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said road, and for the transportation of persons, goods, and merchandise. SECTION 5. The said West Newbury Railroad Company, Empowered to
form one comand the Danvers and Georgetown Railroad Company, are pany. hereby authorized and empowered to unite and form one company, whenever it shall be so voted by each company at meetings duly notified for that purpose ; and, when the said companies shall be so united, the stockholders of one company shall be the stockholders in the other, and the two companies shall constitute one corporation, under the name of the Danvers and Georgetown Railroad Company; and the said last mentioned company shall have all the franchises, property, powers, and privileges, and be subject to all the restrictions and liabilities of the said companies respectively.
SECTION 6. If the location of the said railroad be not Location to be filed according to law within two years, and if the said rail- years ; to be road be not constructed within three years from the passage of this act, this act shall be void.
SECTION 7. The legislature may authorize any company Any company to enter, with another railroad, upon the said railroad, at any point thereof, and use the same according to law.
SECTION 8. The said corporation shall not commence the Certificate to be construction of their road, or any part thereof, until a cer- struction. tificate shall have been filed in the office of the secretary of the Commonwealth, subscribed and sworn to by the president of the said company, and a majority of the directors thereof, stating that all of the stock named in their charters has been subscribed for by responsible parties, and that ten per cent. of the par value of each and every share of the stock thereof has been actually paid into the treasury of the company.
SECTION 9. This act shall take effect from and after its passage.
May 21, 1851.
built in three.
may enter, &c.
filed prior to con
[1846, 28.] An Act in addition to an Act to incorporate the Real Estate Mutual Fire Chap. 219
Insurance Company. Be it enacted, g'c., as follows :
SECTION 1. The Real Estate Mutual Fire Insurance Com- May insure on pany, in addition to their present powers, are hereby author- erty. ized to insure personal property.
SECTION 2. This act shall take effect from and after its passage.
May 21, 1851. [Repealed 1853, 190.1
acted, 1." The First Bapon the pews in the of this Com
An Act concerning the First Baptist Society in Chelsea.
Be it enacted, &c., as follows:
hereby authorized to assess upon the pews in their meeting-
be so assessed. Act void unless, SECTION 2. This act shall not take effect unless it shall
be accepted by the said society, at a meeting duly called for that purpose, a majority of two-thirds of all members present at such meeting voting therefor.
May 21, 1851.
May erect & wharf in Barn
[1846, 194; 1848, 19; 1819, 169, 198, 212.] Chan 221 An Act to authorize the Cape Cod Branch Railroad Company to extend
its Railroad.. Be it enacted, 8c., as follows :
Section 1. The Cape Cod Branch Railroad Company is hereby authorized to extend its railroad from a point at or near its present terminus in Sandwich, through the towns of Sandwich, Barnstable, and Yarmouth, on the north side of the range of hills dividing the north and south sides of Cape Cod, to some point in or near the village of Yarmouth Port, and thence to and into tide water at Hyannis Harbor,
in the town of Barnstable; with the right to erect and stable.
maintain, at its terminus, a suitable pier or wharf for the convenient reception and discharge of passengers and merchandise.
Section 2. The said company, in the extension of the said railroad through the limits aforenamed, shall be entitled to all the privileges and benefits, and be subject to all the duties and liabilities, set forth in the several acts relating
to railroad corporations. ddi- SECTION 3. The said company is hereby authorized, for
the purpose of constructing the said extension, to increase its capital stock by the sum of two hundred and forty thou
sand dollars, which shall be divided into shares of sixty No shares to be dollars each, and no share shall be issued under this act for issued at less less than sixty dollars, to be actually paid in on each share. Shall not com- SECTION 4. The said company shall not commence the
ai construction of the said extension until a certificate shall
Powers and duties.
$240,000 additional capital stock.
than par value.
mence until 8 certificate shall
discontinue a part.
have been filed in the office of the secretary of the Com- have been fileặ, monwealth, subscribed and sworn to by the president of the &c. said company and a majority of the directors thereof, that all of the stock created by this act has been subscribed for by responsible parties, and that twenty per cent. of the par value of each and every share of the said stock has been actually paid into the treasury of the company.
SECTION 5. The par value of the original capital stock Par value of of the said company is hereby reduced to sixty dollars a share, and all dividends of the profits of the said company hereafter declared shall be made upon the said original stock as of the value of sixty dollars a share.
SECTION 6. The said company is hereby authorized to Authorized to discontinue so much of the branch at Wareham Narrows, authorized by the fifth section of its act of incorporation, as lies below the south-easterly side of the wharf known as the “ Parker Mills Wharf,” being the wharf adjoining the bridge in Wareham.
SECTION 7. If the said company shall not file the loca- Proviso. tion of the said extension within one year, or shall not complete the said extension within two years, from the passage of this act, then so much thereof as relates to the extension shall be null and void.
SECTION 8. This act shall take effect from and after its passage.
May 21, 1851. [1852, 133, 156; 1854, 29, 191, 303, 324 ; 1858, 171.]
[1845, 102; 1849, 18; 1851, 63.] An Act to increase the Capital Stock of the Worcester and Nashua Rail- Chap. 222
road Company. Be it enacted, &c., as follows:
SECTION 1. The Worcester and Nashua Railroad Com- $300,000 addipany is hereby authorized to increase the capital stock of tional capital the said company by the addition of not exceeding three thousand shares, each share to be of the par value of one hundred dollars. SECTION 2. For the purpose of carrying into effect the conditions of
subscription to provisions of this act, the directors of the said company are new stock. hereby authorized and empowered to issue said three thousand shares of new stock; and the present stockholders of the said company may subscribe for the said new stock, in the proportion of one share for every five shares of old stock by them held, they paying the par value of one hundred dollars for such new stock in such manner as the board of directors of the said company shall direct, at the time of subscribing; and, on delivering up their certificates of old stock, they shall receive, in lieu of every five shares of old stock and share of new stock, a certificate of six shares of
No stock to be issued at less than par value.
preferred stock: provided, that not more than one-half of the amount of such new stock, so taken by each stockholder, shall be required to be paid in by him, within one year after the acceptance of this act by the stockholders, as provided in the sixth section.
SECTION 3. No portion of the said stock, issued under the provisions of this act, shall be issued at less than its par value; the time and manner of issuing it shall be determined by the directors of the said company, who shall annually make report, in relation thereto, of their proceedings to the legislature of this State.
SECTION 4. The said stock, in the certificates issued therefor, shall be called preferred stock, and holders of shares, less than five in number, of a fractional excess of shares when the whole number is divided by five, may transfer their right to subscribe for new stock, and when the new stock is taken on such transfers, the certificates of the stock on which the said transfer is made may be surrendered, and certificates of preferred stock shall be issued instead thereof; and the board of directors are hereby authorized and empowered to declare and pay semi-annual dividends, out of the net earnings of said company, not exceeding six per cent. per annum on such preferred stock; and no dividends shall hereafter be declared and paid, upon any other shares of said company now in the hands of stockholders, except the same be paid out of the net surplus earnings of said company, after the payment of the dividends on the said preferred stock.
SECTION 5. When, after the payment of the dividends upon the said preferred stock, out of the net earnings of the said company, there shall be a surplus remaining, there shall be paid out of such surplus, semi-annual dividends, not exceeding six per cent. per annum, on all the old stock of said company held by stockholders and remaining unsur
rendered; and if there shall remain any surplus of the said Division of sur- net earnings, after paying all the dividends aforesaid, the
same shall be equally divided among the stockholders, upon all the stock of the said company, new and old, share and share alike.
SECTION 6. This act shall not take effect until the same shall be accepted by a vote representing at least three-fourths of all the stock of said company, at a stockholders' meeting specially convened for that purpose, or until the written assent of the holders of two-thirds of the stock shall be
obtained. Subject to future SECTION 7. This act may be altered, amended, or repealed, at the pleasure of the legislature.
May 22, 1851. [1852, 178; 1853, 336.]
Dividends on other stock.
When to take effect.
[1830, 92; 1844, 61; 1845, 25; 1850, 210.1
tional capital Traders' Bank, in Boston, are hereby authorized to increase stock. their present capital stock by an addition thereto of two hundred thousand dollars, in shares of one hundred dollars each, which shall be paid in such instalments as the president and directors of the said bank may determine : pro- Proviso. rided, that the whole amount shall be paid in before the first Monday in April, in the year one thousand eight hundred and fifty-two.
SECTION 2. The additional stock aforesaid, when paid into Liable to tax, &o. the said bank, shall be subject to the like tax, regulations, restrictions, and provisions, to which the present capital stock is subject.
Section 3. Before the said bank shall proceed to do Certificate to secbusiness on the said additional capital, a certificate, signed Commonwealth. by the president and directors, and attested by the cashier, under oath, that the same has been actually paid into the said bank, shall be returned into the office of the secretary of the Commonwealth.
SECTION 4. This act shall take effect from and after its passage.
May 22, 1851.
[1809, 113; 1811, 157; 1813, 194 ; 1834, 129.] An Act to change the Organization of the Board of Overseers of the Chan. 224
University at Cambridge. Be it enacted, &c., as follows : SECTION 1. The board of overseers of Harvard College, Overseers’ term
limited. as constituted by existing laws, shall continue until the day of the next annual meeting of the general court, and no longer.
SECTION 2. The governor, lieutenant-governor, president How constituted. of the senate, and speaker of the house of representatives of the Commonwealth, the secretary of the board of education, and the president and treasurer of Harvard College, for the time being, together with thirty other persons, as hereinafter defined and described, and no others, shall, on and after the day of the next annual meeting of the general court, constitute the board of overseers of Harvard College, they, or the major part of them, present at any legal meeting, to exercise and enjoy all the rights, powers and privileges, and be subject to all the duties of the existing board of overseers.
SECTION 3. The thirty persons, who, in addition to the How divided. et officio members thereof, now constitute the board of overseers, shall be divided into three classes of ten each, by lot or otherwise, as they themselves may determine; and the