Vote of stockholders. May borrow money. Dividends to be declared. publication in one or more newspapers published on the line of said railroad. § 7. At any election for choosing directors, or for other purposes, each share of stock, unless otherwise directed and provided by the board of directors, after due notice and action thereon by three-fourths of the whole number of directors, shall be entitled to one vote, to be given either in person or by proxy; and those persons receiving the highest number of votes, each being voted for directly, shall be declared elected, and shali hold their office until their successors are elected and qualified. All elections of directors shall be conducted by three stockholders, chosen by those present. § 8. The board of directors are hereby authorized, for and in behalf of said company, to borrow money, from time to time, on the credit of the company, at any rate of interest not exceeding ten per centum, per annum, for the purpose of construction, equipment and machinery and other purposes, as necessities may require, and may issue its corporate bonds therefor, in denominations not less than one. hundred dollars, with coupons attached for the interest, and to secure the payment thereof, with the interest that may accrue thereon, may mortgage their corporate property or franchises, or both, or may convey the same by deed of trust for said purposes; and the directors may cause to be issned, when in their judgment the same may be necessary, certificates of stock, which shall be duly registered, signed and executed, which shall be called and held 'preferred,' and to which stock certificates and to the holders thereof shall be given such rights, privileges and immunities as may be deemed best for the interest of the said railroad: Provided, the whole amount of such preferred stock shall not exceed fifteen thousand shares of one hundred dollars each; and they may, through their president or other officers or agents, sell, dispose of or negotiate such bonds or stock, or both, within or without the state, at such times and such prices as may be deemed expedient, either before, during or after the construction of said railroad, and all such sales and negotiations shall be held legal and valid. 9. The said company shall, annually or semi-annually, make such dividends as they may deem proper of the net income, profits or receipts of the said company among the stockholders, according to the value of their interests. The company shall have power to contract for the building of said railroad, or any portion thereof, by their president, with the consent or approval of the board of directors, or a majority of them, and power to contract for, purchase and place on said railroad all machines, machinery, rolling stock and other property, which they inay deem necessary for constructing, equipping and operating said railroad, also power to transport or carry upon said railroad, by force of steam, animals or combinations of them, passengers and property, of all kinds, and may fix, establish and receive such rates of toll therefor as the directors shall, from time to time, establish, and shall carry and transport the mails at agreed rates. $10. The said company shall have power to consolidate May unite with and connect its railroad with any other continuous line of other roads railroad, now authorized or hereafter authorized to be constructed, upon such terms as may be agreed upon, and, for that purpose, full power is hereby given to make and execute such contract as will secure the object of such consolidation or connection. § 11. The said railroad may be constructed, and sections Construction of of any prescribed length, and any portion so constructed roads. may be put in operation, with the full powers of collecting tolls given in section nine of this act. The board of direc- Rules for govtors shall have power to control and regulate the manner of ernment. transportation of persons and property, and shall have power to make, ordain, establish and execute all such by-laws, rules and regulations as they may deem necessary and expedient to fulfill the purposes and carry into effect the provisions of this act and for the well ordering and securing the affairs, business and interests of the company. § 12. Whenever it shall be necessary for the construc- Crossings, etc. tion of said railroad to intersect or cross the track of any other railroad or to cross any stream of water or water course or road or highway, lying on the route of said railroad, it shall be lawful to construct said railroad across, upon or by the side of the same; and it shall be lawful for the incorporate authorities of any incorporate city or town. through which said railroad shall be located to donate or lease to said railroad company, as a right of way, the right Right of way. to lay one or more tracks through said city or town or any portion thereof or any street or highway or alley. 13. The said company, and under their direction their condemn land. servants, engineers, agents or workmen, are hereby authorized to enter upon and into the lands and grounds of the state, of any person or persons or bodies politic or corporate, and survey and take levels of the same or any part thereof, and to lot out and ascertain such parts as they may deem necessary for building said railroad, with one or more tracks, sidings and branches, and, for all purposes connected with said railroad, to take, appropriate and use any lands, to cut down all timber and other trees within seventy-five feet of the centre line of said railroad, and also to erect, build and set-up in and upon the route of said railroad or upon the lands adjoining the same all such works, banks, ways, roads and conveniences as may be required for the purposes of said railroad, and to widen, amend and improve the same, from time to time, as may be found necessary; and for materials to build, ballast and repair the Powers and privileges. May receive gifts, etc. Towns cities may take stock. legal voters. same or any of them, and the right of way to said materials, the said company are hereby authorized and empowered to take, condemn and use the same, under the provisions of "An act to amend the law condemning the right of way for purposes of internal improvement," approved June 22, A. D. 1852, and any other and all laws of this state that may be in force; and in estimating damages for the right of way or other rights affected under this act, commissioners or juries shall take into consideration the benefits to be derived by the owner or occupier of said land, from the. construction and operation of said road. 8 14. Full authority and power is hereby conferred upon the said company to avail itself of any and all provisions of the general railroad laws of the state, now in operation or which may hereafter go into operation, and in cases where there may be any contradiction or difference the said company may elect to act and proceed under any provision of either law, at its option, or confine itself to the provision of this act, in part or in whole, as it may deem best. § 15. The said company is hereby authorized to receive and use any subscriptions, donations or gifts, whether made in connection with the capital stock or otherwise, either in money, land or other values or property, and may issue shares of capital stock therefor. and 16. The several counties in which any part of said railroad may be located or that may lie on or near the line of the railroad, and the several townships in such counties which have adopted or may hereafter, adopt township organization, and the cities and incorporate towns in the said counties, are hereby authorized to subscribe and take stock in said company, upon the application of said company, for such an amount as they may think proper, payable in bonds, lands or right of way, and subject to such agreements and stipulations as to the route of said railroad, the time of delivery and payment of the bonds, as may be agreed upon: Submitted to Provided, that no subscription shall be made by any county court, nor by the legal authorities of any incorporated city, town or township until after the question of such subscription shall have been submitted, by order of the county court or the legal authorities of said city, town or township, to the legal voters thereof, at general or special elections, to be called, conducted and returns made, canvassed and published in the usual manner of conducting elections in said county, incorporated city, town or township, at which election each voter shall vote a ticket, upon which is printed or written "For subscription" or "Against subscription ;" and if a majority of the ballots cast at such an election shall be for subscription it shall be the duty of the county court or the legal authorities of such incorporated city, town or township to subscribe the amount stated in the order of election. § 17. Elections may be held in any such county, incorporated city, town or township upon the question whether such county, city, town or township shall subscribe for any specified amount of the capital stock of said railroad company, whenever a petition shall be presented, as hereinafter described, and as often as may be required by petitioners. Whenever a petition shall be presented to the county clerk, Stock subscripsigned by fifty of the legal voters of any such county, set- tions. ting forth the amount of stock to be taken by such county, Petition for. and specifying the time for holding such an election, it shall be the duty of the county clerk of any such county to give thirty days' notice of the time for holding such election, which time-shall be the same as that specified in such petition; and whenever a petition shall be presented to the supervisor of any such township or to the corporate authorities of any such city or town, signed by twenty-five legal voters of any such township, city or town, setting forth the amount of stock proposed to be taken by any such township, city or town and specifying the time for holding such election, it shall be the duty of the supervisor of every such township and the duty of the clerk of every such city Notice of elecor town to give thirty days' notice of the time of holding tin. such election in such township, city or town, which time shall be the same as that specified in such petition; and all such notices shall be given in the same manner and such elections shall be conducted and returns made, canvassed and published in the same way and at the places provided for holding general elections in such counties, townships, cities and towns, at which elections the qualified voters of the respective counties, townships, cities and towns shall vote "For subscription" or "Against subscription ;" and if a majority of the votes cast at such election or elections, by voters voting on that subject, shall be "For subscription it shall be the duty of the county court or board of super- When majority visors of every such county, the supervisor and clerk of in favor of subsuch township, and the corporate authorities of such city or town to subscribe at once, upon the request of the directors or corporators of said company, the same amount so voted for, and to issue and deliver to said company the same amount as the stock so subscribed of the bonds of such county, township, city or town, as the case may be, payable at any time specified, not exceeding twenty years. from date, or sooner, at the option of the county, township, city or town issuing the same, with interest, by coupons attached for the same, at a rate not exceeding eight per cent., Interest. payable annually or semi-annually, which said bonds shall be of such denomination and the principal and interest payable at such place or places, either within or without the state, as may be agreed upon, and the same may be received in payment of taxes, for such purposes and for such amounts as may be determined upon by agreement between وق scription. the aforesaid county, city, town or township authorities and said railroad company: Provided, that the conditions of such payment be printed on the face of the bonds and the coupons thereof: Provided, that at any election held under the provisions of this act at any other time than the time for holding general elections for state and county purposes, it shall not be necessary for the several boards of registry Registration of to make a new registry of the several voting precincts, but the register made of the legal voters at the last general election held previous thereto of state and county officers may be used: And provided, that the vote of any legal voter, whose name does not appear on the said register, shall be received and taken in the same manner that unregistered legal voters' votes are taken at any general election. voters. Towns and eities may make donations. legal voters. § 18. Any incorporated city, town or township, or any county through or near which said railroad shall run, is hereby authorized to donate and give as a bonus to the said railroad company, upon such terms and conditions as may be agreed upon by and between said city, town or township or county and said railroad company, to secure the building of said railroad, any sum, not exceeding in amount five per cent. of the taxable property of said city, town, township or Submitted to County: 'rovided, that the corporate authorities of said. city, town, township or county shall submit the question. whether such donation or bonus shall be given to the legal voters thereof, at a regular or special election, held after at least thirty days' notice, and conducted, canvassed and returns made in the usual manner and place, the amount proposed to be donated being stated in the order for such election-and the tickets voted at such election shall have written or printed on them "For donation" or "Against donation ;" and if at such election the majority of legal votes cast shall be in favor of such donation, it shall be the duty of the proper authorities of such city, town, township Payment for or county to provide for the payment of such donation or bonus and to provide the means for the payment of any such sum as may be given or agreed to be given, in pursuance of the provisions of this act, said city, town, township or county shall issue bonds to said railroad company, in sums of not less than one hundred dollars each, bearing interest at any rate not exceeding eight per cent. per annum, and payable at such times and places, either within or without the state, as may be agreed upon; which bonds may run for any period not exceeding twenty years. donation. Tax to pay interest. 19. It shall be the duty of the respective authorities of the several counties, townships, cities and towns, which may make such subscription and donation, and they are hereby required to levy and collect a sufficient special tax on all the taxable property, both real and personal, in such counties, townships, cities and towns, to pay the interest an |