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section three of this act, the auditor-general shall expose to sale by public auction, at the capitol in Harrisburg, the telegraph line, franchises, property, stocks, and bonds so escheated, after notice of said sale by publication for four successive weeks in at least one newspaper in each county through which the escheated telegraph line passes, and at said sale the said telegraph line, franchises, property, stocks, and bonds shall be sold to the highest and best bidder for cash : Provided, That no such corporation, association, or company owning or operating a competing line of telegraph shall become a purchaser at said sale; and upon the payment of the price at which the same shall be thus sold, and the filing with the secretary of State of the certificate of the State treasurer that the
has been so paid, together with the certificate of the auditor-general setting forth the fact and terms of the sale, a deed for the telegraph line, franchises, property, stocks, and bonds so sold shall be executed in the name and under the seal of the Commonwealth to the purchaser or purchasers, signed by the governor and attested by the secretary of State, which deed shall vest in the purchaser or purchasers a valid and sufficient title thereto.
SEC. 5. The said court shall have power to summon the officers of any such corporations, associations, or companies, or either of them, by subpæna, citation, or otherwise, as the said court shall direct, to appear before said court and produce all of its or their books and papers, and to examine them upon oath to ascertain whether they are or any of them have violated the twelfth section of the sixteenth article of the Constitution of this Commonwealth, and shall have power to enforce their appearance by attachment as in case of other witnesses, or the said court may direct to be filed a bill of discovery in the said court against the officers, directors, or trustees of any such corporations, associations, or companies, or either of them, which the defendants therein shall answer under the compulsion usual in such cases, and the evidence so taken and their answers may be used in the said proceedings to assert the rights of the Commonwealth.
Sec. 6. The purchaser or purchasers for or on whose account any telegraph line, franchises, or property shall be purchased from the Commonwealth, as authorized by this act where an organization is effected and a certificate filed as required in the proviso hereto, shall be and they are hereby constituted a body politic and corporate, and shall be vested with all the right, title, interest, property, claim, and demand in law and equity of, in, and to such telegraph line, with its appurtenances, and with all the rights, powers, immunities, privileges, and franchises of the said corporation, association, or company owning the said telegraph line, property, and franchises at and immediately before the forfeiture thereof under sections one and two of this act; and the person or persons for or on whose account any such telegraph line, property, and franchises shall be purchased, shall meet within thirty days after the delivery of the deed from the Commonwealth, public notice of the time and place of such meeting having been given at least once a week for two weeks in at least one newspaper published in the city of Harrisburg, and organize said new corporation by electing a president and board of six directors (to continue in office until the first Monday of May succeeding such meeting when and annually thereafter on the said day a like election for a president and six directors shall be held to serve for one year), and shall adopt a corporate name and common seal, determine the amount of the capital stock thereof, and shall have power and authority to make and issue certificates therefor to the purchaser or purchasers aforesaid to the amount of their respective interests therein in shares of fifty dollars each; and may then or at any time thereafter create and issue preferred stock to such an amount and on such terms as they may deem necessary; and from time to time issue bonds at a rate of interest not exceeding seven per centum to any amount not exceeding their capital stock, and to secure the same by one or more mortgages upon the telegraph line, property, and franchises or on any part or parts thereof: Provided, That the person or persons for or on whose account the purchase is made shall organize by the election of a president and a board of directors as above provided within three calendar months after the delivery of the deed from the Commonwealth, and within one calendar month after such organization make a certificate thereof under its common seal, attested by the signature of its president, specifying the date of such organization, the corporate name adopted, the amount of capital stock, and the names of the president and directors, and transmit the said certificate to the secretary of State at Harrisburg to be filed in his office and there remain of record, and a certified copy of such certificate so filed shall be evidence of the corporate existence of said new corporation.
ABANDONMENT.-Petitioners for lateral railroad may abandon, after report of viewers or
after verdict of jury, on payment of costs, 5; if disused, &c., for two years right of way to
years of confirmation of right of way, on payment of costs, 175.
impassable for two years, charter void, 52; and under act of April 4th, 1868, see section
5, page 157, and section 2, page 242.
deemed to be abandoned, 192.
instrument, by officers of corporations, if informal, made valid, 117; act extended to cover
mortgage, or other instrument not to invalidate unless defect of substance, 304.
,” “ Damages to Land," “In-
corporations, 28; and see 14 and 186.
pended, made assignment, or ceased operations, 69.
to be entered against defendant, 116.
counsel fees, 141, 192 ; Allegheny county exempted, 150.
same as for employee, 153.
$3000 injury, 154.
pany may aid in the construction of lateral railroads from their line, in labor, money, or
interest, by purchase of capital stock and bonds, 179.
Allegheny and other counties, and to roads under or over surface of land, 38.