19. That this act shall be deemed a public act, and is Evidence of act. hereby so declared, and shall be favorably construed for all purposes herein contained and declared, in all courts and places whatsoever, and shall be in force from and after its passage.

APPROVED April 15, 1869.

In force April 19, 1869.

AN ACT to incorporate the Kankakee and Indiana Railroad Company. SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That James Corporators. McGrew, Isaac N. Dickson, Harrison Loring, William G. Swanuel, Emory Cobb and Thomas P. Bonfield, and their associates, successors and assigns, are hereby created a body politic and corporate, by the name and style of "The Kankakee and Indiana Railroad Company," with Name and style. perpetual succession; and, by that name, be and are hereby made capable, in law and equity, to sue and be sued, plead Corporate powand be impleaded, defend and be defended, in all courts of ers. law and equity in this state or any other state; to make and use a common seal, and the same to alter or renew at pleasure; and shall be and are hereby vested with all powers, privileges and immunities which are or may be necessary to carry into effect the purposes and objects of this ac, as hereinafter set forth. And said company are hereby authorized and empowered to locate, construct and com- of railroad. plete a railroad, with a single or double track, from the city of Kankakee, in the county of Kankakee, in this state, to any point on the state line between the states of Illinois and Indiana, in the direction of Lafayette, in the state of Indiana, or some other place in the state of Indiana, to be hereafter selected. And, for this purpose, the said company are organized to lay out and locate their said railroad, not exceeding one hundred feet in width, through the whole. length of said route, and for the purpose of cuttings, embankments, stone and gravel, may take and appropriate as much more land as may be necessary for the construction and security of said road.

Construction

2. The capital stock of said company shall consist of Amount capital three hundred thousand dollars, which may be increased to stock. any amount not exceeding the actual estimated cost of constructing and equipping their said road, to be divided into shares of one hundred dollars each. All the corporate Directors powers of said company shall be vested in and exercised by a board of seven directors, who shall be chosen by the stockholders of said company, in the manner hereinafter provided, who shall hold their offices for one year or until their

to

manage affairs.

Appointment of officers.

Examinations and surveys.

successors shall be elected and qualified; and said directors, a majority of whom shall form a quorum for the transaction of business, shall elect one of their number to be the president of the company; and said board of directors shall have power to appoint all necessary clerks, secretary and treasurer, and all other officers deemed necessary in the transaction of the business of said company.

3. The said corporation is hereby authorized, by their agents, surveyors and engineers, to cause such surveys and examinations to be made of the ground and country as shall be necessary to determine the most desirable route whereon to construct their said railroad; and it shall be lawful for said company to enter upon and take possession of and use all such lands and real estate as will be necessary for the construction and maintenance of the said railroad, its depots and tracks, water stations, engine houses, machine shops and other buildings and appendages necessary for the construction of said railroad: Provided, that all lands or real estate entered upon and taken possession of by said corporation, for the purpose and accommodation of said railroad, or upon which the site for said railroad shall have been located or determined by said corporation, shall Payments for be paid for by said company, in damages, if any be sustained by the owner or owners thereof, by the use of the same, for the purposes of said railroad; and all lands entered upon and taken for the use of said corporation, which are not donated to said company, shall be paid for by said corporation at such prices as may be mutually agreed upon by the said corporation and the owner or owners of such lands, and in case of disagreement, the price shall be estimated, fixed and recovered in the manner provided by the general laws now in force or which may hereafter be in force providing for the condemnation of land for purposes of internal improvements.

land taken.

Annual meet

84. The time of holding the annual meeting of said ing of directors. directors, shall be fixed and determined by the by-laws of said company; and at all meetings each stockholder shall be entitled to vote in person or by proxy, one vote for each share of stock he, she or they may hold, bona fide, in said company, upon which all installments called have been paid.

Open books for subscription

§ 5. The persons named in the first section of this act are hereby appointed commissioners, who, or a majority of them, are hereby authorized to open or cause to be opened subscription books for the stock of said company, at such times and places as they may deem proper, and also to appoint one or more agents to open such books and receive such subscriptions. The said commissioners or their agents shall require each subscriber to pay five dollars or execute a note therefor, (as they shall determine) on each share subscribed at the time of subscribing, and whenever twenty

T

five thousand dollars shall be subscribed, the said commissioners, or a majority of them, shall call a meeting of the stockholders by giving ten days' notice thereof in some newspaper printed in the city of Kankakee, or by personal notice thereof served upon each stockholder of the time and Organization. place of meeting, and at such meeting it shall be lawful for the stockholders to elect the directors of said company, and transact any other business, and when the directors are chosen, the said commissioners shall deliver said subscription books, with all sums and notes received by them or by the agents appointed by them as commissioners, to said directors. No person shall be director unless he shall be a bona fide stockholder in said company.

Towns and cities may make

§ 6. The directors of said company after the same is organized are hereby authorized and empowered to take a nations. and receive subscriptions to their said capital stock on such terms and in such amounts as they may deem for the interest of said company, and as they may prescribe by their by-laws and regulations, from persons and from any other railroad company or corporation and from any county, city, town or township and villages, making the same, and may acquire by donation, stock subscriptions or purchase, and may dispose and convey, as they may deem expedient, real estate and coal or mineral lands not exceeding one thousand dollars.

7. That the right of way and the real estate pur- Right of way. chased for the right of way or other purposes 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 payment of the amount of money belonging to the owner or owners thereof, as a compensation for the same, become the property of said railroad company in fee simple.

Articles of and ion.

for transporta

Rules for gov

8. The said company may take and transport on said railroad any person or persons, merchandise or other property, by the force and power of steam, animals or otherwise, and may fix, establish, take and receive such rates of toll for all passengers and property transported upon the same, as said directors shall, from time to time, establish, subject however to the control and regulations of the legis lative powers of this state, whenever they may deem proper to exercise the same. And said directors are hereby authorized and empowered to make all necessary rules and ernment. by-laws, regulations and ordinances that they may deem necessary and expedient to accomplish the provisions of this act and to carry into effect the designs and purposes thereof, and for the transfer and assignment of its stock, which is hereby declared personal property, and transferable in such manner as shall be provided by the by laws and ordinances of said company.

When vacancies occur, how filled.

9. In case of the death or removal of the president, vice-president or any director, at any time before the annual election, such vacancy shall be filled for the remainder of the year, whenever it may happen, by the board of directors; and in case of the absence of the president and vicepresident, the board shall have power to appoint a president pro tem., who shall exercise such powers as the by-laws of Absence of the said company shall prescribe. In case that it should at any time happen that an election shall not be made on any day on which, in pursuance of this act or said by-laws, it ought to be made, the said corporation, for such cause, shall not be deemed dissolved, but such election shall be held at any other time directed by said by-laws.

president.

§ 10. Whenever it shall be necessary for the construction of said railroad to intersect or cross a track of any other railroad, or stream of water, or water course, or road or highway, on the route of said railroad, it shall be lawful for said company to construct their railroad across or upon the same: Provided, the said company shall restore the railroad, stream of water, water course, road or highway, thus intersected or crossed, to its former state or in sufficient manner not materially to impair its usefulness.

11. Said company shall have power, by and with the consent of the owners of three fourths of the capital stock of said company, and it is hereby made lawful for said company to unite or consolidate its railroad stock and property with that of any other railroad company or companies. within this state or the state of Indiana, whose lines may unite, cross or intersect the railroad hereby authorized to be constructed, or which shall be built along or near the line thereof, upon such terms as may be mutually agreed upon between the said company and any other company; and for that purpose, full power is hereby given to said company to make and execute such contracts with any other company or companies as will secure the objects of such connection or consolidations; and such consolidating companies shall have authority, and are hereby authorized, to avail themselves of any or all the provisions of an act entitled "An act to authorize railroad and plank road companies to consolidate their stock," approved February 28, 1854: Provided, however, that such consolidations shall be subject to all the conditions, terms and limitations prescribed in the general laws of this state upon the consolidations of

railroads.

12. That the said company shall have power to borrow money on the credit of the company, not exceeding its authorized capital stock, at a rate of interest not exceeding ten per cent. per annum, payable semi-annually, and may execute bonds therefor, with interest coupons thereto annexed, and secure the payment of the same by mortgage on the whole or any part thereof of the said railroad, property

and income of the said company then existing or thereafter to be acquired; and may annex to said mortgage bonds, the privilege of converting the same into the capital stock 1 of the said company, at par, at the option of the holders, if such election shall be signified in writing, to the company, three years before the maturity of the said bonds.

13. The directors of the said company be and they Sale of bonds. are hereby authorized to negotiate and sell the bonds of said company at such times and in such places, either within or without this state, and at such rates and for such prices, as, in their opinion, will best advance the interests of said company, and if such bonds are thus negotiated or sold at a discount, below their par value, such sales shall be valid and binding on the company in every respect as if the same were sold and disposed of at their par value.

bonds.

14. That the said company, in securing the payment Payment of of said bonds, by a mortgage on the road, property and income of the company, shall have power to execute a mortgage, [as] aforesaid, to secure the payment of the full amount of bonds which the company may, at the time the said mortgage bears date, or at any time thereafter, desire to sell or dispose of, and may execute and sell, from time to time, such amounts of such bonds, and of such dates, and payable to such persons, as the directors of said company may deem advisable, till the whole amount of bonds. mentioned in such mortgage is executed and sold; and the said mortgage shall be as valid and effectual to secure the payment of the bonds so executed and sold, and every part thereof, as if the same and every part thereof had been execnted with even date with said mortgage.

and when de

15. The said company may, annually or semi-annu- Dividends, how ally, make such dividends as they may deem proper out of clared." the net profits and income of the said company, among the stockholders thereof, in proportion to their respective shares.

and

cities may take

16. To further aid in the construction of said railroad Towns by said company, (and) any incorporated town, [or] any stock." township under the township organization system, along the route of said road, may subscribe to the capital stock of said company, in any sum not exceeding one hundred thousand dollars.

17. No such subscription shall be made until the submitted to question has been submitted to the legal voters of such legal voters. towns or townships in which the subscription is proposed to be made; and the clerk of each of said towns, and the county clerk in the case of townships and villages in his county, is hereby required, upon the presentation of a peti

tion signed by at least ten citizens, who are legal voters Request for an and tax payers of such town, township or village, and in election. which petition the amount proposed to be subscribed shall be stated, to post up notices in at least three public places