The Waynesburg Republican. [volume] (Waynesburg, Pa.) 1867-18??, 1868-01-22
RAILROAD BILL.


RAILROAD BILL.
THIs is the Free Railroad Law
which it sproposed to pass.
AN ACT TO AUTHORIZE FORMATION
OF RAILROAD CORPORATIONS
SECTION /. BE it enacted by the
Senate and House Of Representatives
of the Commonwealth Of Pennsylva-
MIA, in General Assembly met, and it
lis hereby enacted 10y authority of the
same, that any number Of citizens of
Pennsylvania, not less than nine, may
form a company for the purpose of
constructing, maintaining, and oper-
ating a railroad for public use in the
conveyance of persons and property,
or for the purpose Of maintaing and
operating any incorporated railroad
already constructed for the like public
use, and ior that purpose may make
and sign articles Of association, in
which shall be stated the name Of the
company, the number Of years the
same is to continue, the places to and
from which the road is to be construc-
ted or maintained and operated, the
length Of such, or as near as may be,
and the name of each county in the
State through or into which it is made,
or intended to be made, the amount of
capital stock Of the company, which
shall not be less than ten thousand
dollars for every mile of road construc-
ted, or proposed to be constructed,
and the number of shares Of which said
capital stock shall consist, and the
names and places of residence OF a
president and not less than six nor
more than twelve directors of the COM
pany, who shall manage its affairs
for the first year, and until Others are
chosen in their places; each subscriber
to such articles of association 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 the provisions Of
the second section of this act, such
articles Of association shall be ac-
knowledged by at least three of the
Directors before some officer compe-
tent to take acknowledgment of deeds
in the country where the principle
Office is designed to be located, and
may be filed in the Office of Secretary
OF State, who shall indors2 thereon the
day they are filed, and record the same
in book to be provided by him for
that purpose, and thereupon the said
articles Of association shall become and
be charter for the said company,
and the persons who have so subscribed
such articles Of association, and all
persons who shall become stockholders
in such company, shall be acorporation
by the name specified in such articles
Of association or charter and shall
possess 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, COM
plain and defend in any court OF law
or equity.
Third. 70 make and use a common
seal, and alter the same at pleasure.
Fourth. To hold, purchase and con-
vcy such real and personal estate as
the purposes of the corporation shall
require, not exceeding the amount limi-
ted in the articles of association.
Fifth, ,Toappoint subordinate officers
and agents as the business Of the Cor
poration shall require, and to allow
them suitable compensation.
Sixth. To make bylaws not in
consistent with any existing law for
the management Of its property and
regulation of its affairs and for thu
transfer OF It's STOCK.
SECTION .. Such articles of associ-
alton shall not be filed and recorded
in the Office of the Secretary of State
until at least two thousand dollars of
stock for every mile Of railroad pro-
posed 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 of association,
nor until there is indorsed thereon or
annexed thereto afiidavits 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 afore-
said, and that it is intended in good
faith to construct or maintain and OPP
crate the road mentioned in such arti-
cles of association aforesaid.
SECTION 3. A copy ofany article of
association, filed and recorded in pur-
suance ofthis act oroftherecord thereof,
with copy Of the affidavit aforesaid
indorsed thereon or annexed thereto, and
certified to be a copy by the Secretary
of this State,or his deputy, shall be
evidence of the incorporation of such
company and ofthe facts therein stated.
SECTION 4. When such articles of
association and affidavits are filed and
recorded in the office of the Secretary
of State, the directors named in said
articles of association may, in case
the whole of the capital stock is not