Page images
PDF
EPUB

all such articles of association, filed in pursuance of this act, with all subsequent alterations and amendments thereof, and also the affidavits annexed thereto, shall be forthwith recorded in a book to be by him provided for that purpose, said record to be made at the expense of the company filing the same and as soon as the articles of association, as well as any articles amendatory thereto, are filed as above provided, the company filing the same, may at once proceed to construct, operate and maintain its railroad; and to exercise the proper powers and privileges; and it shall be competent for any company organized under this act, upon a vote of three-fourths in value of its stockholders, at any meeting thereof, to alter and amend its articles of association so as to extend the length of the line thereof from either of its termini to such further and other point as they may determine; and upon such vete the said company may make articles amendatory of their original articles, for the purpose of extending the line of its road as aforesaid, and which shall be signed by at least three-fourths of the stockholders in value, and when so signed and certified to under the seal of the company to have been made upon the vote, and signed by two-thirds (?) of the stockholders in value, and filed with the Secretary of State, they shall have the same force and effect as though such amendments or alterations had been included in, and made a part of, and embraced in its original articles of organization.]

13. 1867, S. L. 1867,

Certified copy of articles, presump

SEC. 2. A copy of any articles of association filed in Amendment, Mar. pursuance of this act, with a copy of the affidavit an- P 92. nexed thereto, as well as of any articles amendatory thereto, and certified by the Secretary of State, under the seal of the State, to be a copy, shall in all courts and tive evidence. places be presumptive evidence of the incorporation of said company, as well as of the articles amendatory thereto; and all such articles of association, filed in pursuance of this act, with all subsequent alterations and amendments thereof, and also the affidavits annexed thereto, shall be forthwith recorded in a book to be pro- Articles to be revided by him for that purpose, said record to be made at the expense of the company filing the same; and as soon as the articles of association, as well as any articles amendatory thereto, are filed as above provided, the company filing the same may at once proceed to con- Company may prostruct, operate and maintain its railroad or any section thereof, and to exercise the proper powers and privileges, and to accept such municipal or individual aid as

corded and filed.

ceed to construct.

Proviso.

Articles may be amended.

may be pledged for such purpose, and also to levy and collect such assessments upon the stock subscribed for such purpose as said company shall determine: Provided, That the amount of such municipal and individual aid, together with the stock actually subscribed, shall be at least six thousand dollars for each mile of the road to be so constructed; and it shall be competent for any company organized under this act, upon a vote of twothirds in value of its stockholders, at any meeting thereof, to alter and amend its articles of association so as to extend the length of the line thereof from either of its termini to such further and other point as they may determine; and upon such vote the said company may make articles amendatory of their original articles, for For what purpose. the purpose of extending the line of its road, as aforesaid, and which shall be signed by at least two-thirds of the stockholders in value; and when so signed and certified to, under the seal of the company, to have been made upon the vote, and signed by two-thirds of the stockholders in value, and filed with the Secretary of State, they shall have the same force and effect as though such amendments or alteration had been included in and made a part of, and embraced in its original articles of organization.

Books of subscription to be opened,

Notice to be given.

When more stock

shall be subscribed than the whole

capital, how to proceed.

SEC. 3. The Commissioners for opening books of subscription named in the articles of Association, shall, from time to time, after the Company shall have been incorporated, open books of subscription to the capital stock of the Company, in such places, and after giving such notice as a majority of them shall direct, which books shall be kept open until all the capital stock shall be subscribed; and in case a greater amount of stock shall be subscribed than the whole of the capital of said Company, the Commissioners shall distribute the same as equally as possible among such subscribers; but no

« PreviousContinue »