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Bennett, John Brannon, Henry Brannon, William J.
politic and corporate by the name and style and title of Incorporation
* The Northern and Southern West Virginia Railroad
Authority to 2. The said company is authorized to construct a railconstruet rail- road from some point on the Pennsylvania line, in the
county of Monongalia, via Morgantown, Fairmont, ClarksRoute of road. burg, Weston and Charleston, to some point on the Ken
tucky state line, in the county of Wayne. The said com-
chapters fifty-two and fifty-three of the code, so far as the subject to code same are applicable to railroad companies, and not incon
sistent with the provisions of this act.
3. The capital stock of this company shall not exceed Capital stock.
ten millions of dollars, to be divided into shares of one
one vote in all meetings of the stockholders of said comvoted.
pany. And, for the purpose of obtaining subscriptions to Subscription the said capital stock, books may be opened under the books.
direction of the persons named in the first section of this
other property, and the said company may receive volunDonations.
tary donations of land or other property, and hold the
same as part of its capital stock; provided, however, that proviso.
said company shall not hold or possess more than five hun-
stock; and, provided further, that all of such land so subscribed shall be located in this state.
4. The land so subscribed as stock shall be received at Land to be its actual cash value at the time of subscription, and shall taken at ac
tual cash be sold and conveyed to actual settlers only within ten
value, and years after the completion of said road from Charleston to sold to actual the Pennsylvania state line, such conveyances to be execu-settlers. ted by the president under the authority of the board of directors. And, in case the said corporation shall organize Subscriptions and proceed to act as a corporate body, before the whole after organiamount of capital stock shall have been subscribed, the president and directors shall have power to receive further subscriptions. And it shall be lawful for bodies cor- Subscriptions porate and politic, with their principal officers in or out of
fby corporathis state, to subscribe for and be owners of the capital stock, or any part thereof of said company.
5. Whenever one thousand shares of the capital stock Election of shall have been subscribed for, and ten per cent. of each directors and subscription actually paid, the said company may be organ
officers. ized by the election of nine directors, who, from their own number, may elect a president and vice-president, and may appoint and provide for the necessary Officers of said company. The president and directors shall have power Power of and authority to conduct all the business of said company, directors. borrow money for its use, and to execute deeds of trust or mortgage on its property in order to secure the payment of all its debts, contracts, or liabilities, or any of them.
6. The first meeting of the stockholders of said com- First meeting pany shall be held at Clarksburg, in the county of Harri- of stockson, and all subsequent meetings at such place or places holders. either in or out of this state, as the directors may from time to time appoint. And the said stockholders shall have authority, at their first meeting or any subsequent meeting, to fix and determine the place of meeting, in or Principal out of this state, of the directors, and the principal office ofice. of said company; provided, however, that the stock held
Proviso. within West Virginia shall always be represented by directors resident in the state, in the proportion of the stock held within the state to the whole stock of the company. The president, officers and agents, and a proportionate number of directors may be residents of another state.
7. The said company may and shall have full power and Branches. authority to locate, construct and maintain any branch railroad or railroads not exceeding twenty miles in length, and shall have power to connect their said railroad or any branch thereof with any railroad or railroads that are or may be constructed on or near or across the route of its
road or branches. No company whose road shall be so
or connected with. Representa
8. The stockholders of the said company may admit the tion of bond- bondholders under any mortgage authorized by the comholders in stockholders'; pany to representation in the meetings of the stockholders meeting. and determine the ratio of votes to be cast by them. Exemption 9. The property of the said company shall be exempt from taxation. from taxation until its net earnings exceed ten per centum
upon its capital stock. Act may be
10. The legislature reserves the right to alter or amend amended but this act, but such alteration or amendment shall not affect the rights of or impair the right of the creditors of the corporation to creditors or have the property and assets thereof applied in the disstockholders. charge of their respective claims, or of the stockholders to
have the surplus which may remain after providing for the
themselves according to their respective interests. Limitation of 11. The work of constructing said road shall be com
menced within two years from the passage of this act and
completed within ten years from commencement, and unstruction is to less the same be so commenced and completed within said be commenc-time, all the rights and franchises herein conferred shall ed and com• be forfeited. pleted.
time within which the work of con
CHAPTER 171.-AN ACT to provide for the settlement of
the accounts of certain officers and persons for school
Passed February 28, 1871.
1. The general superintendent of free schools, on the settlo the ac- fifth day of March next, or as soon thereafter as practicable
, tain officers. if he deem it proper, may appoint in any one or more coun
ties two suitable persons, who, together with the county
mittee of such
tlement is to be made, at least ten days' notice, in writing, Notice to such
officers. of the time and place at which a settlement is proposed to bé made, and it shall be the duty of such board, officer, or person to appear before the said committee at the time and Appearance place appointed, with a full and complete statement of all before comsuch monies which may have come to their hands, or with
officers. which they are chargeable, and with all books, récords, papers, and vouchers in their possession or under their control, in relation to such monies, and file the same with said
Examination committee. Said committee may examine under oath any under oath. person appearing before them in pursuance of such notice, and
any other witness which they may deem necessary or Who may adproper, and for this purpose any member of the said board, minister or the clerk of the board of supervisors may administer an oath.
officer or witness. If any such Failure to apboard, officer or person shall fail to appear in pursuance of pear in pursuch notice, and said committee shall be able to make a correct statement of the accounts and liabilities of such board, officer or person, without such appearance, it shall be their duty to do so. The said committee may summon Power of and compel the attendance of witnesses before them, and committee to
compel attenfor this purpose they shall have all the powers of a court dance of of record.
oath to any
2. When any such settlement shall be completed by said Settlement to committee, it shall be returned to and filed with the clerk be returned to
clerk of the of the circuit court, and upon the failure of any person found circuit court. to be in arrears for any such monies as aforesaid to pay the Failure of any same to the sheriff of the county, or to such other officer as person found the court may direct, the same may be recovered of him and in arrears to
pay; how prohis sureties by motion, in the name of the township or inde- ceeded against pendent school district, in such court, upon ten days' notice that such motion will be made. But in case said commit- Inability of tee shall be unable, by reason of the failure of any such committee to board, officer or person to appear before them, in pursuance of such notice or to produce to them any book, record, of evidence. voucher, account, or other necessary paper or statement, to make such settlement, it shall be their duty to file their petition in the circuit court of their county, or with the To proceed clerk thereof in vacation, against any one or more of such petition in boards, officers, and persons, and their securities, where they have any, as they may deem necessary and proper to compel such settlement, and thereupon a summons shall issue against the defendants in said petition, to appear and answer the same at the next term of the circuit court of the said county; which summons may be served in the same manner as any other summons issued by the clerk of the circuit court may by law be served; and such proceedings in said petition may thereafter be had as in a suit in chancery regularly brought in such court for the settlement of any account.
makesettlement for want
Hearing of *3. Upon the hearing of such petition, the court may
against any one or more of such boards, officers or persons,
clerk of the said committee, and he and each member of
said committee shall receive for his services a sum not ex-
CHAPTER 172.-AN ACT to incorporate the Ohio River
Passed February 28, 1871.
1. Z. D. Ramsdell, Charles B. Webb, G. G. Burgess, Corporators.
Joseph Ferguson, Abel Segur, A. C. Handley, William
rate by the name of “ The Ohio River and Wayne County Incorporation Mineral and Railway Company,” and by that name shall
have succession, and may sue and be sued in any court
whatever, and may have and use a common seal, and shall Powers of cor- have the powers, rights and franchises necessary and propporation.
er for carrying on the mining of coal and iron, the build-