Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1871-02-03


l with power to make special contracts with
shippers on their roads in regard to rate
of freight, SO as not to exceed the amounts
herein designated. 80 b ~ -
IL. The railroads formed under this act
shall be liable for the debts and liabilities
incurred by it, and shall sue and be sued
for the recovery of the same in any of
the courts of this State having jurisdiction
of the subject matter and the parties un-
der the law now in force in this State.
IA. Said companies thus chartered and
organized may commence the building of
their road before the whole of their CAPT.
tai stock is subscribed, and when so com
menced the profits arising from the use of
so much of their road as may be COM
pleted, shall be appropriated to the fur
ther construction and completion of the
road, and become additional capital stock,
to be assigned to the stockholders as divi-
dends to stock, until the work is com
pleted; and after the road is completed
and equipped, the directors may declare
such dividends of profits as they may
deem proper and expedient. ~
| 10. Each railroad company organized
under the provisions of this act may issue
bonds for the purpose of carrying out the
objects of its Incorporation to such an
amount as TO its Board of Directors, by
| and with the assent of its stockholders
first had and obtained, may seem right
and necessary, and in such form, and for
such amounts, and on such time, as may
to them=seem best, and payable at such
place as will best promote the interests of
the road, and bearing interest at rate not
not to exceed ten per cent, payable annu-
| ally or semi annually, and may pledge or
mortgage the property, effects and fran
chise of the company for the payment of
interest as it accrues and the redemption
of the bonds at maturity.
16. Each company 80 organized may,
with the. consent of majority of its
stockholders, extend their road beyond the
terminus first designated in their charter;
may change the location of their line of
road; may build branch roads, and MAY
open books for new stock for these pur
poses, and change the name of their COM
pany; but before such changes shall be
effected, the said company shall procure
a decree of the Chancery Court by which
tuCu Cllda lCl WINS lliot Rl6uJCQg hDPIONlIR
and ratifying said proposed changes and
alterations, and when thus authorized by
said court, the same shall be as much a
part of said act of incorporation as if the
alterations and changes had been decreed
in the original decree incorporating said
company.
II. All railroad companies incorporated
under the provisions of this act in the
| construction of their road shall so con-
struct and build them as to not interfere
with the convenient travel of the public
along all of the public county roads, or
along the streets and alleys of any city,
town or village, and so as to allow bug
| gies, carts, carriages, wagons and other
| vehicles conveniently to pass over or under
them, and SO as not to interrupt travellers
| on foot or on horseback or in vehicles of
any kind from the necessary and proper
use of the public road, street or alley, in
the usual and proper mode, for their con-
venience.
Is. The stock of such companies shall
be deemed personal estate, and shall be
transferable in the manner prescribed by
| the Board of Directors, but no shares
shall be transferable until all pre-
vious calls or assessments thereon have
been July paid in, or the said shares have
been sold for the non-payment of calls
made thereon. and no person holding
stock in said company as executor, ad-
ministrator, guardian or trustee, and as
collateral security, shall be subject, per-
sonslly, to any liability as stakeholder of
such company, but the person pledging
the stock shall be liable as the stockhold-
er and the estate and funds in the hands
of such executor, administrator, guar
dian or trustee, shall be liable in like man.
ner and to the same extent, as the tesla
tor, or intestate, Or the ward, or person
intrusted in said trust would have been,
if he had been living and competent to
act and held the same stock in his own
name, and every such administrator, eI-
ecutOr, guardian or trustee, shall be al
lowed to represent the share of stock in
his hands at all meetings of the company,
and every vote accordingly as a stock
holder.
1 l9. Every corporation organized under
this act shall start and run their trains
for the transportation of passengers and
\ az ACSuAoA b1thCS w 10 HAUL ny
the Board of Directors, and shall fur
nish sufficient accommodation for their
transportation, and shall take, transport,
and discharge such passengers and pro-
perty at, from, and to such places, on the
due payment of tolls, freights or fares,
legally authorized to be charged therefor,
and in case of the refusal of such cor
poration, or their agents to take or trans
port any passenger or property, or to de-
1 liver the same or either of them at the
regular and appointed time, such corpora
ton shall pay to the party sggrieved all
damages which shall be sustained there
by, with costs of suit; but if any passen-
ger shall refuse to pay his fare or toll, it
shall be lawful for the conductor of the
train and employees of the company to
put him out of the cars at any of the
the usual stopping places the conductor
may select.
20. Each corporation organized and
having any part of their railroad in ope-
ration, shall cause boards to be placed,
well supported by posts or otherwise, and
constantly maintain the same across each
public road, when the same is crossed by
the railroad on the same level; said boards
shall be elevated so as not to obstruct the
travel, and to be easily seen by the trav-
eler, and on each side of said board shall
be painted in capital letters the words
'Railroad Crossing" look out for the cars,
but such boards shall not be required to
be put up at streets or alleys of city,
town or village.
81. If any person shall wilfully do or
cause to be done any act or acts what
ever, whereby any building, construction
or work of any railroad corporation in
this State organized under this act, or
any engine, machinery, or structures, or
matter or thing appertaining thereto,
shall be stopped, injured, INSTRUCTED, i'm
paired, weakened or destroyed, the per
son or persons so offending shall be guilty
of misdemeanor, and shall forfeit and
pay TO the corporation so injured treble
the amount of damages sustained by said
offense, and also liable to indictment OF
punishment as now prescribed by law.
%. That whenever any person or per,
sons shall hereafter become purchasers
of any of the existing railroads on which
the State has lien, or is in any way in.
terested, that may be sold, under the laws
of the State as they now or may here
1 f.