348 CORPORATIONS—RAILROAD. [ART. 23.

Between the points named in the certificate, commencing at or

within and extending to or into any town, city or village named

as the place of 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.

1876, ch. 242, sec. 6.

162. The capital stock of such company shall be divided into
shares of fifty dollars each, and consist of such sum as may be
earned in the certificates: such shares shall be regarded as per-
sonal property, shall be subject to execution at law, and to tax-
nation as other personal property.

Ibid. sec. 7.

163. An instalment of five dollars, in actual cash, 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 instal-
ments, and at such times and places, and to such persons, as may
be required by the directors of such company.

Ibid. sec. 8.

164. If any instalment of stock shall remain unpaid for sixty

days after the time it may be required, whether snch stock is
held by any assignee, transferee, or the original subscriber, said
instalment 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 stockholder resides, at the
time of making such subscription, or becoming snch assignee or
transferee, or of his actual residence at the time of said sale; or
if such stockholder reside out of the State, such publication shall
be made in the county where the principal office of the company
is located; and if any residue of money shall remain after paying
the amount due on said stock, the same shall on demand be paid
over to the owner; and if the whole of said instalment be not
paid by snch sale, the remainder shall be recoverable by an action
of debt against the subscriber, assignee or transferee.