Year: 1861

binds itself to pay for all incidental expenses of reconnaissance printing and advertising in- cured by them and authority is hereby given them to employ and pay all necessary agents to obtain such relnquishments and do anything necessary to the organization of the Company.

 SEC. 15. In the case of failure on the part of any subscriber to pay any installment on his stock, when, and as required, the amount ! due shall bear interest at the rate of ten per cent. per annum, from the time 1t falls due. The board of directors shall have the power, after thirty days written notice to the de- faulter, to forfeit his stock and sell at auction, for the benefit and at the risk of said stock holder, and sue him for any deficit afterwards remaining, or to compel by suit, the payment of such installmcnt; and no stockholder shall be permitted to vote personally or by proxy, for himself, or as proxy for another, while in deficit

 SEC. 16 All meetings of stockholders shall be composed of persons, or corporations, or the agents of corporations or persons, holding in the aggregate more than one-half of the stock of the Company taken and subscribed for, iu order to make valid and binding their action in the premises, except meetings called for the purpose of increasing or diminishing the capital stock of the Company, at which thrce-lourths of the stock shall be represented. At elections more than one-half of the stock exclusive If that taken by the State, shall be represented when 1t is required that more than one-haifof the stock shall be represented, and such is not the case, the meeting shall be adjourned for one week, and at such adjourned meeting the majority of the stock present represented, shall bind the Company in the same manner as if majority of the whole stock were present and represented.

 SEC IT. The President and Directors of the corporation shall have power to do any thing necessary for the construction, repair and maintenance of the Railroad hereinbe- fore mentioned, with as many tracks as they may deem necessary; to fix and determine the line of the Road and the depots that may be necessary; to make and construct, or to procure to be made and constructed, any crcctions whatever, for the perfect and com plctc working of said road to construct all bridges over nayioable and other rivers, streams and sloughs to decide whether the crossing thereof shall be by bridges or steam ferry; to prescribe the width and length of said bridges, and the size of the proper draws for the passage of vessels, when over nayiga- ble streams; to contract specially for work, labor OF materials, to be furnished to the Company and agree whether the whole or any part thereof shall be payable in capital stocks of the Company; to hire and purchase hands and laborers; to appoint a secretary treasurer, superintendent, engineers, solicitor, and other officers or servants necessary or proper for the faithful performance of any duty necessary to the construction and main tcuance of said railroad to receive from the State or General Government grant of lands, CT become the agent of either to dispose of lands granted, and with the same, or the aid of the same, to procure the road to be built {; make all contracts necessary thereto and all contracts for the furnishing of iron or other necessary equipment, or supplies of the road, on such terms and credit as they may think proper, including all locomotives, engines, cars, vehicles, teams, and other equipments, deemed by them necessary for the purposes of the Company; to borrow money for and on account of said road in any sums not to ex- ceed fifty thousand dollars, unless authorized by vote of two-thirds of the stockholders. exclusive of the State, to exceed that sum, and to mortgage said road and its appur- tenances, to secure the same to mortgage sad road. or hypothecate its receipts, to pay persons who take contracts for building the same, when said road or any part thereof IS finished to fix the rate of tolls for passengers and merchandise; to fix a telo- graph line or wire along said road, and regu- late the fees for messages sent; to make all bylaws, rules and regulations deemed necessary or convenient for the proper, safe and regular transaction of the business of the ComNany-such rules, bylaws and regulations being subject to repeal, change, amendment CT modification, by the stock holders at their regular meetings, or by said President and Directors in the intervals. to accept donations in land money, or such materials, or labor, as may be useful to the company; to accept relinquishments of the right of way, or purchase releases of the same, and to that end to submit questions of com pensation to the proper tribunal, or to arbitra- ton, or to settle the same themselves by way of compromise, or delegate the power to do so; to declare semi-aunualy the dividends arising from the working of the road, or any section or sections of it, after payment of all necessary expenses, which dividend shall be declared and payable within the last fifteen days of the months of May and November in each year They shall make a report in full detail to the stockholders upon the first Mon days in June and December of each year, of the working of the road, and the expenses and profits as also, in detail, a statement of all contracts during the process of the con- structing of said road and its bridges, with an account of the progress made; they shall cause to be kept regular set of books, in which shall be entered in the regular order of their several dates, all business or other transaction of the company, which books shall always be open to the inspection of any stockholder, at the office of the company during the business hours of the day they shall keep a stock book, and certificates of stock shall be issued to the stockholders, and no transfer of stock shall be binding on the company until made on its stock books and they shall call a meeting of the stockholders on the written acquisition of stockholders representing one fifth of the stock of the company, or on the requisltion of the proper authority represent