Worcester daily spy. [volume] (Worcester [Mass.]) 1850-1888, 1862-07-30

Nv lIlG pTCSluSll It's dlOTOSalu. Nalu company, |
at any regular meeting of the stockholders |
called for that purpose, shall have power to
make bylaws, rules, and regulations, as they
shall deem needful and proper, touching the
disposition of the stock, property, estate, and
effects of the company, not inconsistent here
with, the transfer of shares, the term of of
flee, duties, and conduct of their officers and |
servants, and all matters whatsoever which |
may appertain to the concerns of said compa-
ny; and the said board of directors shall have |
power to appoint such engineers, agents, and |
subordnateS as may from time to time be ne
cessary to carry into effect the object of this |
act. and to do all acts and things touching the |
location and construction of said road and tel |
egraph. Said directors may require payment
of subscriptions to the capital stock, after due
notice. at such times and in such proportions
as they shall deem necessary to complete the
railroad and telegraph within the time in this
act prescribed. Said president, vice presi-
dent, and directors shall hold their office for
three years, and until their successors are
duly elected and qualified, or for such less
time as the bylaws of the corporation NAV
prescribe; and a majority of said directors
shall constitute quorum for the transaction
of business. The secretary and treasurer
shall give such bonds, with such security, as
the said board shall from time to time require,
and shall hold their offices at the will and
pleasure OF the directors. Annual meetings
OF the stockholders of the said corporation
for the choice Of officers (when they are to
be chosen) and for the transaction of annual
business, shall be holden at such time and
place and upon such notice as may be pre-
scribed in the bylaws.
Sec. 2. And be it further enacted, That
the right of way through the public lands be
and the same are hereby granted to said COM
pany for the construction of said railroad and
telegraph line; and the right, power, and
authority is hereby given to said company to
take from the public lands adjacent to the
line of said road earth, stone, timber, and
other materials for the construction thereof;
said right of way is granted to said railroad to
the extent of two hundred feet in width on
| each side of said railroad where it NAV pass
the public lands, including all necessary
| grounds for stations buildings, workshops,
ana depots, machine shops, switches, side
| tracks, turntables, and water stations. The
United States shall eXtinguiSh as rapidly as
| may be the Indian titles to all lands falling
under the operation of this act and required
| for the said right of way and grants hereinaf-
| ter named.
Sec. 3. And be it further enacted. That
there be and is hereby granted to said COM
pany TOR the purpose of aiding in the con-
struction of said railroad and telegraph line,
and to secure the safe and speedy Transports
tlon OF the mails, troops, munitions of war,
and public stores thereon, every alternate
section of public land, designated by odd
numbers, to the amount of five alternate
sections per mile on each side of said rail-
road, on the line thereof, and within the
limits OF ten miles on each side of said road
not sold, reserved or otherwise disposed of
| by the United States, and to which a preemp-
ton or homestead claim may not have attach
| ed, at the time the line of said road is detin-
| itely fixed: Progided, That all mineral lands
| shall be exempted from the operation of this
act; but where the same shall contain timber,
the TIMBER thereon is hereby granted to said
company. And all such lands, so granted by
this section, which shall not be sold or dspos-
ed OF by said company within three wears
after the entire road shall have been complet-
ed, shall be subject to settlement and pre-
emption, like other lands, at a price not ex-
ceeding one dollar and twenty-five cents per
acre, to be paid to said company.
Sect 4. And be it further enacted. that
whenever said company shall have completed
forty consecutive miles of any portion of SAID
railroad and telegraph line, ready for the SER
wee contemplated by this act, and supplied
with all necessary drains, culverts, viaducts
crossings, sidings, bridges, turnouts watering
places, depotS, equipments, furniture, and ali
other appurtenanees of first-class railroad
the rails and all the other iron used IN
4 / SAPSSsS>- I'D cc,,iDmen+ of ~, the
construction fnrunfqgaqEnita. s5l2 said railroad
to be American manufacture of the best quail
| ity, the president of the United States Shall
appoint three commissioners to examine the
same and report to him in relation thereto ;
and IT it shall appear to him that forty con-
secutive miles of said railroad and telegraph
line has been completed and equipped in all
respects as required by this act, then, upon
| certificate of said commissioners to that
| effect, patents shall issue conveying the right
and title to said lands to said company. on
each side Of the road as far as the same is
completed, to the amount aforesaid; and pat
ents shall in like manner issue as each forty
miles OF said railroad and telegraph line are
completed, upon certificate of said commits
sloners. Any vacancies occurring in said
board of commissioners by death, resigna-
ton, or otherwise, shall be filed by the pres
ident of the United States; Provided, howev-
er, that no such commissioners shall be an
pointed by the president of the United States
unless there shall be presented to him A
statement verified on oath by the president of
said company, that such forty miles have
| been completed, in the manner required nv
this act, and setting forth with certainty the
| points where such forty miles begin and where
the same end; which oath shall be taken be-
fore a judge of court of record.
Sect. 5. And be it further enacted, that for
the purposes herein mentioned the secretary
of the treasury shall, upon certificate in
writing Of said commissioners of the com
pletion and equipment of forty consecutive
miles of said railroad and telegraph. in ac-
cordance with the provisions of this act. issue
to said company bonds of the United States
of one thousand dollars each, payable in thir-
ty years after date, bearing six per centum
per annum interest, (said interest PAYABLE
semi-annually,) which interest may be paid
IN United States treasury notes or any other
money or currency which the United States
have or shall declare lawful money and
legal tender, to the amount of said
bonds per mile for such section of forty
miles; and to secure the repayment
to the United States as hereinafter provided.
of the amount of said bonds so issued and de-
livered to said company, together with all in
terest thereon which shall have been paid bv
the United States, the issue of said bonds and
delivery to the company shall ipso facto con-
stitute first mortgage on the whole line of
the railroad and telegraph, together with the,
rolling stock, fixtures, and property of every
kind and description, and in consideration of
which said bonds may be issued and on the
refusal or failure of said company to redeem
said bonds, or any part of them, when re-
| quired so to do by the secretary OF the treas
| ury, in accordance with the provisions of this
act, the said road, with all the rights, func-
| tons, immunities, and appurtenances there
unto belonging, and also all lands granted to