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May BARP 9 money for certain purposes.
vote by proxy.
ceeding in case
Sect. 5. Be it further enacted, That in all legal meet Number of votes ings of said Corporation, each proprietor shall be entitle
to one vote for every share held by him, but no proprieto shall be entitled to more than one fifth of the number o all the votes, and at said meetings the said Corporation : may assess such sums of money as may be deemed neces
sary for the purposes of said Corporation, Provided thal two thirds of the voters concur therein, and, Provided fur. ther, that the object for which such assessment is intended, is made known by posting up notice in some public place in the town of Frankfort, and publishing the same in one or more of the newspapers printed in Bangor,
ten days at least before such meeting, and at any meeting Proprietors may of said Corporation each proprietor may vote by proxy
specified in writing.
Sect. 6. Be it further enacted, That if any Proprietoi Manner of pro- shall refuse or neglect to pay any assessment which maj any proprietorbe ordered at any meeting of the proprietors, the Presi
dent and Clerk, may cause such share or shares of suc delinquent as may be sufficient to pay such assessment, I be sold at public auction, to the highest bidder, after giv ing thirty days notice, in writing by posting up in son public place in Frankfort, and publishing in some newsp per printed in Bangor, and after deducting the amo assessed and unpaid, together with the charges of sale, t surplus, if any, shall be paid over to such proprietor, an the purchaser of such share, or shares, shall be entitled 1 receive from the President and Clerk a certificate of th same.
Sect. 7. Be it further enacted, That the first meeting o this Corporation may be called at such time and place a may be determined upon by a majority of the persons named in the first section of this Act, by publishing notic: thereof in one or more newspapers printed in Bangor, an posting notice at some public place in the Town of Frank
fort, ten days at least previous to the time of such meet. Oficers, when ing, and the proprietors at such meeting, may choose ?
President, Treasurer, Clerk and such other officers as may
neglects to pay assessments.
Manner of calling first meeting
and how chosen.
be thought necessary to carry into effect the purposes of
AN ACT to incorporate the Hancock and Penobscot Rail Road Company.
Approved March 1, 1836. Sect. 1. Be it enacted by the Senate and House of Representatives in Legislature assembled, That Daniel Waldo and Name of corporahis associates in Maine, Massachusetts and New York, their successors and assigns, be and they hereby are made a body politic and corporate by the name of the Hancock Corporate name. and Penobscot Rail Road Company, and by that name, General powers. shall have power to prosecute and defend suits at law, to have and use a common seal, and generally to have and enjoy all the powers and privileges, incident to similar Corporations, so far as the samne may be necessary to carry into effect the purposes of this Act; and they are hereby authorized to locate, construct and maintain a Rail Road, from such a point on Frenchman's Bay through Ellsworth to such a point on Penobscot River at or near Brewer, as shall be most expedient, with the rights and powers, and subject to all the provisions, restrictions and limitations, that are contained in the general Act of this State, defining certain rights and duties of Rail Road Corporations.
Sect. 2. Be it further enacted, That the powers of the Directors, certain Company, except at the legal meetings thereof, shall be vested in a Board of not less than thirteen Directors, who –how chosen. shall be chosen at the first meeting of the Company, and shall afterwards be chosen annually at such time as the by-laws of the Company may determine, and shall hold their offices for one year, and until others shall be chosen in their stead.
Sect. 3. Be it further enacted, That the Company shall By-laws, how eshave power to establish any by-laws not repugnant to the laws of this State, and the Directors shall annually elect
powers vested in. and taking up of
may consist of
from their own number, a President, Secretary, Treasurer, and such other officers as the said by-laws may prescribe, and shall have power sor the benefit of the stockholders, to employ and invest the proceeds of the Rail Road as they may see fit.
Sect. 4. Be it further enacted, That this grant shall be Time of survey void unless the route of said Rail Road shall be surveyed stock limited."" and a return made to the County Commissioners, and also
the Governor and Conncil, and the stock taken up by the first Wednesday of January next, and half the distance at least of the whole route grubbed within two years, and graded within four years, and unless said Rail Road shall be in operation within six years from the passing of this Act.
Sect. 5. Be it further enacted, That the Capital Stock Capital stock of said Company may consist of five hundred thousand $500,000-how dollars and shall be divided into shares of five hundred
dollars each; and each share shall be entitled to one vote. Provided, no member shall be allowed more than thirty votes. And that it shall be the duty of said Company to cause books to be opened at New York,Boston and Bangor, and to be kept open for the term of thirty days for subscription to said stock, and notice thereof to be given in some public newspaper in each of said places during said ! term; and in case the amount subscribed shall exceed five hundred thousand dollars, the same shall be distributed among all the subscribers according to such regulations as the persons having charge of the opening of the subscription books shall prescribe before the opening of said books.
Sect. 6. Be it further enacted, That the Company may Company may es- from time to time, establish, demand and collect such tolls
for the transportation of persons, goods, wares and mer
chandize, or any article on said Rail Road as they may see -bound to keep fit.-And after they shall commence the receiving of tolls Rail road in good
shall be bound at all times to have said Rail Road in good repair, and a sufficient number of suitable carriages and vehicles for the transportation of persons and articles and be
Company may establish rates of toll.
obliged at proper times and places to receive and convey the same when the appropriate tolls therefor shall be paid or tendered, Provided that the tolls aforesaid shall Proviso. not exceed ten cents per ton for each mile for such goods wares and merchandize; and Provided further whenever the profits arising from tolls, or otherwise, shall exceed the amount of twelve per cent. per annum on the actual cost of said Rail Road, after deducting all necessary disbursements in conducting its operations, then the Legislature Legislature may
reduce tolls, &c. shall from time to time have the right so to reduce such tolls as may have been established, not below twelve percentum per annum as aforesaid, as may be judged expedient. And to carry this provision into effect, it shall be the duty of said corporation, within twelve months after such Rail Road shall have been put in operation, or any. section thereof to make return to the Governor and Coun- Corporation to cil of the actual cost of said Rail Road, or section, and Gov. and Council annually thereafter of all the disbursements allowed by the Directors, and the rates of toll by them established, the amount of tolls and other profits received, and the rate of profit, or per centum on the cost aforesaid actually realized within the year. And if the Legislature shall not be satis- Legislature may fied with such return, the Legislature may require an examination into the affairs of the Corporation in such man- poration, &c. ner as they shall direct. And if it shall appear that the affairs of said corporation have not been economically conducted, and that the profits arising from tolls or other wise might have exceeded the maximum of twelve per centum per annum, or that any wilful evasion of the provisions of this section has been practised by said Corporation, then the Legislature shall have the right to make such reasonable reductions of the charges for disbursement aforesaid, allowed and charged by the said directors, as shall be judged economical, and from, such basis so to reduce the tolls and profits, not however below twelve per centum per annum, as aforesaid, as shall be judged expedient, any zhing in this Act to the contrary notwithstanding.
make return to
require an examination into the affairs of the cor
('ompany may pun hase and hold na pekary land and other property.
Provisions of "tan Act concerning corporations" not to apply, &c,
ing first meeting.
Sect. 7. Be it further enacted, That the Company may purchase and hold such land and other property as may be
necessary for the construction and use of said Rail Road, -may make us. and may make assessments on the shares and collect the
same, in such manner as may be prescribed in their by. laws.
Sect. 8. Be it further enacted, That the provisions of an " Act entitled “An Act concerning Corporations” passed ko. "“ March 17, 1831, shall not extend or apply to the Company
Sect. 9. Be it further enacted, That the first meeting Manner of call- of the Company may be called by Daniel Waldo, by pub
lishing the notice of such meeting three weeks successively in some newspaper printed in the County of Hancock or Penobscot, also in some newspaper printed in the City ol Boston, also in some newspaper printed in the City of New York--the last publication to be ten days, at least, before the time appointed for such meeting.
Sect. 10. Be it further enacted, That-if any person Persons injuring shall wilfully and maliciously, or wantonly and contrary longing to.corpo to law obstruct the passage of any carriage on said Rail treble damages, Road, or in any way spoil, injure, or destroy said ka
Road, or any part thereof, or any thing belonging therets or any material or implements to be employed in the ca struction or for the use of said Road, he, she, or thev, any person or persons, assisting, aiding, or abetting sui trespass, shall forfeit and pay to said Corporation for ever such offence, treble such damages as shall be proved be fore the Justice, Court, or Jury, before whom the tria shall be had, to be sued for before any Justice, or in any Court proper to try the same, by the Treasurer of the Corporation, or other officer, whom they may direct, to the use of said Corporation. And such offender or offenders shall be liable to indictment by the Grand Jury of the County, within which trespasses shall have been committed, for any offence, or offences, contrary to the above provisions, and upon conviction thereof before any court competent to try the same, shall pay a fine not
carriages, &c. be
and liable to indictment.
Offenders upon conviction to pay fine, &c.