New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-01-26

payments shall be made as well as the amount thereof
ton for the dnte performed BY them in relation % eaet
railway located by them under the pfOVsTnI 10 detnr
mined by the General fern Of the Supreme Court in
me department In which the railway Is 10 90 r. ri
road commissioners after notice 10 the Mayor OF the
cty In which The railway Is 70 be built hn terms OF
sale and shall be paid by the purchaser.
HOW THE COMPANIES SHALL BE FORMED.
sec. II. corporation or corporations 10 oon'u"''
and operate such rapid transit railway or railway
and % enjoy and exercise the rights privileges anu
franchises in this act provided for. shall DC 'ie"'eu
and organized in the manner following: M'loicS ol
association shall be duly signed and ACKNOWLEDGE by
not less than twenty five persons, and such Articles
shall set forth the name of the proposed corporauoi
and duration thereof. said articles must al'o sta'
that they made and filed under and in pursusce on
this act for the purpose OF taking and exercising 'ne
rights, privileges and franchises purchaser a.
terms Of sale and all plans md specifications. must be
made part OF said articles annexed thereto anu ieu
herewith The said articles must also contain such
other provisions the said board may deem requisite
and necessary. not inconsistent with the terms vi sal
by said board by the concurrent vote of four icocls
and it, approval must he ndDr,ed thereon ana a,s,ru
by the seal OF the board and the signature Oh lis pr
sdng officer and must then be filed IN The Office Oh inc
secretary Of state. and duly ccrtlhed COPY ",
lie constructed Immediately after the articles OF , a.
tbe hoard m rapid transit railroad commissioners
hall couSo hooks of substitution 10 the capital stock
of any such corporation 10 be opened, anu na 81 tS
puLllc notice Of the opening O such books anu ~ VIZ
lime and place at which SUBSCRIPTIONS VIII Nv
and when the full amount Of ,nch capita, ,'ove
and such percentage Of the amount subscribed a. ma
have been fixed BY the board IN the er' :" st
many as the board may select. the SAID bpaTu nIa
meeting of the subscribers for tue purpo, lung 70
camping the rorDoration serving upon or maiHne 10
each subscriber notice OF >uch he'',E d, s.re
days before the time appointed Tor hong lie uI brcn
bo-p
accented bv the aid board of rapid transit ra'iIU
commissioners shall. if they elect 10 ne,ot0 no
entitled TO preference for themselves and thei &
ciates in subscribing for. and In the aio,""' W. '''
shares OF capital stock of such corpoia'o''
ORG AIMING THE CORPORATIONS
sec l.. Al such meeting Of subscribers, thirteen
directors OF the corporation shall be elected e''n vi
,cbom shall he holder in his own right oi al IedN' wv
share, Of the capital stock Of the corporation ""'
the board Of rapid transit railroad 'o''''' I,".
shall appoint the Inspectors of the hr't ee'uo'' 60
share of stock shall cntitlc the holder 10 ono w =,
each director. The directors 80 selected sn"'. ,''
orce for one year and until others are eie, T ~
Heir rlaceS Al such meeting by law mus iS lv 1e
adopted not inconsistent with tai, aSl, VIM" -
SNAIL Th fern Of oiitc oi directions elected It,
any subsequent meeting oil s'o'NNoiu0'''
.-I..u NOT tced Ou mai.
- The manner Of hlnng any Vac rnS,o~ ~''''"
occur in any Once OF in the board OIL meeting Of
B. Ihe time and place oi inc amman "'''
The manner Of calling ana hoiuihH SP''''' 49,
nE, OIL The humber Of stockholders hsi sl meei
either in person or by proxy, al any s'o' "'0'D'''
ing in order TO constitute puuIum. ,b manner Of
The officers of the corporation. luc ma ami
their election by the drcctoIs ana wv" nan ne IN.
unvcre and among which omccrs thcIc >H ar ~
pu1d mrasidrnt a secretary and a treasurer.
The manner Of clcctiug or appointing Hl'pe''''
Vi The manner Of amending the bylaws. ..,c,,ur.
The bylaws may also P"'iu1 iqL ' and for such
~ Share, Tor the payment of cans, an" Gv The
y, H. matter, a, may ice deemed proper ny tm
board of rapid transit railroad comm comm Eva hoard
~ must be- approved by resolution "l tdIu u"'u
NV, IA Vitnin Tn day, after tn subscribers NC,
is record of the procccdins, thereof c1ni"n',s I"
Inv ~ The subscription LIT, copy "i the " LII
'"PS "a rd the name OF the director, chosen nan
lie prepared and duly certified ~ thc Pc'' ia n,eri
over and the person actns a. tecrct" certificate Of
IL h,ard of r,pd transit railroad commissioner ',
me nua'u ~ l and The signature of it, prc,ldn .,
atte>trd bN IT, -, -. ,nur,yed the by Law ,
"dnp,tu az b '. tcr9 orrsnzed in accordance with the
'ofpI",l'" ~. ,th ct m. aid record aud certificate
hall he filed by -aid board ~ TIE "i'c oi w. 49,,
OF state and dqy ,.riihrd ,"2 . ~I Corty In
which sad railway or railway, are to he bullt, an"
thrrsnpDi and upon the payment 1" thr >.' a., 70
Linz If the capltal stock of said corporation su'h
corporation shall b. deemed to be illiF "Ts"Ilcn
40 S,,fe or Ia the Cauuty Clerk 40 whrc once u l.
nlcd. shall be prc>umpvc rNIncn'e "l n'' "c' ,,
"di,g- pon Tie production of the certified '"pS oil
said certificate and upon thr "fdet "i snn t l"a
ton, dhe pam" .r,p.. TO The capital stock shall have
ben deposited -h1ll pay over To- any 'u'. ''lI",'
lion the amount Of such deposit. ana si' ''Ip"tN
ton shall i,pdy 10 the pun h'-.' q" pn''"' ~. er
ale provided for in section "I ms a,l tnc ~
Maid by him or them L. the city pursuant I" me
r"y.l6ns Of the term, of sale. with Interest to the
date Of such repay mcnt'
POWER TO MAKE CHANGES
sec H. The aid board Of RAPID transit rhlfo"'
commissioners. IT, in their judgment the pubic IN
terc,t requires. may. at any time after Tie i"l %.
caniyation 0i any such oorPoauon' 10y the
Gotta ~ four members, authorize such corporation 1"
alter OF add to the detailed plans and specn'al"h'
contained In II, articles of association. provided the
mans and specification, ~ 20 modified do not clnngc
rho route or routes of said railway, and be not 'oh-
,>tent with the general plan OF construction d"Pei
under the provisions OF St'"h oI th's 49, n' ~ .
yldcd also such notifications lc M HPP'"N," -; "
yn, of wothirl, Of The directors o -did corpora
present and voting at any special meeting "u! 'a .
Tor the purpose. " written notice 'i"4ht u.c ma
al the busiuc,, b. De transacted AT sald in'cus Nh
-uch authorization 10y the board al dlll tahst IHil
road commits, shall have been gwen c'ih, az:
shall Lee prcpIcd. aud ACKNOWLEDGED 10y Inc pr'iu'"l
and A majority Of the drc'i orr Of ndd corpora
-t,tiuc The nature the modification, ana ilit III;
.,mr ma, been approved by the board oi directors III
the manner above iorth which certificate tcTt
shall be attached copy OF 50 much Of ihc original
,lsn. and specifications ~ 10 be affected by me
modification, and also the plan ana spcclhcduons ID
modined There shall also be contained III such Ger.
tifcatc declaration Of the approval OF -aid bOdIu 81
rapid transit railroad commissioners attcscd III inc
same manner the certificate OF luI oIsahLi ~ d.
The said certificate, plan, and specifications sNal thh
be filed In the Office Of the secretary Of state ana a
certified copy duplicate thereof shall be filed ia c
Office Of the clerk which the article, of ASSOCIATION
are filed. Aud thcrcupon said corporation Nhti ne
authorized to construct it, railway or railways ana up
purtcnauce, in accordance with such modified plans
and specifications. 49,
sec. H. Every corporation organized under this ae
shall have IT. principal oitcc aud be taxed on is
property, In the city where 1t, railway or railways
are situated.
sec. 10. The affairs Of said corpora ion shan be
mana by board Of thirteen Director, who shall be
chosen annually. by majority of ihs votes oi lilo
stakeholder, voting at such election III such nullcr
may prescribed III the 10y laws Of the corpora lo
and they aud shall continue tO be dlrrc or uhll
others elected IN their places. In the election %
Directors each OchhOlder snail hc entitled 10 one vote
for each share Of stock held by him. Vacancies IN the
board Of directors shall be lllcl IN such manner -
shall prcsc ribbed by the by laws Of the cOrpOrailoh
40 person shall be director unless he shall DE Il
stakeholder Owning 100 shares Of stock absolutely ~
his right, and qualified FOR directors al the
election which he shall be chosen. At every clec
Of directors The books and papers of such corpora
hall i,, exhibited % he. prONldCd "A