Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1899-05-02
RAILROAD LEGISLATION.
Time and Manner of Electing Officers, Meet.
ings of Stockholders and Other

The act regulating the time and man
ner of clecting officers of railroads,
where meetings of stockholders or di-
rectors may be held: giving the power
to construct branch lines to increase
business and providing that persons
holding stock as executor, guardian or
trustee or as collateral security shall not
be personally subject to any liability as
a stakeholder of the company, etc, be-
ing an act amending sections 1918, 1929,
3s46 and 1886 of the Compiled Laws of
1897, reads as follows:
Section /. That section 3S1S of the
Compiled Laws of 1897, be and the same
is hereby amended to read as follows:
Section 3S1S. The directors named
in the articles of incorporation must
meet within one week after the fling of
said articlessand organize by the cleo
ton of the president who shall be one
of their number, a secretary and Il
treasurer: and their successors must so
meet and organize Immediately after
their election. Directors must perform
the duties enjoined upon them by law
and the bylaws of the corporation. A
majority of the directors shall consti-
tute a board for the transaction of bust
ness, and every decision of a majority
Of the directors forming such board,
made when duly assembled and in SEES
sion as such board, shall be valid as a
corporate act.
Sec. 2. That section 1929 of said Com
piled Laws of 1897 be and the same
hereby is amended to read as follows,
viz:
Section 1929. The meetings of stock
holders must be held at the Office or
principal place Of business of the cor
poration. provided, that nothing in
this act shall be construed to prevent OF
prohibit any railroad corporation from
holding the meetings of its stockholders
or board of directors at the principal
place of business of such corporation in
any other state or territory where a
majority of the stock of such corpora.
ton is held or owned therein as provid'
ed for in section four hundred and fifty.
six of the Compiled Laws of 1897"
Sec. 3. That section 3S46 of said Com
piled Laws of 1897, with reference to the
powers or railroad corporations, be AND
the lint is hereby amended by adding
thereto the following clause, viz:
Tenth: To construct such branches
from it's main line or intermediate
branches as it may from time to time
deem necessary to increase its business
and accommodate the trade or travel Of
the public.
Sec. A. That section 1886 of the Com
piled Laws of 1897 be and the same
hereby is amended by adding thereto al
the end of said section, the following
language, viz:
No person holding stock as executor
guardian or trustee, or holding it as col
lateral security or in pledge, shall be
personally subject to any liability as q
stakeholder of the company; but the
person pledging the stock shall be con
sidered as holding the same and shall be
liable as a stakeholder accordingly; and
the estate and funds in the hands Of the
executor, administrator, guardian OF
trustee, shall be liable in like manner to
the anne extent as testator OF interstate,
or as the ward or person interested III
the trust fund would have been If he
had been living and competent to act
and hold the stock in his W name.
Sec. 5. All laws and parts of laws ii
conflict with the foregoing amendments
be and the same hereby arr repealed
and this act shall take effect and be il
full force from and after its passage.