Evening journal., 1899-01-13
AN INCORPORATION ACT
in the House BY
Representative Davis.
RESTRICTION ON RAILROADS

WORK ON NEW ROADS WITHIN |
SIX MONTHs or THE DA1E or
ORGANIZATION GIVEN POWER
no BORROW MONEY FOR CON
sTRUCTlON OR REPAIRS.
stan Correspondence Evening Journal
Dover, Jan Representative Da-
vls, OF the Tirst district, Sussex coun-
ty, introduced his general ineorpora
don bin.
The provisions OF the new act are
embodied in the FIRST session Of the
yo,uminous document. IL provides
ANY number OF persons, not less
than three, may associate to establish
corporation for the transaction OF
any lawful business or to promote orI
conduct any legitimate object or pur-
pose under the provisions OF and sub
ject to che requirements Of THE act
except for such purposes as are ex-
cluded from the operation OF the
general law by section OF article 3 OF
the Constitution of this state, upon
making and filing a certificate OF ncor-
poration in writing In manner as pro-
vded for further in the act
The act provides that any railroad
= corporation created under this act for
= the purpose OF constructing a mihoa0
shall commence the proposed construc'
d ton within six months from the date OF
i it's organization and complete at east
n one track of said read Within three
u years from the date OF commencement.
Any corp-raucn organized under this
r. act for the construction and operation
h of a railroad shall have power 70 hor-
II TIM sums OF money from time to time
T. not exceeding In the aps~- gate, dou-
bic the amount OF rs full paid capitai
stock. as shall be necessary 20 build
\ construct OF repair It's road. and for its
- general maintenance. They ehall Sc
cure the repayment thereof by bonds
" and mortgages. N any person or per-
sons shall issue such bonds to any
greater amount than double the
Il. lamount at the time of such issue that
.a shall have been actually paid up Oh
,s the capital stock Of such railroad, he,
- she, or they shall be guilty of a misde-
meanor.
Every corporation created under this
ty act, or existing under the laws Of this
~ state for the construction Of a rail-
"a road shall erect and maintain fences
en- both sides Of the road A full re-
on port of the operations OF each RAILROAD
shah be made annually to the stock
ly holders.
~ Any two or more railrlhd corpora
nd tions created under this act, or anJ
e. one of such corporations, and cor
cd poration now existing for the construc-
tion and operation Of a railroad whose
.s charter does not prohibit mergure oi
consolidation, may consolidate into q
Ms single corporation by or through al
lt- agreement signed by the directors anC
or the majority Of them, Of such corpor'
vi atlons.
No raihoad corporation or railway
nd organized under this act shall charge
of demand or receive from any person
ell company or corporation for the trans
-. portation Of passengers or property
ltS greater sum than II shall charge or re
ceive from any orher person, com
pany or corporation for IKE servic
from the same place, under like condi
tons. under similar circumstances, an
rn for the same period Of time.
a. Every railroad corporation organize
under the provisions Of tKis act shal
60, be required, upon filing a certificate
I, TO pay to the secretary OF the stat
D- fees hereinafter provided for; also pa
TO the state treasurer for the use {
the state such state tax as is require
~ in the laws Of this state, entitled
~ raise revenue for this state, and a
act taxing rallroad and canal compar
s- ies in this STATE.
The act further provides that an
'' railway corporation created or existin
under the laws Of the skate which sha
'"e have loOated the route CT its railway
survey deposited in the office OF Il
secretary CT state, shall have power
Aiu the construction Of the road On Il
Inv specified route to cross any canal
eH navigabie stream between its termiI
uH but in such a manner as not TO il
~ pede navigation and use thereof; al
7e's shall also have power to cross any ra
way or railroad intervening betwe
such termini, and to acquire the nece
sary easement for such crossing, eth
tate by agreement with the ow1er there's
;. f. or, on failure to agree, by condemn
. G. tibn proceedings in the manner pl
mee scribed in the act.
fish It is also provided that every ra
tate way corporation organized under {
act or existing under the state Law
shall be required to pay such tax
- INN.