Bedford inquirer. [volume] (Bedford, Pa.) 1857-1884, 1867-04-12
THE LAST FREE RAILROAD BILL.

The following Free Railroad bail, which
is preatty near what the peoplewant passed
the House Of Representative last week but
we presrlne has been rejected By the Sem
ata.
AN AgF TO authorize tho formation of rail-
road corporations.
SECTION BE 1 eJtactea by he Seltate
and House of Representatives af tlte Com
Dlolsaeeala 81 PtaasgiraHia, Ia CteRefm AS
SMITH NIT, aud L gbere5g elidct.zf bg The
authority II ilie saate, Tint any nunibefof
citizens Of Rennsglvaala. act less bhala slIle,
may i0rm a company for the purpose Of con
structing, maintaining and operating raii-
road f9r nuhlie use in the conveyance OF
persons and pr0perty or ior inc purpose oi
maintaining and operating amy anlRc0rpora.
fed railraad already constructed for the like
public use, and for that purpose may make
and sian articles Of association 10 which
shall be- stated the name Of the company,
che number of years the same Is 10 continue,
the places from and TO which the road Is 20
be constructed OF maintained and operated,
the length Of such road as near rs may be,
and the name Of each county IN thls State
through, ar INTO which its made OF Intended
ID be made. the amount Of the capital stock
OF the company which shall not be less than
ten Thousand dollars for every mile Of road
constructed or proposed to be constructed
and the number af shares of which SAID
capita stock shall consist, and the names
and plneas Of residence OF a president, and
aot less chan SIX nor more than twelve dlrec
tors Of che comnany, who shall manage its
affairs for the first year and until others are
chosen IN their places. each subscriber TO
such articles Gi sssociaEen shall subscribe
thareta his name, place Of residences and
the number Of shares ct stock he agrees 60
taks ia SAID company on compliance with
the provisions of the second section OF TINS
act such articles OF association shall be aeiI-
noWledged By at ieasJ three Of the directors
before some officer competent b take ae-
Acknowledgement OF deeds N the county, where
Che principal officer Is designed to be located,
and may be fled in the office Of the seere-
tary OF State. who shall endorse thereon the
day they we're fled aud record the same Ii
a book 10 be provided hY hIm for that FuG
4 pose. and thereupon che said articles ai as
( s0eiafiOu shall become and be a charter for
/ the said eompauV, and the persons VINO
! have s. subscribed such al tices Of associa
4 ti0n. and I'll persons who 5hai become stuck
/ holders n such company shall be a c0rpar-
/ Of assaciation on charter and shall possess
/ che powers and privileges following, 10 wIt.
First TO have succession ny its corporate
name iot she period limited Ia It's artleles OF
I association.
Second To sue and be sued, complain and
and defend, in any court Of law or equity.
Ihira, fa make aud ase a common seal
aaG alter the same ut pleasure.
Fourth 10 h0ld purchase and couyeJ
such re8i aad personal estate as the pug
poses Of the corporation shaA require, not
exceeding She amount limited IN the articles
OF association.
Fifth 70 appoint such subordinate OH
GERS and ageHts as the business Of the cor
poratiou shall require and Co allow them .
suitable compensation.
sixth. 10 make aY-aws not inconsistent
with anr existing law for the management
af it. property and regulation II its affair
and iur 5he transfer of its stock.
. Such articles of lssacla-8g
sha sa ys Sized aad recorded ia the 1jiIc,
8f the Secretary oG state, unrli at least rWl
1h0usaad dollars af stock, for every u.j.e %
railroad proposed 70 1e made Is subscribed
thergo. and ten per eentum pald .here0I
In 47.r EIith sr7i iu ElzE 90 me director
Iru.e5 H add articles Of assoGalonf a01
uaGi There is endorsed thereon, and, or an
uex-a thereto an affidavit, made by AZ leas
three al the directors named IN said articles
chat the amount OF stock required by ihl
section has been ia good faith subscribed
and ten per centum paid In cash thereon a.
at0rcaId5 and that it isiutended In gd8t
tal-lI t1 construct, OF Q MAINTAIN, and ope
rare the road mentioned u such articles @
association; winch affidavit shall be rac0ri
ed wT5h rhe articles Of association as at0rc
said
S~cFog g. 4 copy 6f any article 9f ass0cla
ti6n fled and recorded 10 pursuance g thIs
act. or af the record thereof with copy 9t
the affidavit aforesaid endorsed thereon, or
annexed taeret6, and certified D. be copy
by the Secretary Of 5his state 5r ms deputy,
shall be evidence Of the Incorporation Of
such a8npanv and Of Jhe facts therein sta
ted
Section + When such articles Of associa-
tion and affidavit a. fled and recorded IN
the Office Of the Secretary Of the state, the
directors named 10 aid articles Of association
mas In case the whole 81 the capital stock
Is not before subscribed. open books Of sub
scrBti0n. TO hll up she capital stock ct 5he
company iu such places and alter giving
such notice as they may deem ezpedleul
and may continue TO receive subscriptions,
until tie whole capital stock Is subscribed
at the tjme Of subscribing every subscriber
shall pay 70 the directors ten per centHm 81
the amount subscribed by him in money
and 40 subscription shall be received or
taken without such payment
Seetlda s. Ng henever the foregoing pro
visions have been complied with, the per
s0ns named as e0rpOratoTs IN such articles
81 a,s0ciation, are fully authorized % earu
uo effect the objects named herein as tlilJ
as any corporation heretofore created undcl
ans Eeciai act Of The legislature and saId
corporation thus created shall be entitled 60
exercise al the rights powers and privilege
ami be suicc6 TO al the restrictions anc
Ea1iii5Jes Of the general railroad law passed
the nineteenth Gay February one thou
sand eight huudrpd and FORTY niGe- and the
several supplements thereto, as fully aat
stfeetuaIly as IL sai.l powers were specially
incorporated III said charter
Soct5oa s. W heneVGr any railroad com
pany heEetGioTa Incorporated or created
and Incorporated under the provisions o.
/ this acs shall Ia the opinion Of the Director
I thereof. require an increased aIR6unu o.
eaDlta stock, they shall, If authorized BY a
majority of the stockholders, Ile with ths
Secretary OF The Commonwealth b eertlIcat'
Sc ting forth the amount OF such desired I'd.
crease, and thereaEter such company st1al
lu entItied to have such increased capital al
Is fixed by said certificate,
6ectioR Z The number OF managers OF an5
CON paay Incorporated IN pursuance of thIi
net shah be a president aad not less char
SIX a., nor more than twelve ~ !, directors
as shah be fixed BY the cOrp0ratOrs 5hereo