ART. 26.] CORPORATIONS.

and the same to alter at pleasure, and do all needful
acts to carry into effect the objects for which it was
created ; and such company shall possess all the powers
and be subject to all rules and restrictions provided by
this act.

37

225. Said corporations shall be authorized to con-
struct and maintain a railroad, with a single or double
track, with such side tracks, turn-outs, offices and
depots, as they may deem necessary between the points
named in the certificate, commencing at or within, and
extending tq or into any town, city or village, named
as the place of the termini of such road, and construct
branches from the main line to other towns or places
within the limits of any county through which said
road may pass.

Ibid s 4
May construct
railroad.

226. The capital stock of such company shall be
divided into shares of fifty dollars each, and consist of
such sum as may be named in the certificates; such

Ibid s 5
Capital stock.

shares shall be regarded as personal property, shall be
subject to execution at law and to taxation as other
personal property.

Shores to be
personal prop-
erty.

227. An instalment of five dollars on each share of
stock shall be payable at the time of making the sub-
scription, and the residue thereof shall be paid in such
instalments, and at such times and places, and to such
persons as may be required by the directors of such
company.

Ibid s 5
Instalments,
when payable

228. If any instalment of stock shall remain unpaid
for sixty days after the time it may be required, whether
such stock is held by an assignee, transferee, or the

Ib d. s 7.

original subscriber, the same may be collected by action
of debt, or the directors may sell the stock so unpaid
at public auction, for the instalment then due thereon,
first giving thirty days public notice of the time and
place of sale, in some newspaper in general circulation
in the county where such delinquent stockholders re-
side, at the time of making such subscription or becom-
ing such assignee or transferree, or of his actual resi-
dence at the time of said sale ; or if such stockholder
reside out of the state, such publication shall be made

How unpaid in-
stalments col-
lected.