Bedford inquirer. [volume] (Bedford, Pa.) 1857-1884, 1867-04-12

The following Free Railroad bill, which
is preatty near what the people want, passed
the House of Representatives last week but
we presume has been rejected by the SEN
ate.
AN ACT to authorize the formation of rail-
road corporations
SECTION 1.-Be 1t eaucted By the Senate
and House Of Representatives. Of the Com
noonaCealh of PennSglrdnjd, IN General As
sem6h met, and 1t IS hereby enacted 6y the
authority Of the Sants That any number of
citizens Of Pennsylvania, not less than nine,
may form q company for the purpose of con-
structing, maintaining and operating a rail
road for public use IN the conveyance Of
persons and property, or for the purpose Of
maintaining and oper;ting any unincorpora-
ted railroad already constructed for the like
public use, and for thtt purpose may make
and sign articles Of association in which
shall be stated the mme of the company,
the number of years tie same is to continue,
the places from and to which the road is to
be constructed or maintained and operated,
the length of such roa as near as may be,
and the name Of eachcounty in this State
IL.
to be made, the amount Of the capital stock
of the company which shall not be less than
ten thousand dollars f,r every mile of road
constructed or proposed to be constructed,
and the number Of slares Of which said
capital stock shall consist, and the names
and places of residenc of q president, and
not less than six nor more than twelve dIrec-
tors Of the company, who shall manage Its
q, Il, ! oFI
chosen in their places; each subscriber to
such articles of sssociatien shall subscribe
thereto his name, place Of residence, and
the number Of shares of stock he agrees to
take in said company, on compliance With
act such articles of association shall be ack-
nowledged by at least three Of the directors
before some officer competent to take ac-
acknowledgement of deeds in the county, where
the principal officer is designed to be located,
and may be filed in the office of the Secre-
tary of State, who shall endorse thereon the
day they were filed and record the same IN
a book to be provided by hlm for that pur-
pose, and, thereupon the said articles OF as
sociation shall become and be charter for
the said company, and the persons who
have so subscribed such al ticles Of assOcla
ton, and all persons who shall become stock
holders N such company, shall be corpor-
alton by the name specified in such articles
of association or charter and shall possess
the powers and privileges following, to wit;
First, To have succession by its corporate
name for the period limited in its articles of
association.
Second, To sue and be sued complain and
and defend, in any court of law or equity.
Third, To make and use common seal
and alter the same at pleasure.
Fourth, To hold, purchase and convey
such real and personal estate as the pur-
poses Of the corporation shall require, not
exceeding the amount limited in the articles
of association.
Fifth, To appoint such subordinate Off
GERS and agents as the business of the cor
poration shall require and to allow them a
suitable compensation.
Sixth, To make bylaws not inconsistent
with any existing law for the management
of its property and regulation Of its affairs
and for the transfer of its stock
Scrfi0n, g Such articles Of association
shall not be fled and recorded in the Office
of the Secretary of State, until at least two
thousand dollars of stock, for every mile Of
railroad proposed to be made, is subscribed
thereto, and ten per centum paid thereon
in good faith and in cash to the directors
named In said articles III association, nor
until there is endorsed thereon, and, or an
uexed thereto an affidavit, made by at least
three of the directors named in said articles,
that the amount of stock required by this
section has been in good faith subscribed,
and ten per centum paid in cash thereon as
aforesaid, and that it is sintended in good
faith to construct, or to maintain, and ope-
rate the road mentioned in such articles of
association; which affidavit shall be record
ed with the articles Of association as afore-
said.
Section 3. A copy of any article of associa-
ton filed and recorded in pursuance Of this
act, or of the record thereof, with a copy of
the affidavit aforesaid endorsed thereon, Or
annexed thereto, and certified to be copy
by the Secretary of this State or his deputy,
shall be evidence of the Incorporation of
such company and Of the facts therein sta
ted
Section 4. When such articles of associa-
ton and affidavit are filed and recorded in
the office of the Secretary of the State, the
directors named in said articles of association
may in case the whole of the capital stock
is not before subscribed open books of sub
scription, to fill up the capital stock of the
companyin such places and alter giving
such notice as they may deem expedient
and may continue to receive subscriptions,
until the whole capital stock is subscribed ;
at the time Of subscribing every subscriber
shall pay to the directors ten per centum of
the amount subscribed by him In money,
and no subscription shah be received or
taken without such payment.
Section 5. Whenever the foregoing pro-
visions have been complied with, the per-
sons named as corporators in such articles
Of association, are fully authorized to carry
into effect the objects named therein, as fully
as any corporation heretofore created under
any special act of the legislature, and said
corporation thus created shall be entitled to
exercise all the rights, powers and privileges
and be suject to all the restrictions and
liabilities of the general railroad law passed
the nineteenth day OF February one thou
sand eight hundred and forty nine, and the
several supplements thereto, as fully and
effectually as if said'powers were specially
incorporated in said charter.
Section 6. Whenever any railroad com
pany heretofore Incorporated, or created
and incorporated, under the provisions of
this act, shall in the opinion Of the directors
thereof, require an increased amount of
capital stock, they shall, if authorized by a
majority of the stockholders, file with the
Secretary Of the Commonwealth 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.
Section Z. The number of managers of any
company incorporated in pursuance of this