OF RAILROADS. thereto, and to be exercised therewith, shall immediately vest in and absolutely belong to the said The Delaware Railroad Company, its successors and assigns as provided by the preceding section of this act. The said deed shall be lodged in the office of the Recorder of Deeds in and for New Castle County for record within ninety days from the date of its delivery; and the said deed, or the record thereof, or a certified copy of such record shall be conclusive evidence of such sale and conveyance, and also that all the antecedent conditions to its delivery by this act prescribed, have been fully · observed and complied with. struct branch SECTION 3. That in addition to the powers in that behalf possessed by it under existing legislation it shall and may be lawful for the said The Delaware Railroad Company, and Mand it is hereby expressly authorized and empowered to locate, operate a construct, maintain and operate a branch railroad of one or railroad. more tracks, to commence at a point on its main line of railroad at or near the town of Dover, and run thence by the most feasible and desirable route to be determined by its directors to a point on the line of railroad of the Delaware, Maryland and Virginia Railroad Company, either in Kent Location. or Sussex County, at or near the town of Milford; and for that purpose to purchase, hold and use, or enter upon, take and appropriate all such land and materials as may be necessary; Provided that before the said company shall enter upon Proviso. or take possession of any such land and materials it shall make ample compensation to the owner or owners thereof, or parties interested therein; the amount of such compensation to be ascertained either by agreement with the parties or by proceedings for condemnation. For the purpose of the condemnation of such land and materials as may be needed by the said company, either for the location and construction of the branch hereby authorized or for the location and construction of an additional track or siding on its main line of railroad, as well that which it now owns as that which it may acquire either by purchase or consolidation under this act, Rights and the said The Delaware Railroad Company shall have, exercise and be possessed of all the rights, powers and remedies which are specified and provided in and by section 2 of the act of the General Assembly passed February 24, 1853, entitled "A supplement to the act entitled An Act to incorporate the Delaware Railroad Company," passed February 22, 1849. SECTION 4. That the said, the Delaware Railroad Com- May issue pany, be and it is hereby expressly authorized and empowered, powers. bonds. Proviso. Rate of interest. May be guaranteed. OF RAILROADS. either at one time or from time to time, as and when its directors shall deem neeessary for the purposes of the said company, to make, issue and dispose of its bonds (which may or may not at the pleasure of the company be converted into the capital stock thereof at its par value) to such an amount as may be deemed necessary for the said company's purposes. Provided, however, that the total amount of the bonded debt. of the said company, as well that now existing as that which may be created under the authority of this act shall not exceed two millions of dollars. The said bonds shall bear interest at a rate not greater than six per centum per annum, and the said company is authorized and empowered to make execute, acknowledge and deliver to a trustee or trustees a mortgage or mortgages of all the property and franchises of the said company of every kind, nature and description (as well as that now owned and possessed by it as that which may be acquired or constructed under the authority of this act) to secure the payment of the said bonds, principal and interest according to their tenor. The said bonds may be guaranteed by the Philadelphia, Wilmington and Baltimore Railroad Company on such terms and conditions as may be agreed upon between the two companies, and the power and authority to guarantee the same is hereby conferred upon the said last mentioned company, but they may be issued without such guarantee; provided, however, that any mortgage to be executed under the authority conferred by this section shall be subordinate in its lien to any mortgage now existing upon the franchises and property of the Delaware Railroad Company, the franchises and property of either of the several railroad companies authorized to be consolidated by Section 5 of this SECTION 5. That it shall and may be lawful for the Delaconsolidate ware Railroad Company at any time to consolidate and form union with the following companies, or any one or more of companies. them, to wit: "The Delaware and Chesapeake Railway," "The Cambridge and Seaford Railroad Company,' Queen Anne and Kent Railroad Company" and "The Delaware, Maryland and Virginia Railroad Company," in the same manner, subject to the same limitations, conditions and restrictions, and with the like effect as stipulated and provided in Sections 1 and 2 of the act entitled "An act to authorize the Delaware and Chesapeake Railway to consolidate and form a union with "The Philadelphia, Wilmington and Baltimore Railroad Company," passed at Dover, February 1, 1883, and said Sections 1 and 2 of said last mentioned act Lawful to with certain act. a The OF RAILROADS. or liens not shall be applicable to the consolidation and union by this section authorized as fully and completely as if the same had been herein enacted in totidem verbis; except, however that the consolidation and union by this act authorized may be effected at one time with all, or at different times with either of said companies; and except further that no debts of any of the said companies so authorized to be consolidated, nor any mortgage or mortgages, or other liens upon the property of Mortgages either of the said companies shall be in anywise affected, im1- affected. paired, altered or changed by reason of such union or consolidation, nor shall the liability to taxation of either of the said companies, as the same is now provided by law be thereby altered and changed; but on the contrary each of said companies so consolidated shall be deemed and taken in existence. for the purposes of enforcing the payment of any such debt, mortgage or lien, and responding to such liability for taxation; and all legal remedies for enforcing the same are hereby preserved against each of the said companies so consolidated; and such remedies may be pursued against each of them respectively as fully to all intents and purposes as though no such consolidation had been effected. And in any suit or proceedings against either of said companies so consolidated, service of process or demand made upon any director of the consolidated company shall be a valid and sufficient service How made. upon the company so sued or proceeded against. The company created by any such union and consolidation as is by this act authorized shall be known as "The Delaware Railroad Company," and that shall be its corporate name and title, and the said The Delaware Railroad Company, as well after as before any such consolidation shall have been effected shall have power and authority to make and enter into any agreement with the Philadelphia, Wilmington and Baltimore Railroad Company for the equipment, maintenance and operating by the said last mentioned company of any such additional lines of railroad and other property as it may acquire either by purchase, construction or consolidation authorized by this act in the same manner and with the like effect as is now provided by law for the equipment, maintenance and operation of its present line of railroad. Service. increased. SECTION 6. That when and as union and consolidation Number of shall be effected under authority of this act the said The directors Delaware Railroad Company shall have power from time to time to increase the number of its directors. Provided, however, that the number of such directors shall not exceed Shall not limit or re strict any of the franchises possessed by said company. OF RAILROADS. eighteen, and that at least ten thereof shall be residents of this State and be apportioned to the several counties as now provided by law. SECTION 7. That nothing in this act contained shall be so construed as in anywise to limit, restrict or impair any of the rights, powers, franchises and privileges which the said company is possessed of under any act of the General Assembly of this State. This act shall be a public act, and power to revoke the same for any abuse or misuse of the privileges hereby granted is reserved to the Legislature. Passed at Dover, April 13, 1887. Section 5. Volume 14. CHAPTER 156. OF CITIES AND TOWNS. AN ACT to amend Section 5, Chapter 126. Volume 14, Laws of Delaware. Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met, two-thirds of each branch thereof concurring: SECTION I. That section 5 of chapter 126, volume 14, Chapter 12 Laws of Delaware, be and the same is hereby amended by amended. inserting in the thirty-first line, between the words "hundred and dollars," the words "and fifty." Passed at Dover, February 8, 1887. OF CITIES AND TOWNS. CHAPTER 157 OF CITIES AND TOWNS. AN ACT to authorize "The Mayor and Council of New Castle" to borrow Be it enacted by the Senate and House of Representatives of the State of Delaware in General Assembly met (two-thirds of each branch concurring therein): thorized to sum of exceeding certificates ble. SECTION 1. That (for the purpose of buying a steam fire Mayor and engine and all the apparatus, fixtures and paraphernalia Council auincident to and connected therewith, for the use and benefit borrow a of the City of New Castle,) "The Mayor and Council of New money not Castle" shall be and they hereby are authorized and empow-$5,000. ered to borrow upon the credit of the said city such sum or May issue sums of money as may be deemed necessary not exceeding in of indebtedthe aggregate five thousand dollars, ($5,000,) and for that ness. purpose may issue certificates of indebtedness of such denominations or amounts in such form and bearing such rate of interest not exceeding the legal rate as the said "The Mayor Date. and Council of New Castle" may deem expedient and proper. The said certificates of indebtedness shall all bear the same How payadate, and should the whole sum of five thousand dollars be borrowed as aforesaid, it shall be due and payable in the following proportion and manner, that is to say, one thousand dollars thereof on or before the expiration of one year from the dates thereof; one thousand dollars on or before the expiration of two (2) years from the dates thereof; one thousand dollars on or before the expiration of three (3) years from the dates thereof; one thousand dollars on or before the expiration of four (4) years from the dates thereof; one thousand dollars on or before the expiration of five (5) years from the dates thereof. If a less sum than five thousand dollars should How due and payable be borrowed under the provisions of this act it shall be due and payable in the same proportions and times as above specified, that is to say: One-fifth of the whole amount or sun, each and every year as aforesaid, so that the entire sum bor- Interest rowed may be satisfied and paid in five years from the dates may be of the said certificates of indebtedness. The interest upon low. the said loan may be paid annually or semi-annually, as the Mayor and Council of New Castle may deem expedient. Any and all sums of money borrowed as aforesaid shall be paid over to the treasurer of the said City of New Castle, to be Less sum. paid. |
