Albuquerque daily citizen. [volume] (Albuquerque, N.M.) 1895-1903, 1899-05-03
RAILROAD LEGISLATION.
Hleetng offiesrs. Meetings Of stOekhold.
ers and other Matters.

Hleeting Officers. Meetings Of StOekhold.
ers and 0tber Matters.
The act regulating the time and man
ner OF electins officers of railroads, where
meetings OF stockholders or directors
may be held; giving the power to con-
struct branch lines 10 increase business
and providing that persons holding stock
a. executor, guardian or trustee or rs
co lateral security shall not be person.
ally subject TO any liability ~ a stock
holder OF the company, etc. being an act
amending sections 3sls. 1929. 1916 and
1886 Of the compiled laws OF 1897. reads
~ follows:
Section 1. That section 1918 OF the
complied laws of 1897, be anu the same Is
hereby amended to read M follows;
Section 3SlS. The directors named In
the articles OF incorporation must meet
within n week after the ding OF said
articles and organize by the election Of
the president who shall be one Of their
number, a secretary and a treasurer; and
their successors must 10 meet and organ.
lie Immediately after their election.
Directors must perform the duties en-
joined upon them by law and the bylaws
VI the corporation A majority Of the
directors shall constitute a board for the
transaction OF business, and every decis-
ion OF a majority OF the directors forming
such board, made when duly assembled
and In session N such board, shall be
valid ~ a corporate act.
Sec. 2. That section 1929 OF said com
piled laws OF 1897 be aud 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 or
prohibit any railroad corporation from
holding the meetings OF its stockholders
or board OF directors at the principal
place OF business OF such corporation 10
any other state or territory where q
majority OF the stock of such corpora
ton IL held or owned therein rs provided
for In section four hundred and fifty. six
OF the complied laws OF 1897"
Sec. 8. That section 1916 of said com
piled laws Of 1897. with reference to the
powers OF railroad corporations, be and
the same Is hereby amended by adding
thereto the following clause. viz:
Tenth: To construct such branches
from Its main line or inter mediate
branches \ II may from time TO time
deem necessary TO increase Ito business
and accommodate the trade or travel Of
the public.
Sec 4. That section 1886 OF the COM
piled laws OF 1897 be and the same Is
hereby amended by adding thereto at
the end OF said section, the following
language, viz:
No person holding stock AZ executor
guardian or trustee. or holding II as col
lateral security or In pledge, shall be-
personally subject 10 any LIABILITY ~ q
stakeholder OF the company; but the
person pledging the stock shall be con.
sidered NJ holding the same and shall be
liable N q stakeholder accordingly; and
the estate and funds In the hands OF the
executor, administrator, guardian or
trustee, shall be liable In like manner to
the same extent ~ testatOr or intestate,
or rs the ward or person Interested in
the trust fund would have been IL he had
been living and competent TO act and
hold the stock In his own name.
Sec o. All laws and parts Of laws In
conflict with the foregoing amendments
be and the anne hereby are repealed,
and this act shall take effect and be 10
full force from and after its passage.