Sidebilder
PDF
ePub

Loans.

of towns.

their respective offices until an election shall be held under the provisions of this act.

$ 6. For the purpose of facilitating the construction of the said road, herein authorized, the said corporation is and shall be permitted to borrow such sum or sums of money as may be necessary for the completing and operating of said road, and to issue and dispose of its lands, upon such terms and conditions as may be deemed expedient, for the speedy completion of said road; and may secure the payment of its bonds, which shall not exceed the sum of five millions of dollars, by mortgage or deed of trust upon the said road, or any part thereof, and upon any and all of the property, ef

fects, rights, franchises and income of said corporation. Crossings. § 7. Whenever it shall be necessary, in the construction

of said railroad, for the same to intersect or cross any stream of water, railroad, public road or highway, the said corporation may construct across or upon the same, in such man

ner as shall not materially impair the usefulness thereof. Right of way $ 8. Towns, cities and counties, within which said road through streets may be located, are severally authorized to grant, through

their proper authority, to said corporation, the right of way upon and through any of their streets, alleys, roads, public grounds and landings and the privileges of filling out levees and landings, and the erection of proper depots and buildings on any of the same.

§ 9. Nothing in this act contained shall be so construed as to vest in said corporation any banking privileges or any

power under which the same may be exercised. Acceptance of $ 10. If the board of directors of the Warsaw and Rockthis act by the ford Railroad Company, or a majority of them, shall, by an

order, entered upon the records of said company, accept the provisions of this act, within six months from the passage thereof, such acceptance shall have the effect to transfer to and vest in the corporation by this act created, all the property and effects, books, papers, assets and credits of the said named company, and all rights and actions then belonging to or accruing in favor of said company; and also to subject the said corporation hereby created to all actions, rights and liabilities, then existing against said named company.

§ 11. This act shall take effect from and after its passage, and be deemed a public act, and be liberally construed in all courts and places whatsoever.

APPROVED February 21, 1863.

company.

AN ACT in aid of the St. Louis, Jacksonville and Chicago Railroad Company. In force February

13, 1863.

SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That, whereas the Jacksonville, Alton and St. Louis Railroad Company and the Tonica and Petersburg Railroad Company have, by articles of consolidation, and a large majority vote of the stockholders of each of said companies, consolidated and united their property and stock, under the name and style of the “ St. Louis, Jacksonville and Chicago Railroad Com- Corporate name. pany,” under and by virtue of the general law of this State, authorizing the consolidation of railroad companies, &c., approved February 28th, A. D., 1854, which said articles of consolidation, and all the proceedings with respect to the adoption and ratification of the same by the directors and stockholders of the respective constituent companies aforesaid, and to the election of the first board of directors of the said consolidated company, are hereby declared legal and valid: Now, therefore, the said consolidated company, under the name of the “ St. Louis, Jacksonville and Chicago Corporate pow Railroad Company,” shall enjoy, possess and exercise all ers. the privileges, immunities and franchises which were possessed, enjoyed or granted by or to either and both of the constituent companies aforesaid. And all notes, bonds, contracts, agreements and promises, of every kind, made with either of the aforesaid late railroad companies, or their duly authorized agents, shall inure to the benefit of the said consolidated railroad company : Provided, that all subscribers su who have subscribed to the capital stock of either of the pany. aforesaid late railroad companies shall be deemed stockholders in the said new consolidated railroad company, to the extent and in proportion to the amount so subscribed, and shall be entitled to all the rights and subject to all the liabilities thereof, as provided in the articles of consolidation aforesaid.

$ 2. That full authority is hereby given to the corporate Exchange of old authorities of the several counties, townships, cities, villages stock. or other municipal corporations, owning or holding stock in either of the said late Jacksonville, Alton and St. Louis, and Tonica and Petersburg railroad companies, and to all persons holding the same in any fiduciary capacity, or otherwise, to transfer, assign or surrender the same, and to accept and receive from the said consolidated company such portion of the new stock as may be apportioned to the stock so owned and held.

$ 3. The said new consolidated company shall have Extension and power to extend and construct to and unite its railroad with any other railroad, now constructed or which may hereafter be constructed in this State, and shall, also, have power to build, construct and maintain its said railroad, from Jacksonville, north, to the city of Chicago, via Ottawa, or other

Stock in old com

connections.

wise, with a branch road to any point on the Illinois river, south of the city of Peru; and, for the purposes aforesaid, shall possess and exercise all the privileges, immunities and franchises, and shall enjoy over and along the line or lines of railroad so to be built and extended, as aforesaid, the same privileges, immunities, franchises and rights, which were granted to the said late Jacksonville, Alton and St. Louis, and Tonica and Petersburg railroad companies, by their respective charters and the several amendments there

[ocr errors]

divi

road by sions,

Transfer or s

Construction of $ 4. The board of directors of the said consolidated

railroad company shall have power and authority to provide, in their by-laws, if in their discretion they shall think proper to do so, for the construction of said railroad, by divisions; but all subscriptions heretofore made to either of the said late railroad companies may be appropriated and expended in such manner and at such places on the line or lines of road as the board of directors of the said consolidated railroad company may determine, and all real, mixed or personal property, bonds, notes, contracts or choses in action, owned or possessed by either of the aforesaid late railroad companies, to wit: the Jacksonville, Alton and St. Louis, and Tonica and Petersburg railroad companies, shall, according to the articles of said consolidation, be vested in the new consolidated company, with full power to its board of directors and duly authorized agents to sell, lease, transfer or convey, by mortgage or deed of trust, or otherwise,

as may be deemed for the interest of said company, any

le part or all of said railroad property; and all such sales, of property.

transfers, conveyances, mortgages or deeds of trust shall be binding and valid and of full effect in law and equity. And the directors may in their discretion incorporate a condition in the mortgage bonds which they are anthorized to issue by which the holder or holders of such bonds shall have the right to vote at all elections of directors for said company upon such conditions as may be deemed expedient by said

directors. Amount of capi- § 5. The said new consolidated company may increase

its capital stock to any amount necessary to complete and equip said road, not exceeding the amount necessary therefor; and books of subscription for said stock shall be opened at the treasurer's office, in the town of Jacksonville, or elsewhere, as may be directed by the board of directors; which new subscription shall be under the same rules, restrictions and penalties as provided for in the charters and amend

ments of the aforesaid late railroad companies. Secretary's certi- § 6. The certificate of the secretary of the said new con

solidated company, under the corporate seal thereof, shall be received in all courts of justice and elsewhere as evidence of the regular organization of said consolidated company, under its consolidated charter, and of any act or order

tal stock.

ficate of organization.

[graphic]

of mortgage

of the board of directors of said company; and all the acts and doings of the said constituent companies and of the said consolidated company, in the consolidation and organization of the St. Louis, Jacksonville and Chicago Railroad Company, are hereby declared to be good and valid; and all the rights, privileges and immunities and franchises of each of the said late Jacksonville, Alton and St. Louis, and Tonica and Petersburg Railroad Companies, as possessed, enjoyed or granted by or to them, are hereby declared to be lawfully vested in and owned by the said new consolidated company, under the name of the St. Louis, Jackson ville and Chicago Railroad Company.

§ 7. That in case the said new consolidated company Provisions in case shall, hereafter, make and execute any deed or deeds of sale trust, mortgage or mortgages or other conveyances of all or any part of their said railroad, and the same should thereafter be foreclosed and sold by any proceedings in law or equity or in pursuance of a power or powers in such mortgage or mortgages, deed or deeds of trust contained, or by the joint exercise of the said authorities, the purchaser or purchasers of the same, or their survivors or survivor, or they or he and his associates, or their or his assigns, may form a corporation, by filing in the office of the Secretary of State, under their or his signatures, a certificate, specifying the name of such corporation, the number of directors, the names of the first directors, and the period of their scrvices, not exceeding two years, the amount of original capital, and the number of shares into which such capital is to be divided; and, thereupon, the person or persons who shall have signed such certificate shall be a body politic and corporate, by the name stated in such certificate; and a copy of such certificate, attested by the signature of the Secretary of State, or his deputy, shall, in all courts and places, be evidence of the due formation and existence of the said corporation and of the facts in the said certificate stated; and the corporation, in pursuance thereof, shall have and enjoy all the rights, privileges, immunities and franchises granted to or belonging to said new consolidated St. Louis, Jacksonville and Chicago Railroad Company.

$ 8. That the St. Louis, Jacksonville and Chicago Rail- Construction of road Company may, at any time hereafter, in its discretion, build such part or portion of the railroad which it is now authorized to construct, and those parts or portions only, which its directors shall think most expedient for the interests of said company, and shall have power to extend its main line, and to build a branch or branches from such main line to any other railroad or railroads with which it may be able to make a connection, so as with such other railroad or railroads to form a continuous line; and, in respect to such extension and branches, shall have all the powers, rights

branch railroads road.

and privileges it now has in regard to its main line or any part thereof.

APPROVED February 13, 1863.

In force February

21, 1868.

AN ACT to incorporate the Fulton Railroad Company.

and power8.

suits of the said agents, office, and may, mo

SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That James McCoy, Henry C. Fellows, Leander Smith, Irving G. Gates, N. W. Hubbard, W. C. Snyder, and John Phelps,

their successors and assigns, are hereby constituted a body Corporate name corporate and politic, by the name and style of “The Ful

ton Railroad Company," and by that name shall have succession for the term of ninety years, from and after the passage of this act; and may, by that name, contract and be contracted with, sue and be sued, plead and be impleaded, in any court of law or equity ; may have and use a common seal, and alter the same at pleasure; may make bylaws, rules and regulations, for the management of its property, the regulation of its affairs, and for the transfer of its stock, not inconsistent with the laws and constitution of this State or of the United States; and may, moreover, appoint such subordinate agents, officers and servants as the business of the said corporation may require, and allow them a suitable compensation, prescribe their duties, and require bond for the faithful performance thereof, in such penal sums, and with such securities as they may choose, who shall hold their offices during the pleasure of a majority of

the directors of the said corporation. Route of the $ 2. The said corporation shall have the right to sur

vey, locate and construct, and, during its continuance, to maintain and continue a railroad, with single or double track, and with such appendages as may be deemed necessary for the convenient use of the same, from the city of Fulton, in Whiteside county, and State of Illinois, to the city of Rock Island, in Rock Island county, and State of Illinois, with lateral lines to the coal fields in said counties; and to locate and construct the same, on such line, course or way, as may be designated and selected by the directors of said corporation whereon to construct and locate the same; and may, also, prescribe the manner in which said railroad shall be used, by what power the carriages to be used thereon may be propelled, to regulate the time and manner in which goods, effects and passengers may be transported and carried on the same, and the rates of toll on the transportation of persons and property thereon.

« ForrigeFortsett »