Powers of company. Organization of company. Company to surrender its rights and privileges, ty at a fair 10. The company hereby incorporated shall have the rights powers and privileges, and be subject to the regulations, restrictions and liabilities specified in chapters fiftytwo and fifty-three of the code of West Virginia, so far as applicable and not inconsistent with the provisions of this act. 11. Said company may be organized when fifty shares shall be subscribed to its capital stock; and unless it shall be organized and commence its proper corporate business within three years after the passage of this act, this act shall cease to have effect. 12. It is expressly provided that when any railroad company now, or which may hereafter be chartered and organized, shall construct a railroad from the Pennsylvania line, and to trans- or the Baltimore and Ohio or Northwestern Virginia railfer its proper-road, through Lewis county, to Charleston, or any point on valuation to the Great Kanawha, or Ohio river, and shall desire to purany compe- chase the track and property of the company hereby inting through corporated, the said "Weston and Clarksburg Railroad runs through Company," shall sell its track and property to such comLewis county. pany at a fair reasonable value to be agreed upon between line which When act to take effect. the two companies, if they can agree, and if they cannot agree, it shall be the duty of the circuit court of Kanawha county, on the motion of the company desiring to purchase, to appoint three commissioners, not residents of Lewis county, to fix upon a fair and reasonable valuation of the track and property of said "Weston and Clarksburg Railroad Company," and upon the payment or tender of the sum so fixed by said commissioners to said Weston and Clarksburg Railroad Company, all the rights, privileges and franchises of said Weston and Clarksburg Railroad Company shall cease and be as null as if this act had not been passed. 13. This act shall not take effect until the first day of November next. Corporators. CHAPTER 188.-AN ACT to incorporate the Steer Creek Passed February 28, 1871. 1. L. Stump, C. A. Patterson, C. B. Conrad, W. H. Browning, M. H. Stump and their associates, successors and assigns, and all who shall become stockholders, when one thousand shares of the capital stock shall have been subscribed, as hereinafter provided, are hereby made body politie and corporate by the name and style and title Incorporation of The Steer Creek Valley and Elk River Railroad Company;" provided said subscription shall be made in Proviso. good faith within two years after the passage of this act. 2. The said company is hereby authorized to construct Route of road. a railroad from or near the mouth of Steer Creek, in the county of Calhoun, to some point on Elk River, between the mouth of Little Otter and Duck Creek, tributaries of said Elk River, and to provide every thing necessary for the equipment and use of said railroad. property. 3. The capital stock of said company shall not exceed Capital stock. the sum of one million five hundred thousand dollars, to be divided into shares of one hundred dollars each, and shall be considered as personal property and transferable; Shares to be and each share shall entitle the holder thereof, either in personal person or by proxy, to cast one vote in all meetings of the stockholders of said company. And, for the purpose of ob- Subscription taining subscriptions to the said capital stock, books may books. be opened under the direction of the persons named in the first section of this act, or any three or more of them,at such times and place or places as the persons who act in that behalf shall deem expedient. And payment may be made for any part of such subscription, either in lands or other property; and said company may receive voluntary dona- donations. tions of land or other property, and hold the same as part of its capital stock. Voluntary receive sub 4. In case the said company shall organize and proceed Authority to to act as a corporate body before the whole amount of scriptions capital stock shall have been subscribed, the president after organiand directors shall have power to receive further sub-zation. scriptions. And it may be lawful for bodies corporate and Authority for politic to subscribe for and be owners of the capital stock, rate and polior any part thereof of said company. bodies corpo tic to take stock. 5. Whenever one thousand shares of the said capital Organization stock shall be subscribed for, the said company may be of company. organized by the election of seven directors, who from Election of their own number may elect a president and vice-presi- officers. dent, and may appoint and provide for the necessary officers of said company. The said president and directors shall have power and authority to conduct all the president and business of said company; to borrow money for its use; directors. to execute deeds of trust or mortgages on its property in order to secure the payment of all its debts, contracts or liabilities, or any of them. Powers of holders. 6. The first meeting of the stockholders of said com- First meeting pany shall be held at Stumptown, in the county of Gil- of the stockmer, and all subsequent meetings at such stations upon the line of said road as the directors from time to time may appoint. And the said stockholders shall have Place of meet- authority at their first meeting, or at any subsequent ing of direc- meeting, to fix and determine the place of meeting of the directors, and the principal office of said company. tors. Quorum. Branch roads. Bondholders, 7. A majority of the directors shall constitute a quorum. 8. The said company may and shall have full power and authority to locate, construct and maintain any branch railroad, or railroads, not exceeding twenty-five miles in length, to any coal, timber, oil, or other lands owned by the company.. 9. The stockholders of said company may admit the how admitted bondholders under any mortgage authorized by the comto representato representation in the meetings of the stockholders. tion. Property exempt from taxation. Charter sub 10. The property of said company shall be exempt from. taxation until its net revenue may pay eight per cent. upon its capital stock. 11. This charter shall be subject to chapters fifty-two ject to chap- and fifty-three of the code of West Virginia, so far as the provisions of the same are applicable thereto and consistent with this act. ters 52 and 53 of the code. Act amenda 12. The legislature reserves the right to alter or ble, but not so amend this act, but such alterations or amendments shall as to impair vested rights. not affect the right of the creditors of the corporation to have the property and the assets thereof applied in discharge of their respective claims, or of the stockholders to have the surplus which may remain after providing for the debts and liabilities of the company distributed among themselves according to their respective interests. Corporators. CHAPTER 189.-AN ACT to incorporate the Twelve Pole Passed February 28, 1871. Be it enacted by the Legislature of West Virginia: 1. Z. D. Ramsdell, S. J. Ferguson, H. Spurlock, George W. Parsons, Jr., J. M. Ferguson, Hawkins Cole, C. B. Webb, H. C. Duncan, Milton Sheldon, C. B. Hoard, C. W. Ferguson and L. C. Queen, and their representatives, assigns and such other persons as may be associated with them, shall be and they are hereby constituted a body Incorporation politic and corporate by the name of the Twelve Pole Land, Lumber and Boom Company, and by that name shall have succession, shall sue and be sued, plead and be impleaded, make and use a common seal, and pass by-laws for the government of their said company, so that the same are not corporation. repugnant to the constitution and laws of this state, and the constitution of the United States. Powers and privileges of 2. The capital stock of said company shall not be less Capital stock. than twenty thousand dollars, to be divided into shares of one hundred dollars each, and may at any time hereafter Shares. be increased by the vote of the stockholders to an amount not exceeding five hundred thousand dollars, and for the purpose of obtaining subscriptions to the capital stock or so much thereof as may be necessary for the lawful purposes of said corporation; books shall be opened under the direction of the persons named in the first section of this act at such times and places as the persons who act in that capacity may deem expedient. Subscription books. booms on 3. The said corporation shall have the exclusive privi- Exclusive lege of constructing and maintaining a substantial boom or privilege of booms with or without piers, across the Twelve Pole river constructing. at any point or points above the mouth of said river, and Twelve Pole below the mouth of Buffalo creek, for the purpose of stop- river. ping and securing boats, rafts, and every kind and description of valuable timber, manufactured or unmanufactured. But such boom or booms shall be so constructed as to permit boats and rafts to pass them without material delay, and without paying toll, boomage or other charges, and may erect shear booms on said river, and may dredge and clear the channel of said river and the main branches thereof, and remove obstructions therefrom, and may build saw mills and other mills for manufacturing lumber, and manufacture and sell lumber, and construct tram railways, subject to the provisions of the code. 4. The said corporation are authorized and empowered Authority to to purchase and hold lands, to sell and convey real estate, deal in lumber and to engage in mining and manufacturing, and to erect and construct tram railways and maintain wharves on said Twelve Pole river, subject to the provisions of the code concerning places of deposit, sale and shipment. 5. The said corporation may, by reason of its compli- Rates of toll ance with this act, charge and collect toll or boomage at and boomage. the rate of fifty cents per thousand feet board measure for all square timber, saw logs, boards, planks and other timber that may be floated, rafted or drifted into said boom and stopped and retained by said boom or by any other logs or other timber in said boom. The said corporation shall have a lien on all saw logs and other timber and lum- Lien for toll or boomage. ber thus boomed for the payment of all toll on boomage and other expenses until the same shall be paid, and may hold the same subject thereto as provided in section six of this act. Unclaimed 6. That if any timber shall have been boomed securely timber in as aforesaid, and no person shall appear to claim the same booms may and pay the tolls thereon within twenty days, it shall be be sold for lawful for the corporation, after advertising the same for after notice. two weeks in a newspaper published in the county of Wayne, or by posting the same for two weeks at three public places in Ceredo, with the marks thereon, to sell said lumber or timber to the best advantage, if no owner appear to claim the same, and at any time within one year from said sale the owner shall be entitled to receive the proceeds thereof, after deducting the taxes, expenses and necessary charges, but if not claimed within one year the How proceeds proceeds shall inure to and be vested in said corporation for their own use. Penalty for 7. That if any person or persons shall wilfully or maliinjuring com- ciously injure or destroy any of said booms, or piers, or pany's works other works connected therewith, or shall remove, alter or or defacing marks on logs. deface any mark or marks on any logs or other timber intended for said boom, he shall pay treble damages, to be recovered by an action of trespass, brought in the name of said corporation before a justice of the peace, or any of the courts of the county in which he or they shall reside, and said person or persons so offending may also be subPunishment ject to an indictment in the circuit court for the county for injury to wherein the offense was committed, and, upon conviction company's works. thereof, may be punished by fine and imprisonment, at the discretion of the court. Measurement of timber. winds or current. 8. That all timber in said boom shall be counted and measured, and the quantity ascertained by some competent person or persons, to be appointed by the company and confirmed by the circuit court of Wayne county. Penalty for 9. That should any boards, logs or other timber belongconverting ing to said corporation, or in their custody, be carried by timber carried the winds, by the force of the current, or otherwise, into away by any bays, creeks, caves, or upon the shore, or any bar or flat lands, it shall be a penal offense for any person, or persons, except the owners thereof, to take possession of, sell, or convey to his or their own use, said logs or timber, punishable as provided in the seventh section of this act. The corporation shall not be liable for any loss or damage that may be caused by fire or flood, or by the unlawful acts of any person or persons not in their employ. Owners of 10. That nothing in this act shall be so construed as to mill property not prevented deprive the owners of mill property on the said river, or from recover- branches thereof, from receiving damages for injury to ing damages. their property by the said corporation, their agents or employees. and "timber." Meaning of 11. Wherever the words logs or timber occur in this words "logs", act they shall be taken to mean logs and timber of every kind and description, manufactured or unmanufactured. Nothing herein contained shall give the right to the cor |
