River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1883-04-19
LAWS OF WISCONSIN.
OFFICIAL PUBLICATION.
Published April 8, 1891
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CHAPTER 2s7
AN ACT in relation to equipment companies or
ganized under the general laws of this state
The people of the state of Wisconsin, represented
in senate and assembly, do enact as follows:
Section /. Any corporation heretofore organ
lied OF which shall be hereafter organized
statutes entitled of the organization of corpora
tons for the purpose Of buying, selling, leas-
ing or N any manner dealing IN railway cars
any kind shall hcye power, by q vote OF its
board of directors 10 classify or divide the equip
ment or other property owned or held by il into as
many series or classes as the said board of dl-
rectors shall determine, and TO designate each
such series class by letter number or otherwise:
and any such corporation may by resolution OF
b board of directors ratified by vote of the holders
If a majority of its common stock, given at any
general or special meeting. authorize the issue OF
a special stock or preferred stock, based in
whole or in part upon the property belong
ing pertaining TO any such class or series with
such provisions TO interest or preference divi-
dend out of the earnings of or profits upon the
property of the series or class upon which such
stock is based and with such voting power. II any,
and other such rights and provisions generally as
may be defined in said resolution; and such stock
NAV he issued in as many classes or series as the
said corporations may have series or classes OF cars
engines or other equipment or property as afore-
said and in such amouns to each series or class
as may be defined in said resolution and the same
may be issued from time TO time under the direc
ton of said board Of directors, and may be sold
or disposed of in such manner and upon such
terms as said board shall determine: and every
such corporation shall have the power TO issue up
on said resolution of its board of directors ratified
In the manner hereinbefore provided, its bonds or
obligations for such amount and upon such terms
as to interest otherwise, as shall be defined by
resolution of its board of directors, and may Sc
cure the same by mortgage or deed Of Trust upon
all of its property of every name and nature then
owned or thereafter to be acquired, it may issue
such bonds or obligations in series or classes,
based upon any one or more of the classes or
series of cars, locomotives or other property of
the company upon such terms as to interest, time
of payment or otherwise as said board may deterln
Inc and it may secure the payment thereof by
mortgage or deed of trust of and upon the proper
ty In the series or series, class or classes, upon
which the same is based, then owned or thereafter
to be acquired, or it may issue both said general
bonds or obligations and said special bonds or
obligations, and may secure the payment or the
same by such mortgage or deed OF trust ana II
may dispose of such bonds or obligations, general
or special in such manner and upon such terms as
the board of directors shall determine; and every
such corporation may execute such car trust or
and nature, as may be necessary or convenient In
the transaction of its business
Sec g Every such corporation shall possess mad
diton to the special powers herenbefore conferred
all the rights and powers conferred upon corpora
tons by chapters IS and Sc of the revised statutes
of 1873 and the acts amendatory thereof and any
such corporation may commence TO do business
when one-half of its capital stock shall have been
duly subscribed and at least twenty per cent of its
said capital shall be actually paid in,
Section 3. Every such corporation shall have
its principal place of business within or without
the state of Wisconsin provided that its principal
place of business shall be outside of the state of
Wisconsin it SHALL by power of attorney in proper
form, constitute some citizen of the state OF
Wisconsin its true and lawful attorney on whom
process in actions against said corporation may be
served and file the same with the secretary OF
state, and all process in actions or proceedings
against said corporation, served IN accordance
with the provisions of law upon any such agent
shall be taken and deemed to- be valid service
upon said corporation and shall give the court in
which such action or proceeding is pending juris
diction thereof
Section 4. This act shall take effect and be in
force from and after its passage and publication
Approyed April 2. 1888