addition of as many shares as they may deem neces-
sary, for which they may at their option cause sub-
scriptions to be received in the manner prescribed by
them, or they may sell the same for the benefit of the
company, for any amount not under their par value;
and they, or a majority of them, shall have power to '
borrow money for the purpose of constructing or'
equipping said road, and make and execute bonds
or certificates of indebtedness, under the seal of the
company, for such sum or sums, and payable at such
time or times, and to sell and dispose of the same on
such terms, as to the said President and Directors
may seem proper; provided, that nothing herein con-
tained shall be taken to authorize said company to
issue anything in the nature of a bank note or other
paper to be used for circulation as a currency; and
the said President and Directors of the said company
are authorized to make and execute such mortgage
or mortgages, from time to time, of the works and
property of the said company, as may be necessary to
secure the payments of the said bonds or certificates
of debt and of the interest thereon, according to
the tenor of the said bonds and certificates of debt;
and the said mortgage or mortgages when so made
as aforesaid shall be made to a Trustee, who shall
hold the works and property so mortgaged, and may
dispose of the same, according to the terms of the
said mortgage or mortgages, for the benefit of the
persona intended to be secured by said mortgage or
mortgages.
SEC. 18. And be it enacted. That the President and
Directors of said company shall be and are hereby
invested with all the rights and powers necessary to
the construction and repair of the railroad authorized
by this Act of Assembly, which shall not exceed
sixty-six feet in width on the surface, but may have
such additions as may be necessary for slopes and
embankments; and shall have as many sets of tracks,
switches and turnouts, and brandies, not exceeding
three miles in length, as the said President and
Directors may deem necessary; and the said Presi-
dent and Directors may cause to be made or contract
with others for making said railroad tracks, switches,
|
Borrow
money,
Proviso.
Mortgages.
Invested with
rights to con-
struct.
May contract
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