360 CORPORATIONS—RAILROAD. [ART. 23.

1886, ch. 134, sec. 1.

187. In case of the sale of any railroad situated wholly within
this State, or partly within this State and partly within an adjoin-
ing State, or the District of Columbia, heretofore or hereafter
made by virtue of any mortgage or deed of trust, whether under
foreclosure or other judicial proceedings, or pursuant to any
power contained in said mortgage or deed of trust, the purchaser
or purchasers thereof, or his or their survivor or survivors, repre-
sentatives or assigns, may, together with their associates, if any,
form a corporation for the purpose of owning, possessing, main-
taining and operating such railroad, or such portions thereof as
may be situated within this State, by filing in the office of the
secretary of State a certificate of the name and style of such
corporation, the number of directors of the same, the name of its
first directors, the period of their service not exceeding one year,
the amount of the capital stock of such corporation, and the
number of shares into which it is to be divided, and the par value
thereof, which may consist wholly of common stock, or partly of
common stock and partly of preferred stock, and the whole or
any part thereof may be issued as fully paid up stock in payment
or part payment for the road as purchased, and for the con-
struction and equipment thereof, and shall not in the aggregate
exceed the amount of stock which the corporation, whose road
shall have been purchased as aforesaid, was entitled to issue, and
the persons signing such certificate, and their successors, shall be
A body corporate and politic by the name specified in such cer-
tificate, with power to sue and be sued, contract and be contracted
with, and to own, maintain, possess and operate the railroad re-
ferred to in such certificate, and to transact all business connected
with the same; and a copy of such certificate, attested by the
secretary of State, shall, in all courts and places, be evidence of
the due organization and existence of such corporation, and of
the matters specified in such certificate.

Ibid sec. 2

188. Such corporation shall possess all the powers, rights,
immunities, privileges and franchises in respect to such railroad,
or the part thereof included in such certificate, and in respect to
the real and personal property appertaining to the same, which