The Portland daily press., 1871-02-06

Wednesday, by Mr.. Pike of Calais, regulating
the formation ofrailroad corporations anu oth'
erwise. affecting the railroad interests OF lhe
State. It is similar in its provisions to bill
favored by the Railroad Commissioners OF
Massachusetts and now pending in the Legis-
latnro Of that State. The bill is now on the
table in the House of Representatives.
| AN ACT TO AUTHORIZE THE FORMATION OF
RAILROAD CORPORATIONS.
| Be enacted by The Senate and House of Rep
resentdti0eS IN Legislature assembled, as fol.
i0lcS.
SECT. L. Any number of persons, not less
than ten, may form company for the purpose
OF constructing, maintaining and operating a
railroad for public use in the conveyance of
| persons aud property within this State, and for
| that purr ose may make and Sgn articles of as
| ISOLATION, in which shall be stated the name of
| the company, the places from and to which the
| road is to be constructed, maintained and OPP
| Grated, the length of such road as near as may
| be, and the name of each town and county IN
| tins state through which or into which 1t IS TO
| be made, the amount of the capital stock OF the
company which shall not be less than twenty
! thousand dollars for each mile OF road proposed
| to be constructed, and the number OF shaIes OF
which said capital stock shall consist and the
| names and places of residence OF at least hVe
| persons who shall act as dire ctors of the pro-
| nosed company and shall manage its affairs
| mil Others are chosen in their places. Each
| subscriber to such articles of association shall
| subscribe thereto his name, place of residence,
and the dumher of shares of stock he agrees to
| take in said company.
| SECT 2. Said articles of association shall
not be filed and recorded in the manner pro-
vided in section three of this act. until at least
| ten thousand dollars of stock for every mile of
| railroad proposed to be constructed is subscrib-
| ed thereto, and five per cent. paid thereon in
| good faith and in cash to the directors named
IN said articles of association, until there is
| endorsed thereon or annexed thereto, an aft
| davit made by at least five of the directors
| named in said articles that the amount of stock
| required by this section has been in good faith
subscribed and five per cent. paid thereon in
| cash as aforesaid, and that it is intended in
| good faith to construct, maintain and operate
the road mentioned in such articles of associa-
ton, which affidavit shall be recorded with the
articles of association as aforesaid
SECT. g. Whenever it shall be shown to the
| satisfaction of the board of railroad commits
sioners that all the provisions of sections one
| and two of this act have been complied WITH
said board shall endorse upon the articles of as
| sOciatien certificate of such fact and the APP
| prevail of the board in writing The Secretary
| of State shall upon the payment of the sum of
| $-cause the same, with the endorsement
| thereon, to be recorded, and shall issue a GER
| tificate in the following form: A
| STATE OF MAINE.
| Be it know that, whereas, [here the names of
|
| be inserted have associated themselves togeth-
| er with the intention of forming corporation
| under the name OF there the name of the cor
poration shall be iuserted] for the purpose of
building and operating railroad between
| There insert the description of the road con-
tanned in the articles Of association and have
| complied with the statutes of this State in such
cases made and provided. Now '..ieiefore, ],
here the name OF the secretary to be inserted
Secretary of the State of Maine, do hereby GER
fv hot Tpom nfcI hare hal
ciates and successors, are legally organized and
established as an existing corporation under
the name OF lame of corp0rati0n with the
powers, rights and privileges, and subject to
the limitations, duties and restrictions, which
by law appertain thereto. Witness my official
| signature hereunto subscribed, and the seal of
the State of Maine hereunto affixed, this -
day OF - in the yea, of onr Lord [day,
| month and year inserted.
| The Secretary of State shall sign the same
and cause the seal of the State to be thereto af
| fixed and such certificate shall be conclusive
| evidence OF the organization and establishment
| of such corporation at the date of such certiti-
cate. The secretary shall also cause record
| of such certificate to be made, and a copy of
such record duly certified may with like effect
| as the original certificate be given in evidence
to prove the existence of such a corporation.
! SECT. 4. The first meeting for tie pun pose
| of organizing such corporation shall be called
by notice signed by five or more of the sub
scribers to such articles of association, stating
the time, purpose and place of such meeting,
! copy of which notice shall, seven days at least
before the day appointed for such meeting, be
| given to each subscriber or left at his usual
place of business or place of residence, or de-
posted in the post Office, post paid, and adj
dressed to him at his usual place OF business
| or residence; and whoever gives such notice
! shall make affidavit of his doings, " hich shall
be recorded in the records of the company.
SECT. g. In case the capital stock of any
company formed under this act is found to be
1 fnro ntinrr o,,I
| road, such company may increase its capital
stock from time to time to any amount of the
purposes aforesaid. Such increase must be
sanctioned by vote in person or by proxy of
two-thrds 10 amount of all the stockholders of
the company, at meeting of said stockholders
called by the directors of the company for that
| purpose
SECT. g. Every corporation organized un-
der this act, before commencing the construc-
| ton of It's road, shall present to the board of
| railroad commissioners petition for approval
of location, accompanied with map of the
| proposed route on an appropriate scale, and
ee 81 hs M S me YsSsa fas
and with report anG estimate prepared by
skilhul engineer from actual survey. The
board OF railroad commissioners shall, on pre-
sentation of such petition, appoint day for
hearing thereon, and the petitioners shall give
such notice thereof as said board shall deem
reasonable and proper, in order that all persons
interested may have an opportunity to appear
and object thereto. If the board of railroad
commissioners, after hearing the petition, shall
approve the proposed location, and that the
| public convenience requires the construction
OF such road the corporation may proceed with
the construction of their road; proUided they
shall first lille with the county commissioners of
each county through which the road passes, a
plan of the location of the road, defining its
courses, distances and boundaries, and another
copy OF the same with the board of railroad
commissioners, but the location SO filed shall
1 ha ia firSt cd tn oo;J
board OF commissioners unless said variation
shall be approved by them. And said location
shall be hled within two years from The time
when the articles of association are fled in the
office OF the Secretary of State.
SECT. Z. If any corporation formed under
this act shall not within three years after its
articles of association are filed and recorded in
| the office OF the Secretary of State begin the
| construction OF its road and expend thereon
| ten per cent of the amount of its capital, or
| shall not furnish the road and put it in opera
ton in five years from the time of filing its ar
| tices of association as aforesaid, its corporate
existence and power shall cease.
| SECT. 8. Every corporation organized I'M
der this act shall within one year after any
| part OF their road has been constructed and
| opened for operation, cause to De made map
| and profile thereof and of the land taken or OBJ
tanned for the use thereof and file the same in
| the Office OF the Secretary of State; and also
like maps of the parts thereof located in differ
ent counties, and file the same in the offices for
parts of roads shall be. Every such map shall
be drawn on scale and on paper to be desig-
mated by the board of railroad commissioners
and certified and sgned by the president and
engineer of the corporation.
SECT. 8. There shall be three railroad COM
| mlssloners elected at the next annual election
and every second year thereafter. Such com
| missioners shall hold office for two years. COM
mencing GU the first of January next, when
| the term of Office of the present board of rail-
| road commissioners shall end. The commits.
sioners so elected shall discharge the duties
| imposed by law upon the present railroad COM
| missioners, as well as those imposed by this
| and subsequent acts of the legislature In
/ eeclng railroad commissioners each voter
| shall be permitted to vote for two persons and
| no more, and the three persons having the
| highest number of votes shall be declared elect
| ed. n case OF failure to elect one or more
| OF said commissioners, by reason of tie vote
| the governor shall appoint so many as may be
necessary to fill up the board, and he shall also
| NIL any vacancies that may occur in the board
| by death, resignation or otherwise.
| SECT 10. Railroad companies organized I'M
| der this act shall have the full benefit of and
be subject to the provisions of chapter fifty-one
OF the revised statutes, and in all respects shall
nave the same rights, and be subject to the
same liabilities, as if specially incorporated by
| the legislature.
CoNGREss.-But little business Of import
ance was perfected on Saturday. The Senate
passed the House resolution giving 100000
| acres of land for the benefit of common
schools in Oregon. A joint resolution was