E. LOUIS LOWE, ESQUIRE, GOVERNOR.
95
incorporated companies of this State are hereby authorised
to subscribe and hold stock as stockholders in said
company, and dispose of the same at pleasure.
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SEC. 10. And be it enacted,
That the said president
and directors shall have power and authority to borrow
money for the objects and purposes of said company;
and to make and execute bonds and certificates of indebtedness
under the seal of said company, for such
sum or sums, and payable at such time or times, and
to sell and dispose of the same on such terms as to the
said president and directors may seem proper, and to
pledge the property and income of said company to
secure the payment thereof; Provided, that nothing
herein contained shall be taken to authorise the said
company to issue any thing in the nature of a bank note,
or other paper to be used for circulation as a currency.
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Power to borrow
money.
To execute
bonds.
Proviso.
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SEC. 11. And be it enacted,
That the said company
shall be authorised and empowered to use and expend,
in constructing its road or any of its works or appurtenances,
or for purchasing any engines, cars, vehicles or
carriages, to be used on any part of its road, any money
or funds which may be subscribed in the State of Pennsylvania
or elsewhere, as fully as if the same had been
subscribed in the State of Maryland.
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Power to use
funds.
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SEC. 12. And
be it enacted, That upon every subscription
that shall be made to the capital stock of said
company as hereinbefore provided, there shall be paid
at the time of subscribing to the president and directors
of said company, or to their agents appointed to receive
such subscriptions, the sum of two dollars and an half on
every share subscribed, and the residue thereof shall be
paid in such instalments, and at such times as may be
required by the president and directors of said company;
Provided, that no payment shall demanded until at
least sixty days public notice of such demand shall have
been given by said president and directors, in one newspaper
published in Pittsburgh, Baltimore and Cumberland;
and if any subscriber shall fail or neglect to pay
any instalment or any part of said subscription thus demanded,
for the space of sixty days next after the time
the same shall be due and payable, the stock on which
the same is demanded, shall be forfeited to the company
and may be sold by the president and directors for the
benefit of the company, but the president and directors
may remit any such forfeiture on such terms as they
shall deem proper.
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Sum to
be
paid at the
time of subscribing.
Proviso.
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SEC. 13. And be it enacted,
That the president and
directors of said company shall be, and they are hereby
invested with full power and authority to make contracts
and arrangements to connect with any existing
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Authority to
make contracts
with
any existing
rail road.
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