E. LOUIS LOWE, ESQUIRE, GOVERNOR.
173
discretion of said commissioners, or a majority of
them,
and if any of the said commissioners shall die, or refuse
to act during the continuance of the duties devolved
upon them by this act, another may be appointed in his
stead by the remaining commissioners, or a majority of
them.
|
|
SEC. 2. And be it enacted,
That the capital stock
of the Youghogany Valley rail road company, shall be
one million of dollars, in shares of fifty dollars each,
which said capital may be increased at the discretion of
the commissioners, or directors to be appointed as hereinafter
provided for, to any amount not exceeding two
millions dollars, and as soon as two thousand shares of
the capital stock shall be subscribed, the subscribers of
the said stock, their successors and assigns, shall be and
they are hereby declared to be incorporated into a company,
by the name of the Youghogany Valley rail road
company, and by that name shall be capable in law of
purchasing, holding, selling, leasing and conveying estates,
real, personal and mixed, so far as shall be necessary
for the purpose hereinafter mentioned, and no further, and
shall have perpetual succession by said corporate name,
may sue and be sued, and may have and use a common
seal, which they shall have power to alter or renew
at their pleasure, and shall have, enjoy and may
exercise all the powers, rights and privileges, which are
necessary for the purposes mentioned in this act.
|
Capital stock.
|
SEC. 3. And be it enacted,
That upon every such
subscription there shall be paid at the time of subscribing
to the said commissioners, or their agents, appointed
to receive such subscriptions, the sum of ten dollars for
each share subscribed, and the residue thereof shall
be paid at such times and in such instalments as
shall be required by the president and directors of said
company; Provided, that not more than two instalments
of ten dollars each, shall be required in any
one month after the commencement of the work, nor
payment of any instalment demanded until at least
ten days public notice thereof shall have been given by
the president and directors, and if any subscriber shall
fail or neglect o pay any instalment, or part of such
subscription so demanded, the stock on which it is demanded,
may in the discretion of the president and directors,
be forfeited to the company, and may be sold
by them for the benefit of said company.
|
Amount to be
paid at the
time of subscribing.
|
SEC. 4. And be it enacted,
That if the sum necessary
for the incorporation of said company, shall not
be subscribed within three years after the passage of
this act, then this act, and all the subscriptions under
|
Null and void.
|
|
 |
