EDWIN WARFIELD, ESQ., GOVERNOR.

577

SEC. 4 And be it enacted, That the capital stock of said

corporation shall be two hundred thousand dollars, divided

into four hundred shares, of the par value of fifty dollars each;

Capital stock.

and the directors of said corporation, for the purpose of com-

pleting and fully equipping the railway hereinbefore men-

tioned, may issue from time to time mortgage bonds to the

amount sufficient, in the judgment of said directors, to com-

plete and fully equip said railway, not exceeding two hundred

and fifty thousand dollars, and to secure the payment of such

bonds by mortgage of all or any part of the property, rights,

franchises and revenues of said corporation.

SEC. 5. And be it enacted, That all the interest and affairs

Affairs to be

of said corporation shall be controlled and managed by the

managed by
board of di-

persons particularly named in the first section of this Act,

rectors.

or such of them as shall accept office as the board of directors

of said company for and during the first year after the pas-

sage of this Act, and until their successors as such board shall

have been duly elected and qualified, pursuant to the by-laws

and regulations which shall be established by such board,

and thereafter the said interest and affairs shall be managed

and controlled by a board of nine directors, stockholders of

said company, elected by a majority of the votes of all the

stockholders, attending in person or by proxy, at the annual

meeting of the stockholders; each share of stock so repre-

sented being entitled to one vote, and such board of directors

aforesaid shall elect from their number a president and a

secretary and a treasurer. The board of directors, from

Duties of

time to time, may and shall make, enact, alter and re-enact

directors.

any and all lawful by-laws, rules and regulations touching

the organization of said company, taking subscriptions to

its capital stock, the payment of such subscriptions, to issue

and transfer certificates, and the mode of conducting all the

affairs of said company, and shall have full power in law and

in equity to enforce the same.

SEC. 6. And be it enacted, That said corporation is hereby

authorized to consolidate with such railroad or railroads as

Authority to

it may connect with or cross, upon such terms as may be agreed

consolidate.

upon between them, or said corporation may lease or purchase

such connecting roads, or may be leased or purchased by

them.

SEC. 7. And be it enacted, That said corporation may enter

Roads and

upon, grade, occupy and use any public road, street or high-

streets.

way in said county or any city or town therein within the

limits aforesaid for the purposes aforesaid, so, however, as