EDWIN WARFIELD, ESQ., GOVERNOR.

687

houses, depots and stations, and also the full equipment of cars.

motors and engines necessary for the operation thereof, and all

the work whatsoever which may be necessary to the proper

completion and working of said railroad and branches, and may

acquire any land, streams and water rights, earth, timber, stone,

sand, gravel or other material required for any of the purposes

aforesaid, and may agree with the owner or owners of any land.

streams and water rights, earth, timber, stone, sand, gravel or

other materials, or any improvements which may be wanted for

the proper construction or repair of said railroad, its branches,

power plants, or other of its works, for the purchase and use

and occupation and diversion of the same ; and if they cannot

agree, or if the owner or owners or any of them be a femme

covert, under age, or non compos mentis, or out of the county

in which the property may lie, when such lands or materials

may be needed, the said company may proceed to condemn and

acquire the same, or the use thereof, for the purposes of said

railroad, or for the purposes of the motive power thereof, in

the manner provided for by the General Laws of this State, as

now in force, or as they may be hereafter enacted, so far as the

same may be applicable, and may condemn lands, easements,

rights, water rights, ways, materials and privileges for the pur-

poses of the company in the manner aforesaid, and shall have

all other rights, privileges and powers which are granted by

said General Laws, so far as the same do not conflict herewith ;

Subscription

power to determine in what instalments said subscription to

to capital
stock

said capita] stock shall be paid.

SEC. 7. And be it enacted, That the said railway and power

To issue pre-
ferred stock

company hereby incorporated shall have power, with the con-

sent of a majority in interest of its stockholders, to issue pre-

ferred stock of the company, not exceeding, at any time, one-

half of the capital stock of the qorporation, the holders of which

preferred stock shall be entitled to receive such dividends

thereon, not exceeding 7 per cent, per annum, as the Board of

Directors of said company may prescribe, payable out of the net

earnings of the company; and the holders of said preferred

stock shall not be liable for any debts of the company; nor shall

the holders of such stock have any voice or vote at any meeting

of the stockholders, whether for the election of a Board of Di-

rectors, or other business matters of the corporation, nor have

any active part in the management of its affairs. And the said

preferred stock may be issued in different classes, to be dis-

tinguished in such manner as the directors may determine and

prescribe; and the directors may give to the various classes

such order of preference in the payment of the dividends, or in

the rate of dividends thereon, or in the redemption of the prin-

cipal thereof as may be approved by the holders of a majority

of the stock of the company ; and the company shall have the right

to redeem its preferred stock upon such terms as may be pre-

scribed in the issue thereof ; and the said company may specifi-

cally appropriate for the payment of the dividends upon any