« AnteriorContinuar »
tioned, and amounting in the aggregate to $150,000, at par, now held by said city and county respectively: Provided, that if said city and county, or either, shall not accept said shares of common stock after three months' notice from the new corporation of its readiness to deliver the same, then their rights to such shares shall terminate, and said new corporation may then dispose of the same as it shall see tit; and said corporation shall also reserve out of its shares of common stock, and shall issue to such other
persons as are now the holders of full paid shares of the stock of said first mentioned company, which were subscribed specifically for, or towards, said eastern extension, one share of common stock in the new corporation, for every share of such stock, so specifically subscribed for: Provided, however, and upon this express condition, that any person failing to call for and demand such share of common stock, within three months after public notice by the new corporation, through one or more newspapers published in the cities of Peoria and Chicago, in this State, of its readiness to deliver the same, and failing also to pay to the new corporation one dollar in cash for every share of such common stock, shall not thereafter be entitled to have or demand the same, and said corporation may dispose of such shares of common stock as it shall
§ 13. Said new corporation shall have the right to purchase and hold lands in the city of Peoria, for depot and other purposes, in connection with the uses of its road.
§ 14. This act shall be a public act and shall take effect and be in force from and after its passage.
APPROVED February 14, 1863.
In force February
AN ACT to incorporate the Branch Railroad Company. SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That George A. Thomson, Charles I. Thompson, John Q. R. Pease, Perry H. Smith, James R. Young, Alexander C. Coventry, Corporators. and William 0. Wheeler, their associates, successors and assigns, are hereby created a body politic and corporate, under the name and style of “The Branch Railroad Company;" and by that name be and they are hereby made capable, in law Name and powers and equity, to sue and be sued, plead and be impleaded, defend and be defended, in any court of law or equity, in this State or elsewhere; to make, have and use a common
Route and construction,
seal, and the same to renew and alter at pleasure; and they are hereby authorized to make and publish all necessary rules, regulations or by-laws, for the carrying out of the purposes intended by this act and to alter and change the same
at pleasure. Capital stock. § 2. The capital stock of said company shall be two
hundred and fifty thousand dollars, which may be increased by said company to any sum, not exceeding one million of dollars, which may be divided into shares of hundred dollars each, which shall be deemed personal property, and may be issued and transferred in such manner as the board of directors may prescribe.
§ 3. The corporation hereby created shall have power to locate, construct, furnish, maintain and operate a railroad, with one or more tracks, commencing at the most convenient point on the line of the Racine and Mississippi Railroad, between the towns of Beloit and Durand, in the county of Winnebago, in this State, to run from such point where designated by the board of directors, to the Wisconsin State line, in the direction of Broadhead, in the State of Wisconsin, on such line as may be finally designated by the board of directors, there to intersect with the Sugar River Valley Railroad, and with all necessary side tracks, turnouts, switches, depots, stations, and all necessary buildings, erections and structures, and for this purpose they are hereby vested with all the powers necessary for the purchasing, taking, holding and selling and transferring property, real and personal, as natural persons, as the board of directors
may deem necessary, to carry out the object of this act. Right of way, ma- $ 4. For the purpose of acquiring the rights of way for terials, etc.
the construction of said road, side tracks, and turnouts, and grounds for depots, stations or other buildings, erections and structures, and for the purpose of obtaining stone, gravel and other material for bnilding, ballasting or repairing the same, and of a right of way to said material, the said company be and they are hereby authorized and empowered to take, condemn and use the same, under the provisions of an act to amend the law condemning the rights of way for purposes of internal improvements, approved June 22d, 1852.
§ 5. Said company shall have power to unite, connect or consolidate its railroads with any other railroad constructed or which may be hereafter constructed, either in this State or the State of Wisconsin, upon such terms as may be mutually agreed upon between the companies so uniting, connecting or consolidating; and for that purpose full power is hereby given to said company to make and execute such contracts with any other company as will secure the objects of such connection or consolidation ; and the said corporation may, furthermore, lease or purchase,
Connections and consolidations.
upon such terms as may be agreed upon, any other road or parts of road, either wholly or partially constructed, which may constitute or be adopted as a part of their main line; and by such lease or purchase they shall acquire and become vested with all the rights and franchises pertaining to such road or part of road, so leased or purchased, in the right of way, construction, maintenance and working thereof.
$ 6. The said company is hereby authorized, from time May borrow moto time, to borrow such sum or sums of money as may be ney. necessary for the completing, equipping, furnishing and maintaining their said railroad, and to issue and dispose of the bonds, at such rate of interest and at such discount as may be thought for the benefit of the company, and to mortgage their corporate property and franchises, or convey the same by deed of trust, to secure the payment of any debt contracted by said company, for the purpose aforesaid. And the directors of said company may confer on any bondholder of any bond issued for money borrowed, as aforesaid, the right to convert the principal due or owing thereon into stock of said company, at any time, and may, further, authorize the holder of any such bond to vote at any and alí elections for the election of officers for said corporation, under such regulations as the directors of said company may see fit to adopt; and any such bonds that may be sold or disposed of at a less rate than par shall be as valid and binding upon said company as if the same were sold for the par value thereof.
§ 7. All the corporate powers of said company shall be Directors. vested in and exercised by a board of directors, to consist of not less than five nor more than eleven members, and such officers, agents and servants, as they shall appoint. Vacancies in all the board of directors may be filled by a vote of two-thirds of the directors remaining-such appointees to continue in office until the next annual election of directors; which said annual election shall be held at such time and place as may be designated and fixed by the bylaws of said company, thirty days' printed notice being given in two newspapers having circulation along the line of the said railroad.
§ 8. George A. Thomson, Charles I. Thompson, John Pirst board of ditJ. R. Pease, Perry H. Smith, James R. Young, Alexander C. Coventry and William 0. Wheeler shall be the first directors of said corporation, and shall, respectively, hold their offices until their successors are elected and qualified.
§ 9. This act shall be deemed a public act, and take effect from and after its passage.
APPROVED February 16, 1863.
In force February
AN ACT to incorporate the Hannibal and Naples Railroad Company.
SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That Alexander Starne, Benjamin D. Brown, Ozias M. Hatch, George Wike, George W. Shields, J. G. Helme, James McWilliams and Scott Wike, the purchasers at sheriff's sale of the property and franchises of the Pike County Railroad, and their associates, successors, heirs and assigns, be and they are hereby created a corporation, by the name of the “Hannibal and Naples Railroad Company;" and, as such, shall possess the rights, powers and franchises usually possessed by such corporations, and, also, all the privileges, powers, rights and franchises, at any time heretofore possessed by the Pike County Railroad Company; and, in their corporate name, shall (have] full power, in law and equity, to sue and be sued, plead and be impleaded, defend and be defended, in any court of law and equity, in this State, or any other place; to make, have and use a common seal, and the same to renew and alter at pleasure; and shall be and are hereby invested with all the powers, privileges and immunities which are or may be necessary to carry into effect the purposes and objects of this act, as hereinafter set forth. And said company are hereby authorized and empowered to construct, build, fully complete, maintain and use a railroad, commencing on the east bank of the Mississippi river, at some point in Pike county, opposite, or nearly opposite, the city of Hannibal, in the State of Missouri, running eastwardly across said Pike county, to the town of Naples, in Scott county, Illinois, crossing the Illinois river, at some point between Griggs ville landing, in said Pike county and Naples, aforesaid, or to some point within three miles thereof.
And said company
shall have power, in the construction of said road, to adopt any route or survey adopted or made by the Pike County Railroad Company; or they may, and they are hereby empowered to cause such other surveys to be made, and such other routes as may become practicable and expedient.
§ 2. Said company shall have power to fix the amount of the capital stock of said company, not to exceed $1,500,000; to divide, transfer and increase the same at pleasure; to borrow money, issue bonds and certificates of shares, and pledge or mortgage its property or franchises; to condemn, according to law, lands necessary for the track of said road, and for the turnouts, side tracks, and sites for depots, engine houses, and other buildings necessary for the convenience and accommodation of said railroad; to consolidate its capital stock and franchises with any other railroad company, for the construction, use or maintainance of said railroad,
and for the construction and maintenance of the bridge hereinafter mentioned.
§ 3. And said company shall have power to construct, May, construct a build, use and maintain, for railroad and other purposes, and as a public highway, a bridge across the Illinois river, at a point between said Griggsville landing and Naples, aforesaid, in such manner as shall not materially obstruct or interfere with the free navigation of said river, and, for such purpose shall have power to condemn lands, according to the provisions of an act entitled “An act to amend the law condemning right of way for purposes of internal improvement," approved June 22d, 1852, or in any other manner provided by law, and make and establish rules and regulations for the use of the same, and to sell or lease the same or the use thereof, or the franchises of said company in the same to any company or corporation.
§ 4. That the said company be and they are hereby May sell bonds. authorized to negotiate and sell the bonds of said company, at such times, at such places, and such rates, and for such prices, either within or without this State, as in their opinion will best advance the interests of said company; and if such bonds are thus negotiated and sold at a discount below their par value, such sale and disposition thereof shall be as valid and binding on the company, in every respect, as if sold at their
par value. And to secure the payment of said bonds said company shall have full power to execute mortgages or deeds of trust, which shall be binding upon said company, to all intents and purposes.
§ 5. Whenever it shall be necessary, for the construction Crossing of other of said road, to intersect or cross a track of any other railroad, or any stream of water or water course, or road or highway, it shall be lawful for said company to construct their said road across or upon the same: Provided, that the said company shall restore the railroad, stream of water, water course, or road or highway, thus intersected or crossed, to its former state, or in a manner not materially to impair its usefulness.
That the right of way and the real estate for the Right of way. right of way, and for the purposes aforesaid, purchased by said company, whether by mutual agreement or otherwise, or which shall become the property of said company, by operation of law, as in this act provided, shall, upon the payment of the amount of money belonging to the owner or owners of said land, as a compensation for the same, become the property of said company in fee simple.
$7. Be it further enacted, That all the rights, privileges General powers and advantages, with the limitations and restrictions conferred upon the Illinois Central Railroad Company, also the rights, privileges and advantages conferred by an act entitled “An act to provide for a general system of railroad incorporations," approved November 5, 1849, and the several acts