or if the owner or occupier, or either of them, be a femme covert, infant, non compos mentis, unknown or out of the county in which the land or property wanted may be situated, the same may be taken and paid for (if any damages be awarded) in the manner provided for in an act to provide for a general system of railroad incorporations, approved November 5th, 1849, and to the provisions of this act.

tion.

$ 5. Said corporation shall cause books to be opened for Books of subscripsubscription to the capital stock thereof, divided into shares of fifty dollars each, at such times and places as they may choose, and shall give at least thirty days' notice thereof, by publication in a newspaper published in the town or city where said books may be open, and, if there be no newspaper published therein, then in the nearest newspaper thereto. It shall be lawful for all persons of lawful age or for the agent of any corporate body to subscribe any amount to the capital stock of said company.

§ 6. The corporation may require each subscriber to pay such an amount at the time of subscribing, not exceeding five dollars on each share, as shall be thought proper.

directors.

§ 7. So soon as one hundred thousand dollars of the First election of capital stock is subscribed the corporators herein named, or a majority of them, shall call a meeting of the stockholders for the election of not less than nine directors, who shall be stockholders; of which meeting thirty days' notice shall be given, by publication in one or more newspapers published in Decatur and Paris; and the said election shall be conducted by two judges, appointed by the stockholders present; and the persons having a plurality of votes shall be declared elected. In all elections the holders of stock shall be entitled to one vote for each share he or she may hold; and any person having a right to vote may vote by written proxy. Whenever the aforesaid sum of one hundred thousand dollars is subscribed, as aforesaid, the said corporation may commence, construct and complete the aforesaid railroad.

§ 8. All elections, after the first, for officers of this cor- Annual elections. poration, shall be held on the first Monday in April, annually, under the direction of three stockholders, not directors at the time, to be appointed by an order of the board at a previous meeting: Provided, that said directors may cause elections to be held on any other day should there be no election on that day; and all elections shall be held at some point on said road. The directors, elected as aforesaid, shall continue in office for one year and until their successors are elected and qualified; and a majority shall form a quorum for the transaction of business, and shall reside within the limits of this state.

ney.

9. Said company are authorized and empowered to Borrowing of moborrow, from time to time, such sums of money as, in their discretion, may be necessary, to aid in the construction of

By-laws and rules

said road, and pay any rate of interest, not exceeding ten per cent. per annum, and to pledge and mortgage said road and its appendages, or any part thereof, or any other property or effects, rights, credits or franchises of the said company, as security for any loan of money and interest thereon, and to dispose of the bonds issued for such loan at such rate and on such terms as the board of directors may determine.

$10. Said corporation shall have power to make, ordain and establish all such by-laws, rules and regulations as may be deemed expedient and necessary to fulfill the the purposes and carry into effect the provisions of this act and for the well ordering and securing the affairs, business and interest of said company, not inconsistent with the laws of this state.

11. This act shall be deemed and taken as a public act, and shall be construed beneficially for all purposes herein specified or intended, and take effect from and after its passage.

APPROVED February 18, 1861.

In force February AN ACT to amend an act entitled "An act to incorporate the Petersburg and 22, 1561.

al property.

Tonica Railroad Company."

SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That said Subscriptions of company is hereby authorized to receive subscriptions to its real and person capital stock, payable in either real or personal property; and such subscriptions, heretofore made, are hereby declared legal and binding; and, on a failure, neglect or refusal of any such subscriber, his heirs, executors and administrators, to make such payment or comply with the conditions thereof, the said company may proceed, by suit, in any court having competent jurisdiction thereof, and recover the amount in value so subscribed.

Subscriptions of

&c.

§ 2. And the said company is hereby authorized and Jabor, materials, empowered to receive subscriptions to its capital stock, payable in money, work, labor, materials, equipments or any other kind of property, real or personal, at any time thereafter, either when the entire road is in operation or any part of it, or at any time thereafter, and may receive notes or bonds for the same, and such security, either real or personal, and with or without interest, as may be agreed upon. The notes, bonds, with all securities, may be assigned or transferred by said company; and such assignment or transfer shall vest in the assignee or assignees the legal title thereto.

3. This act shall take effect and be in force from and

after its passage.

APPROVED February 22, 1861.

AN ACT to perfect the title of the purchasers of the Pittsburg, Fort Wayne In force February

and Chicago Railroad, and to enable them to form a corporation, and defining the powers and duties of such corporation.

8, 1861.

case of sale un

SECTION 1. Be it enacted by the People of the State of Illinois, represented in the General Assembly, That in case the railroad of the Pittsburg, Fort Wayne and Chicago Proceedings in Railroad Company, or any part thereof, shall be sold, by der mortgage. virtue of any mortgage or mortgages, deed or deeds of trust, either by foreclosure or other proceedings in law or equity, or in pursuance of a power in such mortgage or mortgages or 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 their 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 signature, specifying the name of such corporation, the number of directors, the names of the first directors, and the period of their services, not exceeding one year, the amount of the original capital, and the num ber of shares into which such capital is to be divided; and thereupon the persons who shall have signed such certificate, and their successors, 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 privileges.

2. The said corporation, formed pursuant to this act, Corporate powers shall have power to acquire, by purchase or otherwise, and to hold, use and enjoy the Pittsburg, Fort Wayne and Chicago railroad and each and every part thereof, whether situate within or without this state, and all equipments, machinery, tools and materials, all lands, property, franchises, rights and things connected therewith or necessary or convenient to the use thereof, together with the tolls, income, rents, issues and profits of the same; and shall have power to maintain and operate the same, as fully as might have been done by the Pittsburg, Fort Wayne and Chicago Railroad Company; and to erect new depots, stations and other buildings and connect the same with the said railroad, and to acquire and hold lands for the said, and other needful purposes. And the said corporation shall also possess

all the facilities, powers, authorities, immunities, privileges and franchises at any time held by the said Pittsburg, Fort Wayne and Chicago Railroad Company, or by any of the corporations heretofore consolidated into the said company, or conferred on the said company, the said corporations, or either of them, by any act or law of this state or either of the states of Ohio, Indiana, or Pennsylvania, and shall have power and capacity to hold and exercise, within each and every of the said states, and so far as it may deem necessary to the general objects of its business, within any other of the United States, all the said faculties, powers, authorities, privileges and franchises and all others which may hereafter be conferred upon it by or under any law of this state or of any of the aforesaid states; and to hold meetings of stockholders and directors; and do all corporate acts and all things within any of the aforesaid states as validly as it might do the same within this state; and may consolidate with any corporations of such other states, authorized to hold, maintain and operate the aforesaid railroad; and the said corporation, formed pursuant to this act shall also have power to create and issue capital stock, in shares of one hundred dollars each, and to such aggregate amount as it shall deem necessary to carry out the objects of this act; and may establish preferences, in respect to dividends, in favor of one or more classes of the said stock, in such order and manner and to such extent and with such securities as it may deem expedient; and may confer on holders of any bonds which it may issue or assume to pay such rights to vote at all meetings of stockholders, not exceeding one vote for every one hundred dollars of the par amount of the said bonds, as may by it be deemed advisable; which rights, when once fixed, shall attach to and pass with such bonds, under such regulations as the by-laws may prescribe, to the successive holders thereof, but shall not subject any holder to assessment by the said company or to any liability for its debts or entitle any holder to dividends. And the said corporation may make and issue its bonds, of not less denomination than one hundred dollars each, payable at such times and places and bearing such rates of interest as it may deem expedient, and may hypothecate or sell such bonds, within or without this state, at such prices as it may deem proper: Provided, nevertheless, that, except within six months after the organization of said company, no bond Extent of indebt shall be created, nor shall any debt be contracted exceeding in the aggregate, at any one time, five per cent. on the par amount of the capital stock of the said company, unless the same shall have been previously authorized by a vote of two-thirds in interest of the stock and bondholders, at a meeting duly held; and the said corporation may receive the payment of any bonds which it may make, issue or assume to pay, by a mortgage or mortgages or deed or

Liabilities.

edness.

deeds of trust of its railroad, or of any part or parts thereof, or of any other of its property, real or personal; and may include in any such mortgage or mortgages or deed or deeds of trust any locomotives, cars and other rolling stock or equipments, and any machinery, tools, implements, fuel and materials or other real or personal estate, whether then held or thereafter to be acquired, for the constructing, operating, repairing or replacing of the said railroad or any part thereof or of any of its equipments or appurtenances; all of which property and things, so included, whether then possessed or thereafter to be acquired, shall be subject to the lien and operation of every such mortgage or deed of trust, in the same manner and with the like effect as if all such property and things constituted a part of the said railroad; and may also include all franchises, held by the said corporation and connected with or relating to the said railroad and all corporate franchises; which are hereby declared, in case of sale by virtue of any such mortgage or mortgages or deed or deeds of trust, to pass to the purchaser or purchasers, so as to enable him or them to form a corporation, in the manner herein described, and to vest in such corporation all the faculties, powers and authorities, immunities, privileges and franchises conferred by this act; and the said corporation may do all things which may be necessary or convenient to carry into full effect the powers hereby granted; and the powers hereby conferred may be exercised by the directors thereof.

§ 3. That the said corporation, formed pursuant to this Existing claims. act, shall, within six months after its organization, likewise have power to assume such debts, liabilities and claims. against the said Pittsburg, Fort Wayne and Chicago Railroad Company, and make such settlements or adjustments with any of the stockholders or other parties interested therein, as it may deem proper; and, for the same purpose, to use such portion of the stock or bonds hereby authorized to be created, and in such manner as it may deem necessary.

4. That in case the said Pittsburg, Fort Wayne and sale under deChicago railroad, or any part thereof, shall be decreed cree. by any court having jurisdiction, in any state or part of a state, composing a judicial district, within which a part of said railroad is situated, to be sold by virtue of any mortgage or mortgages or deed or deeds of trust, upon the same containing a power of sale to the trustee or trustees, it shall be lawful for the said trustee or trustees to unite with the proper officer in making such sale, or, under the order of the court, to make such sale at the time and place appointed by the court, and with such notices as may be ordered by the court, and to execute a conveyance of the said railroad, or the part thereof which may be so sold; and such sale and conveyance shall be a valid and effectual execution of the powers of sale and conveyance contained in