any other railroad company, now built or which may be hereafter constructed, the expense of putting in and building such crossing shall be paid and shared equally by and between the two companies so connecting or intersecting each other. of way. § 7. It shall be lawful for the incorporate authorities of Lease of right 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 to lay a single or double track through said city or incorporated town, on any portion of the same, on any street or highway that the said railroad company shall select for that purpose-said lease or permit to be unchangeable and perpetual, except at the option of said railroad company. 8. Said company shall have power to contract for the building of said railroad, or any portion thereof, by their president, with the consent and approval of the board of directors or a majority of them; and the power to purchase, contract for and place on said railroad heretofore and hereby authorized to be constructed, all machines, machinery, rolling stock and other property, which they may deem necessary and proper for building and operating said railroad; and power to transport and carry upon said railroad, by force and power of steam, animals or any combination of them; and may fix, establish, take and receive such rates of toll, for passengers and property conveyed or transported upon the same, as the directors shall, from time to time, establish; and shall carry and transport the mails of the United States on such terms as may be agreed upon. Contracts. Construction of railroad. Stock deemed personal proper able. 9. The stock of said company shall be deemed personal property, and may be issued, certified, transferred ty and transferand registered in such manner and at such places as may be ordered and provided by the board of directors, who shall have power to require the payment of stock subscribed in the manner and at the time and in such sums as they may direct; and on the refusal or neglect, on the part of the stockholders or any of them, to make payment, on the requisition of the board of directors, the shares of stock delinquent or so unpaid may, at the option of the said board of directors, after thirty days' public notice, be sold at publie auction, under such rules as the directors may adopt; the surplus money, if any remaining, after deducting the payment due, with interest and cost of sale, to be paid to the delinquent stockholder. other roads. 10. Said company shall have power, by and with the May unite with consent of the owners of three-fourths of the capital stock of said company to consolidate and connect its railroad with any other continuous line of railroad now constructed or which may be hereafter constructed in this state upon such terms as may be agreed upon between the companies so May money. borrow Bonds may be capital stock. connecting or uniting; 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 object of said consolidation or connection. § 11. Said railroad company are hereby authorized to borrow money, from time to time, on the credit of said company, at any rate of interest not exceeding ten per cent., per annum, as may be agreed upon between the parties, for the sole purpose of constructing said road and furnishing the same with cars, locomotives and other machinery, necessary to carry on the operations of said company, and may issue its corporate bonds therefor, in denominations of not less than five 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, for said purpose. And they may, by their president or other officers or agents, sell, dispose of or negotiate such bonds or the stock of said company, at such times and places, either within or without this state, and at such rates and for such prices as, in their opinions, will best advance the interest of said company; and if such bonds or stocks are sold at a discount, such sale shall be as valid and binding, in every respect, as if sold at par value: Provided, that the total amount of first mortgage bonds of said company shall not exceed in amount the sum of fifteen thousand dollars per mile of the said railroad, constructed or to be constructed. § 12. The directors of said company may confer on any converted into bond holder of any bonds issued for money borrowed, as aforesaid, the right to convert the principal due or owing thereon into the capital stock of said company, at any time, not exceeding ten years from the date of the bond, under such regulations as the directors of said company may see fit to adopt. Dividends. Powers of the directors. § 13. The said company shall, annually or semi-annually, make such dividends as they may deem proper of the net profits, receipts or income of said company, among the stockholders, in the proportions to their respective shares. 14. All the corporate powers of said company shall be vested in and exercised by a board of nine directors, a majority of whom shall constitute a legal quorum for the transaction of all business; and they shall have power to appoint such other officers, agents or servants as they may deem necessary. Vacancies in the board may be filled by a majority of those remaining-such appointees to continue in office until the successors of the then board shall be qualified. An election for a board of nine directors of said company shall be held on the second Tuesday in April, 1869, at the circuit court room in the city of Pekin, commencing at 10 o'clock A. M., and the same to of directors. close at 2 o'clock P. M., of said day. No notice need be given of said election; and the directors chosen at such election shall hold their offices, respectively, until their successors are chosen and qualified. The annual election of Annual election directors shall be held on the second Tuesday in January, in each year, at such place as the directors may direct, twenty days' notice being given, by publication in one or more newspapers on or near the line of said road; and said board of directors shall have power to change its president, secretary or treasurer, at pleasure, at any regular or special meeting of the board: Provided, a majority of the nine directors vote for such change. to vote. 15. At any election held for choosing directors or for Who entitled other purposes each share of stock shall be entitled to one vote, to be given either in person or by proxy. Each person shall be voted for directly, and those receiving the highest number of votes shall be declared duly elected, and rates. shall hold their offices until the next annual election and Term of office. until their successors are elected and qualified. All elections of directors to be conducted by three judges, to be selected by the stockholders present; and at all such elections and on all questions voted upon by the stockholders of said company, all stock subscribed for and owned by any county, township, city or incorporated town, in the manner hereinbefore provided, may be represented and voted by such person or persons, or his or their proxy, as the proper authorities of the respective counties, townships, cities and incorporated towns shall designate or appoint. § 16. The board of directors shall have power to con- Transportation trol and regulate the manner of transportation of persons and property, the width of track, the construction of wheels, the form and size of cars and locomotives, the weight of loads, and all other matters and things respecting the use of said road and the conveyance of persons and property thereon, and shall have power to make, ordain, establish and execute all such by-laws, rules and regulations, as they may deem expedient and necessary to fulfill the purpose and carry into effect the provision of this act and for the well ordering and securing the affairs, business and interests of said company: Provided, that the same be not repugnant to the constitution and laws of the United States or of this state. in law. 17. The certificate of the secretary of said company, Certificate of under the corporate seal thereof, shall be received in all secretary valid courts of justice and elsewhere as evidence of the regular organization of said company, under its charter, and of any act or order of the board of directors of said company. 18. The corporate rights, privileges and franchises of Powers and prisaid company, as granted, are hereby declared to be in full vileges. force and effect, and shall be liberally construed for all pur- $ 19. force April AN ACT supplemental to "An act to amend an act entitled 'an act to in19, 1869. corporate the Chicago and Plainfield Railroad Company,' approved February 24, 1859, and an act amendatory thereto entitled 'an act to incorporate the Chicago and Plainfield Railroad Company,'" approved March 29, 1869. 66 SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That said Name changed. railroad company shall heenceforth be known and called by the name of The Chicago, Pekin and Southwestern Railroad Company," and that so much of said act as names Part of act re- Plainfield and Groveland townships as points on said road is hereby repealed. pealed. Part of section 6 repealed. Construction of act. Sect.on 12 repealed. Sec. 14 amended tion. 2. That so much of section six of said act as requires railroads crossed by this railroad, to bear an equal share of the expenses of such crossings, is hereby repealed. 83. Nothing in said act shall be construed to impair or invalidate any contract entered into prior to the passage thereof for the construction of said road or any part thereof. 4. Section twelve of the act to which this is an amendment is hereby repealed. § 5. Section fourteen of said amendatory act is hereby amended, so that it shall be lawful to elect thirteen direc tors of said company; and an election therefor shall be held as soon as three hundred thousand dollars has been, in good faith, subscribed to the capital stock of said company and five per cent. of said subscription has been actually paid Notice of elec- in. Thirty days' notice of such election for directors shall be given, by publication in two or more newspapers published on the line of said railroad, prior to such election. And at all elections of said company none but stock in good faith subscribed and upon which all amounts due are actually paid shall be entitled to vote. So much of said last mentioned section as requires an election for directors of said company to be held on the second Tuesday of April, 1869, is hereby repealed. 6. This act shall take effect and be in force from and after its passage. APPROVED April 19, 1869. AN ACT to amend an act entitled "An act to incorporate the Court In force March Creek Railroad Company." 27, 1869. Appointment of directors. Quorum to do SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That the persous named in the first section of said act, or so many of them as shall meet and organize, for that purpose, at the First National Bank, in the city of Galesburg, on the first Monday of April, A. D. 1869, are hereby appointed the directors of said corporation, and shall hold their office for one year or until others are elected. Such directors, or a majority of them, shall constitute a quorum for the transac- business. tion of business, and shall elect one of their number to be president of said company. They shall also elect such other officers and agents as they shall deem proper. In case any vacancy occurs in the board of directors, such vacancy may be filled by the remaining directors or in such manner as the by-laws of said corporation may provide. In case less than thirteen of the persons named, as aforesaid in said act, shall organize, as aforesaid, those of their number who shall meet and organize may increase their number to thirteen, by election, either then or at subsequent meetings. subscription. § 2. Said directors shall, as soon after the passage of Open books for this act as convenient, open books for the purpose of receiving subscriptions to the capital stock of the company, under the direction of such agents as said directors shall appoint, and such books shall be kept open from time to time, until the amount of the capital, as authorized by this act or fixed by said corporation, shall be subscribed, or until said directors shall determine to close the same. ing of stock 3. There shall be an annual meeting of the stock-, Annual meetholders of said company, for the election of the board of holders. directors-the time and place for holding which shall be fixed by the by-laws of the company; and at all meetings each stockholder shall be entitled to vote, in person or by proxy, one vote for each share he, she or they may hold and own, bona fide, in said corporation. The number of directors shall be thirteen, or such less number as may be determined by the by-laws of the corporation, not less than seven. Towns and cities may take § 4. Any incorporated city or town or any county on or near the line of said railroad may subscribe to the capi- stock. tal stock of said company any sum, not exceeding one hundred thousand dollars, and may issue bonds, bearing interest at the rate not exceeding ten per cent., per annum, payable annually; which bonds may run any period, not exceeding twenty years, to be determined on by the county court, board of supervisors, city council, town trustees or other proper authority issuing said bonds: Provided, that before |