be subscribed for, paid in in such manner, by either money or other property, and transferred in such manner and upon such terins as shall be prescribed by the directors of said company. And a majority of the stockholders, at any annual meeting or at a meeting specially called for that purpose, shall have power to authorize the directors to issue preferred stock of said company, to such an amount, and upon such terms as may be directed by the vote passed for that purpose, and to be issued, registered and transferred in such manner and on such terms as may be prescribed by the board of directors. At any election held for choosing directors, or for other purposes, each share of stock shall be entitled to one vote, to be given either in person or by proxy.

rectors.

3. All the corporate powers of said company shall be Corporate powvested in and exercised by the board of directors, which now ers, how vested. consists of five members, and which number may be hereafter Board of diincreased by the stockholders, at any annual meeting, to any number not exceeding thirteen, for the next ensuing such meeting. Notice of such annual meeting shall be published not less than twenty days previous thereto in a newspaper published in the county where the principal office of the company shall be situated, at which meeting it shall be lawful to elect directors of the company. The present board shall hold their offices until the next annual meeting of the stockholders of said company and until their successors shall be elected and qualified; and, thereafter, the board of Term. of offic directors elected at the annual meeting of said company shall hold their offices for the term of one year and until their successors are duly elected and qualified. Each of them shall be the owner and holder of at least five shares of the capital stock of said company, and they may be either residents or non-residents of this state. A majority of said Election of offidirectors shall form a quorum for the transaction of business. They shall elect, by ballot, from among themselves, a president, and shall have power to appoint a secretary, treasurer, and all other officers deemed necessary for the transaction of the business of said company, and prescribe their duties. They shall have power to make all such rules, by-laws and regulations as they may deem necessary and expedient to accomplish the purposes or carry into effect the provisions of this act.

cers.

filled.

4. In case of the death, resignation or removal of the Vacancy, how president, vice president or any director, at any time before the annual meeting, such vacancy shall be filled for the remainder of the official year in which it may happen by the remaining directors; and in the case of the absence of the president and vice president, the board of directors shall have power to appoint a president, pro tem., who shall have and exercise such powers and functions as the by-laws of said company may provide.

Vol. III-43

May borrow money.

May negotiate bonds.

Dividends to be declared,

Consolidation of roads.

§ 5. The said company shall have the power to borrow money, and may execute and issue its bonds therefor, with interest coupons attached, and secure the payment of the same by mortgage on the whole or any part of its corporate. property, income and franchises, then existing or thereafter to be acquired or created, and may annex to said mortgage bonds the privilege of converting the same and said coupons into the capital stock of said company, at the option of the holders, at any time not exceeding ten years from the date of the bond, under such regulations as the directors may see fit to adopt; and in case of the foreclosure of any such mortgage, the party purchasing the same under the decree or order of sale shall be held and deemed invested with all the rights, title, privileges and franchises of said corporation, so far as the same may belong to and attach to that part of said railroad and its property and franchises thus mortgaged and sold under an order or decree of foreclosure. § 6. The directors of said company are hereby authorized to negotiate and sell the bonds of said company, at such times and places and at such rates and for such prices as will, in their opinion, be best for the interest of said company; and if the bonds are negotiated or sold at a discount below their par value the sale shall be as valid and binding upon the company as if sold or disposed of for the full amount thereof.

7. The directors of said company shall have power to make and declare any and all dividends payable to the stockholders of said company, in cash, out of the net earnings, and also by virtue of a vote of a majority of the stockholders present at any annual or cther meeting specially called for that and other purposes, to declare a stock dividend, for such amount and payable to the stockholders, in proportion to the number of their respective shares, at such times as shall be authorized by the vote of the stockholders.

§ 8. The said company, pursuant to a vote of the majority of the shares of the stockholders, shall have the power to unite or consolidate its railway, stock, franchises and property with those of any other railway or companies with which this company is authorized to unite or consolidate their property by the several acts aforesaid, and thereupon the new company or companies may take such name. or style of designation as they may decide to adopt. Such change of name shall take effect and be in force from the date at which the president or secretary of such united or consolidated corporation shall file with the secretary of state an affidavit, setting forth the name adopted, together with the date at which such change in name was voted by the stockholders of such corporation.

Counties and § 9. Counties, cities, and towns and townships, whether incorporated or unincorporated, situated on the line of the

towns may take stock.

ters required.

said road, or at either or any of its termini, are hereby authorized to make gifts, grants or donation of personal or real estate to said company, upon such terms as may be agreed upon between the parties; and said counties, cities, townships and towns are hereby further authorized to subscribe to the capital stock of said company and to take and pay for the same, in pursuance of any vote of the inhabi-Consent of votants of such township, town, city or county authorizing such subscription to be made. Such vote shall be given at a regular election or at a special election to be called for that purpose; and, in all cases, at least thirty days' notice of such election shall be given, in the manner now prescribed by law; and such subscription shall be for the amount mentioned in the notice of such election; and a majority of the legal voters of said counties, cities, townships or towns, voting at such election, shall be sufficient to authorize such subscription. Any moneys voted for such purpose, by any county, city, town or township, shall be raised by taxation, in the same manner as provided either now or hereafter by the general laws of this state for raising the ordinary revenue of such county, city town or township.

10. The county bonds of the county of Morgan, issued for subscription to the capital stock of the Illinois River Railroad Company, and made payable to said company or bearer, and which may be delivered to the Peoria, Pekin and Jacksonville Railroad Company, are hereby declared legal and valid, and legally deliverable to the last named company, on the construction of the road of said company to Jacksonville.

May

receive County bonds.

legalized.

11. The proceedings of said company in acquiring, Former acts the franchises and property of the Illinois River Railroad Company, and in organizing under the several charters and amendments thereto, and all mortgages heretofore executed by said Peoria, Pekin and Jacksonville Railroad Company, and the bonds of said company, intended to be secured by said mortgages, are hereby declared legal and valid.

§ 12. This act shall be deemed a public act, and in force from and after its passage.

APRROVED March 10, 1869.

AN ACT to amend an act entitled "An act to incorporate the Peoria and In force March Rock Island Railway Company," approved March 7, 1867.

10, 1869.

SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That the May locate and Peoria and Rock Island Railway Company be and is here- alter road. by authorized and empowered to locate and, from time to

Privileges.

Elections valid.

deemed evi

time, to alter, change and re-locate, construct, re-construct, equip and maintain a branch or lateral railway, with one or more tracks, from some suitable point on the main line of said railway, westwardly, to some point on the Mississippi river, opposite or nearly opposite to the city of Muscatine, in the state of Iowa; and all the provisions of the act to which this is an amendment, and all the rights, powers, privileges and franchises conferred upon and vested in said corporation in and by said act, in relation to the main line of said railway, be and are hereby declared to be applicable to said branch or lateral railway, in the same manner and with the same force and effect as if this right and authority hereby conferred to construct said branch or lateral railway had been contained in said original act.

§ 2. No election that may have been heretofore or may be hereafter held by virtue of the provisions of this act or of the act to which this is an amendment, for the purpose of obtaining, making or authorizing corporate subscriptions to the capital stock of said company, shall be held or deemed irregular or invalid by reason of any neglect, omission, informality or irregularity which may have heretofore occurred or may hereafter occur in any matter, act or proceeding prescribed in and by said act to which this is an amendment, for the obtaining, making and authorizing such subscriptions, if it shall appear that the majority of all the voters voting on that question shall have voted "For subscription," and a duly certified copy of the return or statement required by section (12) twelve of the act to which this is an amendment, to be transmitted by the township clerk to Certificate the clerk of the county, shall be received in all courts as sufdence in court. ficient evidence of the matters therein contained, until the contrary is shown; and no matter or thing heretofore or hereafter done or informally or irregularly done or omitted. to have been done shall be held to operate to the prejudice or delay of said company in the exercise, enforcement and enjoyment of all the rights, privileges, powers and franchises granted and herein declared to be intended to be granted by this act or the act to which this is an amendment: Provided, that the provisions thereof shall have been complied with: And provided, further, that nothing herein contained shall be construed to require or compel any county, city, town or township to subscribe for stock or issue or deliver any bonds or other obligation, unless the same be in strict compliance with the conditions contained in election notice and the vote of the people in pursuance thereof.

Construction

of act.

3. This act shall take effect and be in force on and after its passage, and shall be deemed a public act, and shall be favorably construed for all purposes herein expressed. APPROVED March 10, 1869.

AN ACT to amend the charter of the Quincy, Alton and St. Louis Railway In force June Company.

19, 1869.

SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That the Branch roads. corporation named in the title hereof be and the same is empowered to construct and operate a branch railroad from any point on the route of the same to and connecting with any railroad, built or to be built, extending eastwardly toward the east line of this state.

$ 2.

This act and the act to which this is an amendment shall be a public act.

APPROVED March 29, 1869.

AN ACT to amend "An act to incorporate the Quincy and Warsaw Rail- In force March road Company."

2, 1869.

SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That the Branch road. Quincy and Warsaw Railroad Company be and the same is empowered, under the act aforesaid, to construct, maintain and operate said railroad, by lateral branch or otherwise, from the city of Quincy, in Adams county, in the di- Route of road. rection and by way of the town of Mendon, in said county of Adams, to the town of Carthage or the town of Elvaston, in Hancock county; and should said company deem it advisable may extend said railroad, in a northerly course, so as to form a connection with either the Chicago, Burlington and Quincy, the Toledo, Peoria and Warsaw, the Rock Island, and the Western Union Railroad companies, of Illinois, or either of said companies or their branches.

of land.

2. For the purposes of said railroad, or its extension, Condemnation said company may condemn, in pursuance of the general laws of the state, private or corporate property, necessary for the right of way, depots, buildings and landings, and, with the consent of the city of Quincy, may obtain use of streets and public grounds.

§ 3. Said company, to raise money for the construction May borrow and equipment of said railroad, or its extension, may mort- money. gage or convey the whole line of said road, or its extension,

or both, as the exigencies may require.

4. This act shall be deemed and taken as a public act, and shall take effect from and after its passage. APPROVED March 2, 1869.