shall not be subscribed and ten
per cent thereof paid in within sixty days from the time
Of the opening Of the books of subscription herenbe
fore required then all moneys paid and advanced by
the several subscribers shall forthwith be refunded to
them but without interest and this act to all intents and
purposes shall become null and of effect and all rights,
iveges and benefits otherwise accruing from it shall
become forfeit But shall appear that than two
hundred and fifty thousand shares of said capital stock
have been tken said commissioners shall reduce them to
that number in such manner as they may deem proper
and the money which shall have been paid the shares
stricken off shall be Immediately refunded to those whose
shares shall have been abated. .., .....
Sec g. nd BE- ii further enacted That the compensation
to be allowed to said commissioners shall he eight dollars
per day while actually employed in the duties imposed by
their commission, and twenty cents per mile for all actual
travel in the necessary discharge of such duties which
allowance per diem and for travel shall include aper
sonal expenses. For the purpose of paying said COM
mssioners together with the expenses for surveys and
examinations under their direction, herenbefore
thozed and other necessary expenses incident to said
commission, the sum of hundred and twenty five
thousand dollars hereby appropriated to be paid uader
the direction and approval of the Secretary Of the
Interior. .t.. nv ...
Sec o. And be further enacted That new election of
directors shall be made annually the first Wednesday
in January such place shall have been designated
at the preceding annual meeting of the stockholders. If
place be designated by such meeting the next annual
meeting of the stockholders shall be held at the place of
their last preceding meeting the day aforesaid. The
directors chosen each annual meeting aforesaid shall
appoint out OF their number president, who shall pre-
side ut all meetings of the board of directors and ut the
annual meeting of the stockholders and in case OF the
death Of the president of any director the
vacancy thereby created may be filed for the remainder
of the year by the board of directors and in the absence
of the president his place may be supplied by the appoint
ment OF president mpoc Not less than ten dlrec-
shall constitute quorum of the board for the trans
action of the business of said company they shall have
to prescribe such rules regulations, and by laws
they may deem necessary for the management of the
capital stock and all other property of said company for
the transfer of shares the election of directors and the
duties generally of the officers and servants Of said COM
pany. Said directors shall have power to issue to the
stock in said company shall be considered valid and
binding upon the company unless entered in stock
book to be kept for that purpose by the personal entry
of the stakeholder or by their agent attorney duly au
thorized by special power for that purpose They shall
have power make all contracts in their official capacity
which shall be binding upon said company; to elect
treasurer and secretary appoint superintendent en-
gneers and agents, and employ many clerks and
aborers they may deem necessary and expedent for
dispatch of the work and business of said company
and to allow to them respectively such rates Of compen
saton they may deem reasonable They shall fix the
salary Of the president and the amount of compensation
to be allowed to each director. ts..
Sec 10. And be further enacted, That said board Of
directors shall have to call in such ratio OF per
of the subscriptions of stock upon the books of said
company from time to time not exceeding twenty five
per cent of tho whole amount of such subscriptions in
year. they deem necessary to meet their
engagements and contracts for the most speedy progress
and execution of the work of said railroad first giving
notice each stakeholder by printed written circulars
through the mail sixty days previous to the time required
for the payment of the several instruments called in and
such payments may be made by depostes in such bank
banks may be designated by said directors to the
credit of said company under such regulations as said
board of directors prescribe In case OF the neglect
refusal Of any stakeholder to pay their instruments
when called for in the aforesaid for more than
thirty days after the shall become due and payable
directors may DECLARE by resolution be entered in
book of record of their proceedings that the share or
shares of such delinquent stockholders forfeited and
the same shall in law be deemed forfeited to the and
benefit of said company and said forfeited shares may
be sold at auction be offered for resu5scrpton said
directors may deem expedient The affidavit of the Sc
creary of the board of directors that said circulars
delivered to any postmaster his deputy to be mailed,
shall in oil cases, in reference to the stockholders, be
taken and held legal notice of all calls for nstaments
assessed aforesaid and of other business pertaining
to SAID company, wherein notice may be given through
the post office. Ii it shall be found necessary that said
company should raise than twenty-five millions of
their money, in addition to the Government advan-
hereinafter mentioned in order fully complete and
equip said road said directors shall have authority to
issue additional number of shares of said capital stock
at par, sufficient to raise the required amount under
such regulations said directors may adopt giving pre-
ference however to subscribers stockholders to
take such additional shares.
Sec. IL. And be further enacted That said company
shall have the right and they hereby authorized by
their officers, agents, engineers, and other employees to
enter upon the route line designated aforesaid
locate and construct said railroad through the entire
length of said designated line And the direc
tors Of said company hereby authorized if they deem
it expeden and for the interest of the COMPANY and of
the public by Of greater natural obstacles to the
and maintenance of said road to avoid those
obstacles and to obtain better and safer line may
and terminate said railroad ut any points they
Judge best departing however, than City miles
from the points designated by the commissioners aore
said and change the location Of such portions of said
road they may deem advisable following, however,
nearly practicable the general and direction de-
signated by said commissioners aforesaid Said
pany shall have the right to connect said road with any
other railroads which may at my time be constructed
70 either terminus of the road Of said company from the
ADJOINING States ard any such State may authorize any
company to with another railroad the points OF
, termination of the road herein granted.
Sec Il. Ane be AZ further enacted That said company
may regulate the time and manner in which passengers
and property shall be transported said road and