The Cheyenne daily leader. [volume] (Cheyenne, Wyo.) 1870-1884, 1880-02-06
RAILRoA coRPoRArIoNs-Acr REGULATING.

RAILROAD coRPoRAT1oNs-Acr REGULATING.
As ACT A"h9 %al%s:s r1 paSsa. eS osDaS, eoo Msssass s,n ,ns5 an Property Issue
for Other Purposes,
BE it enacted By The Council and House of Representatives Of
The Territory Of Wyoming:
SECTION 1. Every railroad company organized under
the general incorporation act of this Territory, shall have
power, and is hereby authorized to mortgage or execute
deeds OF trust, in whole or in part, of the real and
personal property and franchises, including its lands or
other property granted to said company by the United
States, or any state or territory, to secure money bor-
rowed by them for the construction and equipment of
their roads, and may also issue their corporate bonds in
sums not less than one thousand dollars; to make all of
said mortgages or deeds of trust payable to bearer or
otherwise, negotiable by delivery, bearing interest at
rates not to exceed ten per cent. per annum, convertible
into stock, or not, at the option of the holder, and may
sell the same at such rates and prices as they may deem
proper, and if said bonds shall be sold below their nomi-
nal or par value, they shall be valid and binding upon
the company, and no plea of usury shall be put in or
allowed by said company in any suit or proceeding upon
the same. The principal and interest of said bonds or
either of them may be made payable within or without
this Territory, at such place as may be determined upon
by said company.
SEC. 9. Whenever a line of railroad of any railroad
company in this Territory, or any portion of said line,
has been constructed SO as to connect with any two or
more of such roads, said companies are hereby author
ized to consolidate themselves into a single corporation
in the manner following: The trustees of the said two
or more corporations may enter into an agreement under
the corporate seal of each, for the consolidation of said
two or more corporations, prescribing the terms or con-
ditions thereof; the mode of carrying the same into
effect; the name of the new corporation the number of
the trustees thereof, which shall not be less than seven;
the time and place of holding the first election of trus-
tees; the number of shares of capital stock in the new
corporation; the amount of each share; the manner of
converting the shares OF capital stock in each of said two
or more corporations, into shares in such new corpora
ton; the manner of compromising stockholders in each
of said two or more corporations who refuse to convert
their stock into the stock of such new corporation, with
such other details as they shall deem necessary to perfect
such consolidation of said corporations; and such new
corporations snail possess all the powers, rights and
franchises conferred upon such said two or more corpora
tions, and shall be subject to all the restrictions, and
perform all the duties imposed by the provisions of this
subdivision; Prouided, That all stockholders IN either
of such corporations who shall refuse to convert their
stock into the stock OF such new corporation, shall be
paid an appraised value of said stock at the date of such
consolidation.
Sec. 3. Upon making the agreement mentioned in
the preceding section, in the manner required therein,
aud filing a duplicate or counterpart thereof in the office
of the secretary of the Territory, the said two or more
corporations mentioned or referred to in the last two or
more preceding sections, orany other law of the Territory
shall be merged in the new corporation provided for in
such agreement, to be known by the corporate name
therein mentioned; and the details of such agreement
shall be carried into effect as provided therein.
SEC. 4. Upon the election of the first board of trus-
tees of the corporation created by the agreement in the
this subdivision, all and singular the rights and franchises
of each and all of said two or more corporations, parties
to such agreement, and all and singular the rights and
interest in and to every species of property, real, per
sonal and mixed, and things in action shall be deemed to
be transferred to and vested in such new corporation,
without any other deed or transfer, and SUCH new corpo-
ration shall hold and enjoy the same, together with
right of way and all other rights of property in the same
manner and to the same extent as if the said two or more
corporations, parties to such agreement, should have
continued to retain the title and transact the business of
such corporations. And the title and the real estate
acquired by either of said two or more corporations
shall not be deemed to revert or be impaired by means
of anything in this subdivision contained; ProUdded,
That all rights of creditors and all liens upon the prop
erty of either of said corporations shall be and hereby are
preserved unimpaired; and the respective corporations
shall continue to exist as far as may be necessary to
enforce the same. Provided further, That all debts,
liabilities and duties of either company shall henceforth
attach to such new corporation, and be enforced to the
same extent and in the same manner as if such debts,
liabilities and duties had been originally incurred by it.
Sec. 5. Any railroad incorporated under the general
laws of this Territory may at any time by means of
subscription to the capital stock of any other company
or otherwise, aid such company in the construction of
its road for the purpose of forming a connection with the
line of road owned by such other company.
SEC. 6. Any railroad company existing in pursuance
of flaw, may lease or purchase any part or all of any other
railroad constructed by any other company, upon such
terms and conditions, as may be agreed upon between
said companies respectively, and any two or more railroad
companies whose lines are so connected may perfect any
arrangement for their common benefit to assist and pro-
mote to [the] object for which they were created.
SEC. Z. This act shall take effect and be in force from
and after its passage.
Approved December 13, 1879.