« ForrigeFortsett »
after the first day of January, one thousand eight hundred and Al"iual settleforty-two, a statement to be verified by the oath of some pro-ment' per officer of the company, exhibiting the amount expended by said company during that year: said statement to be laid before the Governor of the State.
Approved, February 27, 1841.
An ACT in relation to the Northern Cross Railroad between Springfield
and Jacksonville. tn force Feb
Sec. 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That the Fund commis- Cota,T siotier is hereby authorized to take charge of all that part ofjota^eoh^ge the Northern Cross railroad, situate between Springfield and ol road the Illinois river. Before any part of said road shall be put Under contract, public notice shall be given in at least two public newspapers printed in this State, of the time, place, and terms of letting out the contract, and the same shall be given to the lowest responsible bidder.
Sec. 2. All the profits arising from said road are hereby appropriated and set apart to pay the interest on the one hun- p£8p0aition of dred thousand dollars of State bonds authorized to be applied profits by the Fund commissioner towards the completion of so much tif said road as lies between Jacksonville and Springfield, and the remainder, if any, shall be appropriated as may be directed by law.
Approved, February 27,1841.
An ACT to provide for the construction of a railroad from La Salle to
Dixon- 1 r r v
In force Feb.
Sec. 1. Be it enacted by the People of the State of Illinois, 27'1841, represented in the General Assembly, That all persons who shall become stockholders pursuant to this act, shall be, and they are hereby constituted a body politic and corporate for the term of fifty years, by the name of the "Illinois and Rock Name& etPe River Railroad company," for the purpose of constructing and maintaining a railroad between the village of La Salle, in the county of La Salle, and the village of Dixon, in the county of Lee, terminating at such points on Rock river, the1,000,1011 Illinois river, or on the Illinois and Michigan canal, and to be on such route between said points as the majority of the directors of said company shall determine to be best adapted to the public accommodation, and take, transport, carry and convey property and persons upon the same, by the power and force of steam, of animals, or any mechanical power, or any combination of them.
Sec. 2. If the said corporation shall not within one year from the passage of this act commence the construction of Time to com-snid railroad, and shall not within five years from the pas
complete sa8° °' act nn>sn tne Sfua railroad and put the same in
operation, then the said corporation shall thenceforth forever
cease, and this act shall he null and void. Capital »tock SEC, 3. The capital stock of said corporation shall be five
hundred thousand dollars, which shall be divided into shares Shams deem-of fifty dollars each, which shares shall be deemed personal ed personal property, and be transferred in such manner as the said property corporation shall in its by-laws direct.
Sec. 4. Horatio Newhall, of Jo Daviess county, Michael
Kennedy, of La Salle coutity, William Wilkinson of Lee
Distribution of stock
county, nnd Oliver Everett, of Lee county, shall be commis10 sioners whose duty it shall be within six months after the passage of this act, at some su:table place in the villages of La Salle and Dixon, and in such other places as they or a majority of them shall direct, to open books to receive subscriptions to the capital stock of the said corporation, and thirty days'1 public notice shall be given by the said commissioners of the time and place of the opening of such books, in one of the public newspapers in either of the said villages, and in the State paper; and the said commissioners shall at the time of any subscription require the payment to them, of the person or persons subscribing, two dollars and fifty cents per share subscribed, and unless the same shall be paid the subscription shali be invalid; and in case a greater amount in the whole shall be subscribed than five hundred thousand dollars, the said commissioners shall distribute the stock in such manner as the majority of them shall deem most advantageous to the public interest; but in case the capital stock of said corporation shall not be subscribed, then the said commissioners shall be authorized to re-open the said books at such other times and places, and in such manner, and after such notice as they or a majority of them shall direct; and whenever the s.-iid capital stock shall have been subscribed and distribution made as aforesaid, or as soon thereafter as practicable, it shall be the duty of said commissioners to give thirty days' notice in some public newspaper or newspapers for a meeting of the stockholders at such time and place as the said commissioners or a majority of them shall appoint, to choose five directors, and such election shall be then and there made by such of the stockholders as shall attend for that purpose, either in person or by lawful proxy; each share Inspectors of of the capital stock entitling a stockholder to one vote, and first election. tnt. said commissioners shall be inspectors of the first election of directors ol the said corporation, and shall certify under their hands, the names of those persons duly elected, and deliver over the subscription money and books to the said directors, and the time and place of holding the first meeting of the directors shall be fixed by the said commissioners, of Sec. 5. The directors are hereby authorized to make or cause to be made such examinations and surveys on the
aforesaid railroad route as they shall deem necessary and proper for the purpose of carrying into effect the object of said corporation; and they are hereby authorized to enter upon and take possession of, and use and take possession of May take all such lands as may be deemed necessary for the construe- 'ands tion and maintenance of said railroad, and may also hold and take all voluntary grants and donations of land to aid in the construction and maintenance and accommodation of their said railroad; and all lands entered upon and taken for the use of the said corporation, which are not donated to said Lands taken corporation, shall be paid for by the said corporation, at such how paid for price as may be mutually agreed upon by said corporation and the owner or owners of such land; and in case of disagreement, the price shall be estimated, fixed and recovered in the manner provided by the law for the recovery of damages happening by the laying out of highways.
Sec. 6. Said corporation shall have a right to sue and be c sued in their corporate capacity, and to enact such by-laws, p0WerS. rules find regulations for the management of the affairs of the company as are not inconsistent with the laws of the State.
Sec. 7. It shall be lawful for said company to take pos- jjay take rail session of such road, or parts of said railroad, as have been roads belongheretofore constructed, and the materials belonging thereto,'"? to State for the said construction, and now the property of the State, and apply them in the construction of the railroad by the said company:.Provided, That it shall not be lawful for said Proviso, company to possess itself of any portion of the property or works of the State until all the improvements made by the State, the right of way, and all materials shall have been valued by some competent engineer at a fair cost value, and such amount shall be considered as so much stock owned by the State, and the State shall be entitled to receive her proper proportion of the nett proceeds arising from said railroad when completed, as the relative accounts of the State and said company shall have to each other: Provided, also, That Further proif said company shall prefer it they may take the States' por-V180' tion of the stock at such valuation, payable at the option of the company at any time within fifty years, they paying five per cent, interest thereon after the period of ten years; interest to be paid annually, and the State holding a lien on said work as a security for its ultimate payment.
Sec. 8. The State of Illinois hereby agrees to furnish the State to fursaid company with the necessary railroad iron for a single Pish railrond track and such turnouts as the directors may think advisable;iro said iron is to be of such description as the State has now on hand.
Sec 9. And in consideration to the State for said railroad iron, the company binds itself to pay to the State the cost of pay'S^'iron ° said iron and such charges as may accrue; in twenty annual instalments, with six per cent, interest from the time said
Yearly inter- company shall receive said railroad iron, and the said compaest ny shall pay, or cause to be paid, said interest and instal
ments into the treasury of this State.
Private pro- ^Ec" 'l sna" De tne ^utv °^ tne directors of said
perty held res-company to set apart a sufficient amount of its funds prrevponsible enue to pay the yearly interest and instalment due the State for railroad iron as heretofore expressed in section nine. Any failure on the part of the directors to comply with this section, their private property and that of the stockholders in said company shall be liable to the State for the amount. Capital stock ^BC' e capital stock of said company that is paid in
to be taxed shall be taxed for county and State purposes, as other personal property of this State. Persons in a- ®*0, ^an^ Person sna" wilfully, maliciously or wanring road how tonly, and contrary to law, obstruct the pgssage of any car on punished said railroad, or on any point thereof, or any thing belonging thereto, he, she or they, or any person assisting, shall forfeit and pay to the said company for every such offence, treble such damages as shall be proved before any court competent to try the same, to be sued for in the name and behalf of said company, and such offenders shall be deemed guilty of a misdemeanor, and liable to indictment in the same manner as other indictments are found, in any county or counties where such offence shall have been committed, and upon conviction, such offender shall be liable to a fine not exceeding five thousand dollars for the use of such county where such indictment may be found, o.' may be imprisoned not exceeding five years, at the discretion of the court before whom the conviction may be had. Tolls Sec. 13. It shall be lawful for the company hereby incor
porated, from time to time, to fix, regulate and recover the tolls and charges by them to be received for transportation of property or persons on the railroad aforesaid, hereby authorized to be constructed, erected, built, made and used, and to apply its surplus funds to such purposes as the company may think proper.
Stock how ^E0, ^ sna" De 'aw^u' *°r *ne directors to require paid in payment of the sums to be subscribed to the capital stock, at such times, and in such proportions, and on such conditions as they shall see fit, under the penalty of the forfeiture of all previous payments thereon, and shall give notice of the payments thus required, and of the place where and the time when the same are to be paid, at least thirty days previous to the payment of the same, in two public newspapers in the State.
Sec. 15. Any person or persons, agent or officer of said beTM^TM" howra''roa^ comPany hereby incorporated, who shall apply or zz- ■ ■ use any of the funds or property belonging to the said company, or any railroad iron or other property that may be hereafter received from the State of Illinois, for the construction of said road by said company, to his or their individual purposes, shall on conviction of such offence be fined to twice the amount of such embezzlement, and imprisoned in the penitentiary of this State, at the discretion of the court having cognizance of such offence, for not less than two or exceeding ten years.
Sec. 16. For the purpose of facilitating the construction ^'L^ of said railroad, as contemplated and authorized by this act, be received in said company is hereby authorized to receive in payment one bonds and half of the subscription to the capital stock in bonds and mortSagea mortgages, bearing seven per cent, interest annually, on unincumbered real estate in the State of Illinois, at one helf of its appraised value, which value shall be ascertained by three disinterested and sworn appraisers, who shall be appointed by the judge of the circuit court in the district where such lands may lie. Said company is authorized to obtain a sum of money or monies, on the issue of its bonds or other evidences of debt, to twice the amount of its capital stock paid in, in money, bonds and mortgages, and to pledge all its property, real and personal for the payment thereof, individual
Sec. 17. The individual property of the president, direc- property liators and stockholders, shall be, and is hereby made liable D,e for all contracts or liabilities of the company for the construction of the railroad herein contemplated, in proportion to the amount of stock held by each person respectively.
Sec. 18. The foregoing charter is granted upon the ex- 5|3^"1|^B" press condition that in consideration of the States relinquish- tl^0D 0 ° ar" ing to the company formed in accordance with this act, the whole of the materials of every description owned by the State along the present line of said road, procured for the purpose of constructing the railroad, and for relinquishing to said company all the privileges of right of way, work already done on said railroad line, and for the use of a sufficient quantity of land in the town of La Salle belonging to the State, for a depot not exceeding two acres. The State reserves the g^lle' ** right to purchase of said company the railroad constructed under this act, at any time twenty years after the completion of said railroad, by paying to said company the subsequent cost for completing said road, with six per cent, interest on g(ate said cost, from the time the expenditures shall take place, if purchase raiithe Legislature of this State shall at the expiration of twenty r°ad years, or at any time thereafter, from the completion of said railroad, make provisions by law for the repayment to said company of the amount of money expended by them in the construction of said railroad, together with all monies expended by them for permanent fixtures for the use of said ^railroad, with interest at the rate of six per centum per annum, then said railroad, with all fixtures and appurtenances, shall vest in and become the property of the people of this State.
Sec 19. It shall be the duty of the president of said company and at least two of the directors, to make out under