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Advertise sale.

York county, for the faithful performance of the trust, (the
security to be approved by the said court,) and also advertise
the sale of the same, if the trustees decide to sell at public
outcry, by at least ten written or printed handbills, to be
posted in the most public places in the neighborhood of said
APPROVED— The 27th day of June, A. D. 1873.


No. 313.

Supplemental to an act, entitled “An Act to incorporate the Madi-

son Improvement Company," approved the ninth day of May,
Anno Domini one thousand eight hundred and seventy-one.

Section 1. Be it enacted, &c., That the name of the Madi. Name changed.

son Improvement Company, incorporated by an act of the general assembly of the commonwealth of Pennsylvania, approved on the ninth day of May, Anno Domini one thousand eight hundred and seventy-one, be and the same is hereby changed to the United States Guarantee and Railway Con

struction Company. Capital stock may

SECTION 2. The capital stock of said company may, at the option of the stockholders, or a majority in value thereof, be changed from currency to a gold basis, and be divided into shares of not exceeding one thousand dollars and not less

than one hundred dollars each, and the same may be increased May to increased. from time to time, by the issue of additional shares, in such

amounts as may be fixed, not exceeding one thousand dollars nor less than one hundred dollars each, as said company may see fit; the said corporation, in addition to the powers and privileges heretofore granted by the act aforesaid, shall have

me changed.


Addittonal powers conferred.

First. To hypothecate or sell the securities received in payment for work done and to be done ; to use the same to the best advantage in the interest of the company; to execute contracts made by other railroad or construction companies, on such terms and conditions as may be agreed upon by the parties and be approved by a majority of the stockholders.

Second. To purchase, own, manage, transfer and convey all and every kind of real and personal property, which may be needful in enhancing or improving the value of the company's property, or of such property as the company may receive in payment or acquire in settlement of its claims or rights, or purchase or take possession of under and by right of foreclosure of mortgages for the benefit of the company; to issue bonds, to sell and dispose of the same, and to execute mortgages and deeds of trust and secure the payment thereof: Provided however, That at no time shall the amount of such bonds outstanding exceed the par value of bonds of full paid shares of railroad stock, and of mortgages held and received by the company for work done or to be done,


and of the market value of its real estate ; all collaterals pledged or to be pledged as security for the company's issue of bonds are to be placed in the hands of trustees, and may be changed from time to time in the joint discretion of the company and the trustees : Provided, The securities pledged shall not thereby be lessened; the collaterals pledged or to be pledged as security for the company's issue of bonds, shall only consist of the bonds and full paid shares of stock in such railroads as the company has or may have constructed and equipped, or acquired by purchase, or of such real estate or mortgages on improved or unimproved real estate as may be acquired by the company in the progress of its business.

Third. To execute and deliver all such notes, bonds, contracts and obligations in writing as may be deemed necessary for the business of said company, the same to be signed by the president and treasurer of the company,

and to bear the seal of the company.

SECTION 3. All the powers of said corporation shall be ex- Management of ercised and its business and affairs shall be conducted and managed by a board of fifteen directors, except as provided in this act. The said directors shall have the management of the company's affairs, and a majority thereof shall constitute a quorum for any business, and a majority of those present at any meeting shall control.

SECTION 4. When the subscription books of said company Preference in submay be opened for an increase of capital stock, the holders scribing for inn of shares theretofore issued and then outstanding shall have preference in subscribing for the proposed incrcase, to such an extent and in such manner as the board of directors may determine.

SECTION 5. The said company shall have power to call in Calling in of stock. the amount of capital stock by instalments. If any subscriber shall fail to pay any such instalment after sixty days' notice requiring payment thereof, the said board may in its discretion release the subscriber and refund to him the instalments already paid, either in full paid stock or cash, or may enforce payment of the entire subscription.

SECTION 6. The board of directors chosen at the first How long first die meeting of the stockholders shall hold office for such term rectors to hold as the stockholders may by resolution determine and until their respective successors are chosen, and the board shall have power to fill vacancies.

SECTION 7. The board of directors shall choose from their omcers, agents, number a president of the company and one or more vice clerks, &c. presidents. The board shall also choose a secretary and treasurer and provide for the appointment and employment of such other officers, agents, clerks and servants as may be deemed proper. The board may also constitute a part of their number an executive committee, with such powers as the board may from time to time see proper to confer on said committee.


SECTION 8. Certificates shall be issued for shares of stock Certificatos of on request of the stockholders, and shares shall be transfera


Shares transferable.

Individual liability.

ble on the books of the company by the shareholder or bis attorney on the return of certificate issued therefor.

SECTION 9. The stockholders of said company shall be in dividually liable for the dues of the company to the amount of capital paid on their respective shares, until said shares shall be fully paid up and to no other or greater amount, and such liability shall not be enforced against any stockholder until after judgment has been rendered against the company for said dues and execution has been returned unsatisfied

thereon. Books to be open SECTION 10. The books of the company shall be open for for inspection.

inspection to such officer of the state as the governor may designate and to such person as the legislature may appoint

for that purpose, at all times during hours of business. How net profits to Section 11. The net profits of the company shall, at the be divided.

discretion of the board, be divided in the order as follows, viz:

First. An amount cqual to ten per cent. on its capital stock, to the stockholders, in proportion to the sums paid in on their respective shares.

Second. An amount equal to twenty per cent. on its capi. tal stock to be applied to the formation of a reserve fund until such reserve fund shall become equal to the outstanding amount of bonds or obligations issued by the company.

Third. Of the then remaining balance, three-fourths to be divided among the stockholders as a supplementary dividend, and one-fourth to the founders, to be divided amongst them

in proportion to their respective shares as the board of diSpecial founders rectors shall by resolution direct; a special founders' scrip scrip.

shall be created to represent the rights of founders, and such scrip shall be issued to the founders and may be made payable to bearer or registered; the same shall be transferable on the books of the company like its capital stock, and the rights of the founders or their assigns shall follow the same; the founders shall be the persons designated as such by the by-laws of the company passed at the first meeting of the stockholders.

SECTION 12. No loan shall be made, directly or indirectly, to any officer of the company, nor shall any loan or advance of money be made at a rate of interest exceeding the legal rate.

Section 13. Said company shall be taxable only on the dividends and net dividends on its capital stock, and upon its net earnings or

income, only in proportion to the amount actually earned by it within the state of Pennsylvania ; its earnings and income derived from its business beyond the limits of this common

wealth shall not be liable to taxation. Repeal.

Section 14. All acts and parts of acts inconsistent with this act so far as the same relate to the company aforesaid are hereby repealed. APPROVED— The 9th day of July, A. D., 1873.



How taxable on


No. 314.

Relative to the assessments in the borough of South Bethlehem,

county of Northampton.
SECTION 1. Be it enacted, &c., That from and after the
passage of this act, all real estate and personal property
made taxable by the laws of this commonwealth, in the bor-
ough of South Bethlehem, shall be made by the assessors of
the several wards of this borough acting together, so that
the valuations of property in each ward shall be fixed by
the joint action of all the assessors, or a majority of them,
and hereafter no assistant assessors shall be elected in said
APPROVED—The 9th day of July, A. D. 1873.


No. 315.

To an act to incorporate the Wayne County Railroad Company, ap-

proved March fourteenth, one thousand eight hundred and seven-
two, to authorize a change of the name of said company, an increase
in the number of directors, the extension of said railroad, and con-
solidation of same with other companies.

Section 1. Be it enacted, &c., That the name, style and Name changed. title of the Wayne County Railroad Company, be and the same is hereby changed to the Pennsylvania Inland Railroad .Company, the same to take effect as soon as the president of said company shall have notified the auditor general that the board of directors have accepted the provisions of this act; and the stockholders of said company may, at any meet- Increase of direcing, enlarge the number of directors so as not, in the whole, to exceed fifteen directors.

SECTION 2. That said railroad company be and the same may extend road is hereby authorized to extend its road southward to Pittston, ånd thence by the most feasible route to the Delaware river, in Smithfield or Middle Smithfield township, in the county of Monroe, and there, with the concurrence of the state of New Jersey, to construct and 'maintain a bridge Bridge river, and across the river, and extend the road across the same, to in New Jersey. connect with any railroad built or to be built in the state of New Jersey, with power and authority to cross at grade and Right to cross at connect with any railroad or railroads across or near to the grade, construct line of said railroad, with all the rights, powers, privileges and authority now granted by law to the Philadelphia and Erie Railroad Company to construct and operate branches.

SECTION 3. That the said railroad company may, at any time, lease or purchase any coal, or coal and iron mines: Pró- May lease coal, or vided, The quantity of land which said company may, at any one time own or lease, except for their road beds, shall not

to Delaware river. Operate same.

coal .

Or cal and iron company.


exceed five hundred acres, and operate the same, transporting Lease road to coal, the yield of said mines over its road, or may lease said road

to any coal, or coal and iron company, now incorporated or or consolidate with that may be hereafter incorporated, or may consolidate with

any coal, or coal and iron company, now incorporated or that
may be incorporated, upon such terms not inconsistent with
existing laws, or may be agreed upon by the contracting par-
ties, and upon such consolidation being effected and con-
cluded, the president of such consolidated company, may
certify the same to the auditor general of the commonwealth,
and thereupon and thereafter such consolidated company
shall have and enjoy all the privileges, rights, immunities
and powers as the several companies had and enjoyed under
their respective charters: Provided, That no such consolida-
tion shall, in any manner, impair any contracts or liabilities al.
ready made or incurred by either of the contracting compå.
APPROVED—The 20th day of June, A. D. 1873.




Right to construct road.

No. 316.

AN ACT To incorporate the Turtle Creek Valley Railroad Company. SECTION 1. Be it enacted, &c., That A. J. Cassatt, R. D. Barclay, John P. Green and F. L. Stewart, be and they are hereby created a body politic and corporate by the name of the Turtle Creek Valley Railroad Company, with all the

powers and subject to all the provisions of an act, entitled Subject to.

"An Act, entitled 'An Act regulating railroad companies,"" approved the nineteenth day of February, one thousand . eight hundred and forty-nine, and of the several supplements thereto, except as herein otherwise provided.

Section 2. That the said company shall have the right to lay out, construct and operate a single or double track railroad, commencing at a point near Wall's station, on the Pennsylvania railroad, by a proper connection therewith, and extending thence by such practicable route as may be selected by the said company, to connect with the West Pennsylvania railroad either at or near Saltsburg station; or the said company may, in their discretion, construct the said road from any point in Allegheny, Armstrong, Indiana or Westmoreland counties, in the state of Pennsylvania, and to connect with any railroad in any of the said counties.

SECTION 3. That the capital stock of the said Turtle Creek Valley Railroad Company shall consist of two thousand shares of the par value of fifty dollars each, with the privilege of increasing the same, from time to time, to such numbers of shares not exceeding ten thousand, as to a majority of the directors may seem needful.

SECTION 4. That the directors of the said company are listire womesuey and hereby authorized to borrow, from time to time, such sums

of money as to them may seem necessary, not exceeding the


Capital stock.

Direetors may

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