The Hillsdale standard. [volume] (Hillsdale, Mich.) 1851-1909, 1855-02-27
The General Railroad Law.
An Act TO Provide for tie Incorporation Of
Railroad Companies


enact, That any number OF persons, not less
than twenty-five, being subscribers 10 the sock
Of any contemplated railroad may be formed
into corporation for the purpose OF Construct
ing operating, and maintaining such iailroad,
by complying with the following requirements:
Kaeu stock 10 the amount Of one thousand dol
lars for every mile OF said road SO intended 10
be built, shall be in good faith subscribed. and
five per cent. paid thereon, as her,in required.
then such subscribers may select directors Tor
said company, and thereupon they shall sever
ally subscribe articles Of association, In which
shall be set forth the name of the corporation,
the number of years the same is 10 be Continued,
the amount OF capital stock Of the company,
which shall not be less than eight thousand dol
lars per mile OF 'oad constructed or proposed to
be constructed Of The L or continuous rail (;
and rot less than four thousand dollars per mife
OF road constructed or proposed 10 be conslruc-
cd " .th The fiat bar rail: Providea, that no car
shall be run at higher rate Of speed than IF
teen miles per hour, upon any roac so construct
ed with the fat bar rail the number OF shares
Of viii h The etock shall consist, The number OF
directors and their names, who shall mol exceed
In number one-half of the stockholders, the
place from and 10 which the proposed road is to
be constructed, and each county into or through
which il is intended to pass, and It's length, as
near as may be- and The names OF five commits
sioners TO open books OF subscription TO the
stock Each subscriber 10 such articles OF asso-
of reside nee, and the number o.. shares OF stock
taken by him in such company. The said arli-
c.es Of association may be filed 10 the office OF
the Secretary OF State; Prorided that such ar
icles OF association shall not be flied in the office
ol the Secretary OF State aforesaid, until five
per cent. Of the amount OF The slocS subscribed
thereto shall have been actually paid in cash 10
the directors named in such articles, nor until
there is annexed thereto an affidavit made by al
least three OF the directors named in said ari-
cles, that the amount OF stock required by this
section, 10 wit; 81 600 per mile, has been sub
scribed, and that five per cent. on The amount
has actually been paid in. And thereupon The
persons who have subscribed and all persons
who shall from time 10 time become stock
holders in such company, shall be body corpo-
rate by The name sp, ched in such articles, and
shall be capable of sueng and being sued, and
may have a common seal, and may make and
alter The same al pleasure, and be capable In
law Of purchasing holding, and conveying, any
real and personal property whatever, necessary
for Tie construction OF such road, aud tor the
erection o.! all necessary buildings, yards, and
appurenapccs, for the use OF the same.
SEC 2 A copy OF any articles OF association,
ilcl IN pursuance OF ihls act, with copy oi the
aililavil annexed thereto, and ceriatd by the
Secretary OF State to be a copy shall, in all
courts aud places, be pre,umpiiye evidence OF
the Incorporation Of such company, and OF ali
The facts therein stated And all articles OF as
sociation fled in pursuance Of his act together
with all subsequent alterations AMI amendments
thereof, and also The AFFIDAVIT annexed thereto
shall be forthwith recorded in the The Off OF
The Secretary oil State in book to be provided
by him for that purpose, said record to he used
al the expense Of the Company fling The samr.
SIC 3 The onin1ssianers tor opening books
Of subscription named In the article OF assOcia
ion shall from lime 10 lime after The company
shall have been incorporated, open books OF sub
II
in such places and after giving such noiice, as a
majoIiy Of them shall direct, which books >hall
he KEPT open uglil all the capital sock shall hr
subscribed, aud in case greater amount oisOck
III all be subsc ibcd than The whole ul ihe ca piial
oi said company the commissioners shall dis
tribute the same as equally as possible anmong
such subscribers; but no share there CT shall be
divided in making said distribution, nor shall a
greater Number oi shares be allotted 10 any sub.
scriber than SHALL have been subscribed for by
him.
SEC. 4 As soon as practicable after The capital
stock shall have been subscribed and distributed
as aforesaid, the commissioners shall appoint a
lime and place, for The meeting Of the stockSold'
ers, to choose directors which place OF meeting
shall be IN one of the counties through which
such railroad is proposed 10 be constructed and
notice thereof shall be given by said comisslon-
: ers for AZ least twenty days previous 10 such
I meeting. ~ publication IN one OF The daily pa
lpers Published in the t;ily OF Detroit, and some
[ papers published In each county through which
said road is intended 10 an, in wlich news
, paper shall be published Not less ihan seven
nur mure than thirteen directors shall be chosen
land The same shall be chosen by ballot and
. bY majority OF the votes OF the stockholders
being present, in person or pIo&y, aud every
\ su-h stockholder being 50 present a, such slcc-
: ion, orai any subsequent election, shall be en-
o titled iu give vote for every share OF stock
!, owned bY him Tor ten days next preceding such
! election and nol other No person srali be a
: director uues- he shall be a stockholdcr, own
!. ing stock absolutely and in his own name and
i right and quaiiej 10 yoIe for directors at the
: election al which he shall be ch0-en, and such
i directors shall hold their Office for one year, ana
: until others are elected in their places.
o SEC 8 The commissioners named in the last
n preceding section shall bs inspectors OF ihe first
4 election of directors, shall openly count the
: yoles and declare the result, and shall, within
: ten days thereafter, file certificate thereof
u snhsc ibed by them, or majority OF them, in The
a Office of the Secretary OF Stale, and shall also
u deliver TO the treasurer OF said company all mon.
les received by such commissioners on subscrip
t ton TO such capital stock, and all books AM
i papers in their possession relative TO such sub
,r scriplions. All subsequent elections shall be
!, held al such time and place in one Of the couit
: ties through whit h such railroad shall pass n
shall be directed by The bylaws of The company
J. SEc. 8. A general meeting OF the slockhoidef'
" shall be holden annually nj The time and place
,f appointed for The election Of directors and 4
d meeting may be called at any time by The direc
J., tors or by the stockholders owning not less thar
, one-fourih of the stock, by giving public notice
> of the time and place OF such meeting in lh'
g same manner as provided in section four Of thi
:, act Proridsd. That such Ice when givel
q by The stockholders, sha! state The object OF th
o meeting. and IL at any snch meeting called by
i the stockholders majority in value of The stool
n is not represented in person or by proxy, th'
same shall be adjourned from day to day, net ex
ccedin2 three days, without doing any business
when, if such majority do not attend, the meet
3 ing shall be dissolved. 81
SEC. 7. At regular annual meeting Of Ih'
stockholders of any corpGralion under this act
IL shall be the duty of the president and direc
:: tors in Office for The proceeding year TO exhibi
II clear end full statement of the Affairs OF sais
n company; and al any meeting Of The sockhol'l
- ers majority OF those present in person or ol
y proxy may require similar statements from th
o directors, whose duty Il shall be TO furnish suel
statement when thus required; and at all gen
'f eral meetings of the stockholders majority Il
" value OF such stockholders may fix the rate o
o Interest which shall be paid by he company 70
:. loans for The construction Of said railroad an
; It's appendages, and may remove any presden
:. Or any directors OF said company, and elect OH
y l.. hot sJ~J ah oftts cha