56. Corporation may establish a toll. Supreme 67. Locomotives not to run on other roads withcourt may alter or reduce it. 57. To charge no more for a less than for a greater distance. UNITED STATES MAIL. 58. Regulations for carrying the United States mail. GENERAL PROVISIONS. 59. Railroad corporations a body corporate from their incorporation. 60. To require security and be responsible for 61. Unclaimed property; how disposed of. 63. To have an insurable interest. out license, &c. SECTION 1. All railroad companies that have been or that shall hereafter be incorporated, under the authority of this state, shall have all the powers and privileges, and be subject to all the duties, liabilities, and other provisions contained in this act respecting such corporations, so far as the same are consistent with their respective charters. (Sec. 1 of No. 41 of 1849.) THEIR INCORPORATION, ORGANIZATION AND GOVERNMENT. SECT. 2. No petition or bill for the establishment of any railroad corporation, or for extending the grant or charter for any such corporation, shall be acted upon, unless notice thereof shall have been published in a newspaper, or two newspapers, if so many there shall be, printed in each of the counties in which such railroad, or the extension thereof, shall be located or proposed to be located, which notices shall be published three weeks successively in each of said papers, and the last publication shall be at least three weeks previous to the session of the general assembly, to which said petition or bill shall be presented; and if no newspaper be printed in such county, then the publication shall be made as aforesaid in some newspaper printed in an adjoining county. (Sec. 2 of No. 41 of 1849.) SECT. 3. Every act of incorporation for a railroad company shall confine the road within the limits indicated by the notice required in the preceding section, shall specify the several towns through which the same may pass, and shall otherwise designate the route, on which the road may be authorized to be made, with as much certainty as the nature of each case will admit. (Sec. 3 of No. 41 of 1849.) SECT. 4. The immediate government and direction of the af fairs of every such corporation shall be vested in a board of not less than five directors, who shall be chosen by the members of the corporation in the manner hereinafter provided, and shall hold their offices until others shall be duly elected in their places; and the said directors shall elect one of their own number to be president of the board, who shall also be president of the corporation; and they may also choose a clerk, who shall reside and keep his office in this state, and who shall be sworn to the faithful discharge of his duty, and a treasurer, and also such subordinate officers as the company by its by-laws may designate, who shall give bonds to the corporation, in such sum as shall be required by the by-laws, for the faithful discharge of the duties of their office. A majority of the directors shall form a board, and shall be competent to transact the business of the company. (Sec. 4 of No. 41 of 1849.) SECT. 5. The commissioners for opening books of subscription, named in any act of incorporation, shall, from time to time, after the company shall be 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 of subscription shall be kept open until all the capital stock shall be subscribed, if the corporation shall so long exist, and in case a greater amount of stock shall be subscribed than the whole capital stock of such company, the commissioners shall distribute such capital stock as equally as possible among the subscribers, but no share thereof shall be divided in making such distribution, nor shall a greater number of shares be allotted to any subscriber than such subscriber shall have subscribed for. (Sec. 8 of No. 41 of 1849.) SECT. 6. Every person, at the time of subscribing for stock in any railroad company, shall, at the time of subscribing, pay to the commissioners five dollars on each share for which he may subscribe, and shall, if required by the commissioners, give security to their satisfaction for the payment of fifteen dollars more on each share, in such instalments as may be ordered by such company; and each subscriber shall be a member of such company. All subscriptions for stock shall be payable absolutely, and no secret agreement, nor any understanding or condition not inserted in the terms of the subscription, shall affect the right of the corporation to enforce payment thereof as hereinafter provided. (Sec. 9 of No. 41 of 1849.) SECT. 7. As soon as practicable after said stock, or such portion thereof as may be prescribed in the act of incorporation, shall have been subscribed, the commissioners to receive subscriptions shall give at least ten days' notice for the meeting of the stockholders, at such time and place as said commissioners shall appoint, for the choice of directors, by publishing the same in such newspapers as they shall direct; and such elections shall then be made by ballot by the stockholders, who shall attend for that purpose, either in person or by proxy. Said commissioners shall be inspectors of the first election of directors, shall openly count the votes and declare the result, and shall certify the names of those duly elected, and shall also deliver to said directors all moneys received by such commissioners on subscriptions to such capital stock, and all books and papers in their possession relating to such subscriptions. The time and place for the first meeting of said directors shall be fixed by said commissioners. A new election of directors shall be made annually, at such time and place, and upon such notice, as shall be designated in the by-laws of the corporation; but if the by-laws contain no provision upon the subject, then at such time and place, and upon such notice, as the directors shall designate. (Sec. 10 of No. 41 of 1849.) SECT. 8. In case it shall happen at any time that an election of directors shall not be made on the day designated in the by-laws of any railroad company, when it ought to have been made, the company for that reason shall not be dissolved, if within ninety days thereafter they shall hold an election for directors in such manner as shall be provided for by the said by-laws. (Sec. 6 of No. 41 of 1849.) SECT. 9. At all meetings of the corporation, each member shall be entitled to one vote for each share held by him; provided, that he shall not be entitled to any vote for any shares beyond one tenth part of the whole number of shares of the stock of such corporation; and all meetings shall be called and notified in such manner as shall be provided in the by-laws of such corporation. (Sec. 5 of No. 41 of 1849.) SHARES AND ASSESSMENTS THEREON. SECT. 10. The shares in the capital stock of any railroad corporation shall be deemed personal estate, and may be transferred by any conveyance in writing, in the manner provided by the by-laws of such corporation, and shall be liable to attachment and sale under legal process, in the manner provided by chapter seventy-nine of the Revised Statutes, (chap. 83 of this compilation.) (Sec. 7 of No. 41 of 1849.) SECT. 11. The president and directors of every railroad corporation, may, from time to time, make such equal assessments on all the shares in said corporation as they may deem expedient and necessary for the purposes of the corporation, and may direct the same to be paid to the treasurer, who shall give notice thereof to the stockholders, either personally or by letter through the mail, or by publication in such newspaper as the directors shall designate and if any stockholder shall neglect to pay his assessments, for the space of thirty days, after notice from the treasurer, the directors. may order the treasurer, after giving notice of the sale, to sell such shares at public auction, to the highest bidder, and the same shall accordingly be transferred to the purchaser; and if the shares of any delinquent stockholder shall not sell for a sum sufficient to pay his assessment, with interest and charges of sale, he shall be held liable to the corporation for any deficiency; and if such shares shall sell for more than the assessment, so due, with interest and charges of sale, he shall be entitled to the surplus remaining after such sale; provided, that no assessment shall be laid upon any shares in such corporation, to a greater amount than the sum at which the shares shall be fixed by the charter of such corporation, or by any vote or agreement of the stockholders. The purchasers and owners of the shares so purchased, shall be liable for all subsequent assessments thereon, and payment thereof may be enforced in the manner above provided. (Sec. 11 of No. 41 of 1849.) SECT. 12. No railroad corporation, which is authorized by its charter to increase its capital stock, shall, hereafter, issue shares for a less amount, or sum, to be actually paid in on each, than the par value of the shares in the original stock of said corporation, unless all the stockholders in such corporation shall, in writing, agree that such shares may be issued for a less sum. (Sec. 64 of No. 41 of 1849.) BONDS. SECT. 13. Every railroad corporation within this state shall have power to issue their notes or bonds for the purpose of building, or furnishing their roads, or paying any debts contracted for building or furnishing the same, bearing such a rate of interest, not exceeding seven per cent., and secured in such manner, as they may deem expedient. (Sec. 1 of No. 49 of 1850.) SECT. 14. All bonds or notes which have been or which hereafter may be issued by any such corporation, for the purposes aforesaid, shall be binding and collectable in law, notwithstanding such notes or bonds were negotiated and sold by such corporation at less than par. (Sec. 2 of No. 49 of 1850.) SECT. 15. All notes or bonds which may be issued under, and by virtue of the provisions of this act, shall be issued for a sum not less than one hundred dollars, and shall be made payable in not less than three years, nor more than twenty years from the time of issuing the same. (Sec. 3 of No. 49 of 1850.) RIGHT TO TAKE LAND AND PROCEEDINGS THEREON. SECT. 16. Every railroad corporation may lay out its road, not exceeding five rods wide; and for the purpose of cuttings, embankments, and procuring stone and gravel, may take as much more land, within the limits of its charter, in the manner provided in this chapter, as may be necessary for the proper construction and security of the road. (Sec. 12 of No. 41 of 1849.) SECT. 17. Railroad companies incorporated, or which may be (see note) * incorporated, ** ** * ** * * * * * may enter upon, and take lands, so far as may be necessary for depot accommodations; subject to all the provisions and conditions of their several acts of incorporation. (Sec. 2 of No. 22 of 1847.*) SECT. 18. Every railroad corporation may purchase, or otherwise take, any lands, or materials, necessary for the purpose of making or securing their railroad; and may also take, by purchase or otherwise, such water, and in such quantity, as may be required for the The remaining provisions of this act (No. 22 of 1847,) seem to be re-enacted in sec. 34 of the act of 1849 (§ 66 of this chap.) and though not expressly repealed, are considered as superseded by the provisions of the later act and are therefore omitted in this compilation. uses of the road, together with the right of laying down all necessary aqueducts, for the conveyance of water, and of entering upon the land, and constructing, and keeping in repair, all such aqueducts; and if they shall not be able to obtain such land, or materials, such water, and the right of conveying the same, by an agreement (see $ 21) with the owner thereof, they shall pay therefor such damages as shall be estimated and determined by the commissioners mentioned in section fifteen of this act, (§ 20 of this chap.) (Sec. 13 of No. 41 of 1849.) SECT. 19. No laud, or materials, without the limits of said road, shall be so taken, without the permission of the owner thereof, unless the commissioners, on the application of such corporation, and after notice to the owner, shall first prescribe the limits within which land or materials shall be so taken as aforesaid. (Sec. 14 of No. 41 of 1849.) SECT. 20. Whenever any railroad corporation shall not have acquired, by gift or purchase, any land, real estate, or property, taken or required for the construction and maintenance of their road, and the convenient accommodation of the same, and in case of a disagreement (see § 21) about the price of such lands and other property, any two of the judges of the supreme court, upon application for that purpose, by such company, shall appoint three disinterested commissioners to determine the damages which the owner or owners of such lands or property may have sustained, or shall be likely to sustain, by the occupation of the same for the purposes aforesaid; and upon the payment of the damages determined upon by such commissioners, with the costs and charges thereupon accruing, by said company, or upon the deposit of the same by such company in such bank, or with such clerk of the supreme court, as said commissioners shall direct, to the credit of the person or persons to whom such damages have been awarded, such bank or clerk giving notice personally, or by letter through the post office, to such persons that such deposit has been made, such company shall be deemed to be seized and possessed of all such lands or other property as shall have been appraised by said commissioners. One of said commissioners shall be an inhabitant of the town in which the land or other property to be appraised is situated, and all of said commissioners shall be inhabitants of the county in which such property is situated, and said commissioners shall give twelve days' notice to the occupants or owners of the lands to be appraised, of the time and place when and where they will attend to such appraisal; and when such appraisal is made, they shall, within twenty days, notify the owner, if known, of the amount thereof, and deliver to said company a written statement of the same, with a description of the land or other property so by them appraised, which, within thirty days thereafter, said company shall cause to be recorded in the town clerk's office of the town where such lands or other estate lie; and in case the owner of such lands or estate shall be a married woman, an infant, idiot, or insane, or shall not reside in this state, or shall not be known, then said company shall cause the damages sustained by such owners to be determined in the manner above prescribed, and shall pay the same to the lawful owners, when demanded, with the interest there |