wood not to exceed four cents a cord per mile, on
shingles not to exceed three cents per thousand
per mile, and it shall not be lawful for any person
or persons to travel upon or use said road or to
transport persons, merchandise, produce or other
property along said road without the license of
said Board of Directors or a majority of them, and
the said Board with all its works, improvements
and profits, and all the machinery of transporta-
tion used on said road are hereby vested in said
Company thus incorporated, and their successors
forever, and the shares of the capital stock of said
Company shall be deemed personal estate.

Issue of
bonds.

Sec. 15. And be it enacted, That the President
and Directors of said company shall have power to
issue bonds or certificates of indebtedness under
the seal of said company, in such sum or sums of
a denomination of not less than one hundred dol-
lars, as said company may prefer, and to sell and
dispose of the same upon such terms as to said
company may seem proper, and to pledge the pro-
perty and profits of said company to secure the
payment thereof, and also with power to convert
the bonds so issued into capital stock of said com-
pany, upon such terms as may be agreed upon be-
tween the holder of said bonds and the said Presi-

Proviso.

dent and Directors; provided, that said company
shall not be authorized to issue any certificate,
scrip or other device, to be used as currency.

May connect
with other
roads.

Sec. 16. And be it enacted. That the Presi-
dent and Directors of said company shall have full
power and authority to connect the Railroad which
may be constructed under the provisions of this
Act with any other Railroad now existing, or
which may be hereafter constructed, and also to
make such contracts and arrangements as the Pre-
sident and Directors of such Railroad for the
through transportation of passengers and mer-
chandise, and all property of what kind soever in
the cars or carriages of either company as may
appear to said President and Directors convenient
and advantageous.

Dividends.

Sec. 17. And be it enacted, That the said board
of Directors shall ones in each year, or semi-
annually, declare and make such dividends as they
may deem proper, of the net profits arising from