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life insurance companies, and must be disposed of as provided by such laws. [New section; approved March 20, 1905; in effect in sixty days.]

Note.-See note to § 453d.

$ 4530. For all lawful expenses under this chapter, or by reason of any of its provisions, in the prosecution of any suit or proceeding, or otherwise, for the enforcement of the provisions of this chapter, the Insurance Commissioner must present bills, duly certified by him, and accompanied with vouchers, to the State Board of Examiners, who may allow the same, and direct payment thereof to be made; and the State Controller must draw warrants therefor on the State Treasurer for the payment of the same to the Insurance Commissioner, out of the General Fund, in addition to the ordinary contingent expense. [New section ; approved March 20, 1905; in effect in sixty days. ]

Note.-See note to $ 453d.

§ 453p. The provisions of this chapter do not apply to secret or fraternal societies, lodges, or councils, which conduct their business and secure membership on the lodge system exclusively, having ritualistic work and ceremonies in their societies, lodges, or councils, nor to any mutual or benefit association organized or formed and composed of members of any such society, lodge, or council exclusively. [New section; approved March 20, 1905; in effect in sixty days. ]

Note.--See note to $ 453d.

TITLE III.

Railroad Corporations.

CHAP. I. Officers and Corporate Stock. $$ 454-459.

II. Enumeration of Powers. $$ 465-478. III. Business, How Conducted. $$ 479-494. · [For powers and duties of Railroad Commissioners, see Appendix.]

CHAPTER I.

OFFICERS AND CORPORATE STOCK. :

SEC. 454.

455.

456.

Directors to be elected, when.
Additional provisions in assessment and transfer of

stock.
Corporation may borrow

money

and issue bonds.
Limitation of amount.
To provide a sinking fund to pay bonds.
Capital stock to be fixed.
Certificate of payment of fixed capital stock.

457. 458. 459.

$ 454. Directors of railroad corporations may be elected at a meeting of the stockholders other than the annual meeting, as a majority of the fixed capital stock may determine, or as the by-laws may provide ; notice thereof to be given as provided for notices of meetings to adopt by-laws in article two, chapter one, title one, of this part.

132 Cal. 678.

$ 455. No stock in any railroad corporation is transferable until all the previous calls or installments thereon have been fully paid in; nor is any such transfer valid, except as between the parties thereto, unless at least twenty per cent has been paid thereon and certificates issued therefor, and the transfer approved by the board of directors.

$ 456. Railroad corporations may borrow, on the credit of the corporation and under such regulations and restrictions as the board of directors thereof, by unanimous concurrence, may impose, such sums of money as may be necessary for constructing and completing their railroad, with its equipments, and for the purchase of all necessary rolling stock and all else relative

thereto, and may issue promissory notes therefor, or may issue and dispose of bonds to raise moneys necessary to pay therefor, at a rate of interest not exceeding ten per cent per annum ; and may also issue bonds, or promissory notes, at the same rate of interest in payment of any debts or contracts for constructing and completing their road, with its equipments and rolling stock, and all else relative thereto, and for the purchase of railroads and other property within the purpose of the corporation. The amount of bonds, or promissory notes, issued for such purposes must not exceed in all the amount of their capital stock ; and to secure the payment of such bonds, or notes, they may mortgage their corporate property and franchises, or may secure the payment of such bonds, or notes, by deed of trust of their corporate property and franchises. Any person or corporation formed under the laws of this State, or of any other State within the United States, that the directors of the railroad corporation may, by unanimous concurrence, select, may be trustees in such deed of trust. [Amendment approved March 4, 1899; in effect in sixty days. ]

109 Cal. 595 ; 124 Cal. 329 ; 125 Cal. 409, 454.

$ 457.

The directors must provide a sinking fund, to be specially applied to the redemption of such bonds on or before their maturity, and may also confer on any holder of any bond or note so issued, for money borrowed or in payment of any debt or contract for the construction and equipment of such road, the right to convert the principal due or owing thereon into stock of such corporation, at any time within eight years from the date of such bonds, under such regulations as the directors may adopt.

125 Cal. 454.

$ 458. When, at any time after filing the articles of incorporation, it is ascertained that the capital stock therein set out is either more or less than actually required for constructing, equipping, operating, and maintaining the road, by a two-thirds vote of the stockholders the capital stock must be fixed, and a certificate thereof, and of the proceedings had to fix the same, must be made out and filed in the office of the Secretary of State.

$ 459. Within thirty days after the payment of the last installment of the fixed capital stock of any railroad corporation organized under this title and part, the president and

secretary and a majority of the directors thereof must make, subscribe, and file in the office of the Secretary of State a certificate, stating the amount of the fixed capital stock, and that the whole thereof has been paid in. The certificate must be verified by the affidavit of the president and secretary.

CHAPTER II.

ENUMERATION OF POWERS.

SEC. 465. Enumeration of powers:

1. To survey road;
2. May accept real estate;
3. May acquire real estate ;
4. Lay out road, how wide;
5. Where may construct road;
6. May cross or connect roads;
7. May purchase land, timber, stone, gravel, etc.;
8. Carry persons and freight;
9. Erect necessary buildings;
10. Regulate time and freights, subject to legislation ;
11. Regulate force and speed ;

12. To acquire franchises, rights of property, etc.
465a. Motive power authorized to use.
466. Map and profile to be filed.
467. May change line of road.
468. Forfeiture of franchise.
469. Crossings and intersections. Condemnation.
470. Not to use streets, alleys, or water in cities or towns,

except by a two-thirds vote of the city or town

authorities. 471. [Repealed ; in effect April 1, 1878. ] 472. When crossing railroads or highways, how other lands

are acquired. 473. Corporations may consolidate. Publication of notice.

Copy to be filed. 473a. May lease whole or any part of road. 474. State lands granted for use of corporations. 475. Grant not to embrace town lots. 476. Wood, stone, and earth may be taken from State lands. 477.

Lands revert to State, when. 478.

Selections made, how proved and certified to.

$ 465.

Every railroad corporation has power : 1. To cause such examination and surveys to be made as may be necessary to the selection of the most advantageous route for the railroad; and for such purposes their officers, agents and employés may enter upon the lands or waters of any person, subject to liability for all damages which they may do thereto;

2. To receive, hold, take, and convey, by deed or otherwise, as a natural person, such voluntary grants and donations of real estate and other property, which may be made to it to aid and encourage the construction, maintenance and accommodation of such railroad;

3. To purchase, or by voluntary grants or donations to receive, enter, take possession of, hold and use all such real estate and other property as may be absolutely necessary for the construction and maintenance of such railroads, and for all stations, depots and other purposes necessary to successfully work and conduct the business of the road ;

4. To lay out its road, not exceeding ten rods wide, and to construct and maintain the same, with one or more tracks, and with such appendages and adjuncts as may be necessary for the convenient use of the same;

5. To construct their roads across, along or upon any stream of water, watercourse, roadstead, bay, navigable stream, street, avenue or highway, or across any railway, canal, ditch or flume which the route of its road intersects, crosses or runs along, in such manner as to afford secur'ty for life and property ; but the corporation shall restore the stream or watercourse, road, street, avenue, highway, railroad, canal, ditch or flume thus intersected to its former state of usefulness as near as may be, or so that the railroad shall not unnecessarily impair its usefulness or injure its franchise ;

6. To cross, intersect, join, or unite its railroad with any other railroad, either before or after construction, at any point upon its route, and upon the grounds of such other railroad corporation, with the necessary turnouts, sidings and switches, and other conveniences in furtherance of the objects of its connections; and every corporation whose railroad is, or shall be hereafter intersected by any new railroad, shall unite with the owners of such new railroad in forming such intersections and connections, and grant facilities therefor; and if the two corporations cannot agree upon the amount of compensation to be made therefor, or the points or the manner of such crossings, intersections and connections, the same shall be ascertained and determined as is provided in Title VII, Part III, Code of Civil Procedure (Secs. 1237-1263) ;

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