Not to enter upon

streets for the purpose of construcof council is duly

tion, until consent obtained.

Duty of existing

der to avail themselves of the pro

corporations in or

acted: And provided further, That no company, which may hereafter be incorporated under this act, shall enter upon any street, for the purpose of constructing thereon or therein any such motors, cables, or other appliances, until after the consent to such entry, of the councils of the borough, town, or city in which said street may be located, shall have been obtained; and that no company, heretofore incorporated, shall be permitted to avail itself of the provisions of the ninth section of this act until after it shall have filed in the office of the Secretary of the Commonwealth its stipulation, duly sealed and attested, binding it not to enter, for the purpose aforesaid, upon any street not theretofore occupied by it, with such motors, cables, or other appliances, without such consent to such entry of the councils of the borough, town, or city in which said street may be located. When so formed each of such corporations, by virtue of its existence, shall have the fol- corporate powers. lowing powers;

visions of this act.

sion.

First. To have perpetual succession by its corporate Perpetual succesname, subject to the powers of the General Assembly under the Constitution of the Commonwealth.

Second. To maintain and defend judicial proceedings. To sue and be sued. Third. To make and use a common seal, and alter the Common seal. same at pleasure, and to have a capital stock, not exceeding five millions of dollars, divided into shares as each of said companies may determine.

personal property.

Fourth. To hold, purchase, maintain, lease, mortgage, To hold real and sell and transfer real and personal property, as the purposes of the corporation may require.

Fifth. To make by-laws, not inconsistent with law. Sixth. To enter into any obligation necessary for the transaction of their business.

To make by-laws.

To enter into any

obligations.

To invest in stocks and bonds of other

corporations.

Seventh. To invest its funds in the purchase of shares of stock and bonds of any corporation, whose works, railway, motors or other property are leased, operated or constructed by it: Provided, That the total par value Value of such inof such shares of stock of other corporations, thus held, vestments limited. shall not, at any time, be in excess of fifty per centum of the aggregate par value of the shares of its own capital stock then issued, and that the total par value of such shares and bonds of other corporations, thus held, shall not, at any time, be in excess of the par value of the shares of its own capital stock then issued.

erty of passenger railway companies.

Eighth. To lease the property and franchises of pas- To lease the propsenger railway companies, which they may desire to operate, and to operate said railways.

SECTION 2. The charter of such intended corporation must be subscribed by five, or more persons, three of whom, at least, shall be citizens of this Commonwealth, who shall certify in writing to the Governor: First. The name of the corporation.

Second. The place or places where its business is proposed to be conducted, and the location of its general office.

What must be set

forth in application

for charter.

Notice of intended application.

Additional contents of certificate.

before recorder of

deeds.

And statements con

fied by affidavit.

Certificate, with endorsements, to be presented to and ap

ernor.

Third. The term for which said corporation is to exist, which may be limited as to time, or be perpetual. Fourth. The names and residences of the subscribers, and the number of shares subscribed by each.

Fifth. The number of its directors, and the names and residences of those chosen directors for the first year.

Sixth. The amount of its capital stock, and the number and par value of shares into which divided.

Notice of the intention to apply for any such charter shall be inserted in two newspapers of general circulation, printed in the proper county for three weeks, setting forth briefly the character and object of the corporation to be formed, and the intention to make application therefor. The certificate to the Governor shall state that ten per centum of the capital stock, named therein, has been paid in cash to the treasurer of the intended corporation, and the name and residence of the treasTo be acknowledged urer shall be therein given; said certificate shall be acknowledged by at least three of the subscribers thereto, before the recorder of deeds of the county in which its office is situated, and the subscribers shall also make tained therein veri- and subscribe an oath or affirmation before him, to be endorsed on the certificate, that the statements contained therein are true; the certificate so endorsed, accompanied with proof of publication of notice as hereproved by the Gov- tofore provided, shall then be produced to the Governor of the Commonwealth, who shall examine the same, and, if he finds it to be in proper form and within the purpose named herein, shall approve thereof and endorse his approval thereon, and direct letters patent to issue, in the usual form, incorporating the subscribers and their associates and successors into a body politic and corporate, in deed and in law, by the name chosen; and the certificate shall be recorded in the office of the Secretary of the Commonwealth, in a book to be by him kept for that purpose, and he shall forthwith furnish to the Auditor General an abstract therefrom showing the name, location, amount of capital stock, and name and address of the treasurer of the corporation. The original certificate, with all of its endorsements, shall then be recorded in the office for recording deeds in and for the proper county, and, from thenceforth, the subscribers thereto, and their associates and successors, shall be a corporation for the purpose and upon the terms named in said certificate.

Letters Patent.

Certificate to be re

corded in the office of the Secretary of

the Commonwealth, the Auditor General

who shall furnish

with an abstract thereof.

Also recorded in the office of the recorder of deeds of proper county.

Authorized to borrow money and secure indebtedness by mortgage.

Amount limited.

Rate of interest.

SECTION 3. It shall be lawful for all corporations named in this act to borrow money to secure any indebtedness created by them, by issuing bonds with or without coupons attached thereto, and to secure the same by a mortgage or mortgages, for the use of the bondholders, upon their property, real and personal, and their franchises, to an amount not exceeding one half of the capital stock of the corporation paid in, and at a rate of interest not exceeding six per centum.

Capital stock and

indebtedness may

capital stock may

be reduced.

Increase shall be

only for labor done, erty actually received, and not to of dollars.

or money or prop

exceed five million

May purchase real &c., for purposes of organization and therefor full paid

and personal estate,

business, and issue

and non-assessable stock.

Such issue of full paid stock shall be tificates, &c.

so stated in the cer

SECTION 4. The capital stock or indebtedness of any corporation, created under this act, may be increased, be increased, or or its capital stock may be reduced, from time to time, by consent of the persons, or bodies corporate, holding the larger amount in value of the stock of such company; but such increase of capital stock or indebtedness shall only be made for labor done, or money or property actually received, and not to a greater amount than five million of dollars. But every corporation, created under the provisions of this act, may purchase such real and personal estate, patent rights and other property, as is necessary for the purposes of its organization and business, and issue stock therefor, and the stock so issued shall be declared and taken to be full paid stock, and not liable to any further call or assessments; and in the charter and certificates and statements to be made, by the subscribers and officers of the corporation, such stock shall not be stated or certified as having been issued for cash paid into the company, but it shall be stated or certified in this respect according to the fact: Provided, That the total issue of capital stock of any one corporation, including the increase above permitted, shall not exceed five million dollars. SECTION 5. That any corporation, formed hereunder, desirous of increasing its capital stock or indebtedness as provided by this act, shall, by a resolution of its board of directors, call a meeting of its stockholders therefor, which meeting shall be held at its chief office, or place of business in this Commonwealth, and notice of the time, place and object of the meeting shall be published once a week, for sixty days prior to such meeting, in at least one newspaper, published in the county, city or borough wherein such office or place of business is situate.

Total issue of capiceed five million dollars.

tal stock not to ex

debtedness is de

When increase of
capital stock or in-
sired, meeting of
be called.
And held at the
of business in this
State, after due no-
sixty days.

stockholders must

chief office or place

tice published for

Election of stock

holders for or

against such increase shall be

taken.

How conducted.

SECTION 6. At a meeting thus called, an election of the stockholders of the corporation shall be taken for, or against, the proposed increase, which shall be conducted by three judges, who shall be stockholders of the corporation, appointed by the board of directors to hold the election; and if one or more of the judges be absent, the judge or judges present shall appoint a judge or judges, who shall act in the place of the judge or Judges absent, and who shall respectively take and sub- Judges to be sworn. scribe an oath or affirmation, before an officer authorized by law to administer oaths, well and truly and according to law to conduct the election to the best of their

ability; and the judges shall decide upon the qualifica. Their duties.
tion of voters, and, when the election is closed, count
the number or shares voted for and against such increase,
and declare whether the persons or bodies corporate
holding the larger amount of the stock of the corpora-
tion have consented to the increase, or refused to con-
sent thereto, and shall make out duplicate returns of
the election, stating the number of shares of stock that
voted for the increase and the number that voted against

Ballots to be endorsed.

and proxies executed, within a certain time, not to entitle holders to vote.

the same, and subscribe and deliver the same to one of the chief officers of the company.

SECTION 7. Each ballot shall have endorsed thereon. the number of shares thereby represented, and be signed by the holder thereof, or by the person holding a proxy Shares transferred, therefor, but no share or shares transferred within sixty days shall be entitled to a vote at such election or meeting, nor shall any proxy be received or entitle the holder to vote, unless the same shall bear date and have been executed within three months next preceding the election or meeting; and it shall be the duty of the corporation to furnish the judges of such meeting with a statement of the amount of its capital stock, with the names of persons or bodies corporate holding the same, and the number of shares by each respectively held, which statement shall be signed by one of the chief officers of the corporation, with an affidavit thereto annexed that the same is true and correct to the best of his knowledge and belief.

Judges to be furnished with a statement, verified by affidavit, showing amount of capital stock, number of shares and holders thereof.

If increase is con

sented to, copies of election, resolution filed in the office of the Secretary of the

the return of such

and notice shall be

Commonwealth within thirty days.

increase to be returned to him,

under oath, within thirty days thereafter, by the president or treasurer.

SECTION 8. It shall be the duty of such corporation, if consent is given to such increase, to file in the office of the Secretary of the Commonwealth, within thirty days after the election or meeting, one of the copies of the return of such election, with a copy of the resolution and notice calling same thereto annexed; and And amount of such upon the increase of the capital stock or indebtedness of the corporation, made pursuant thereto, it shall be the duty of the president or treasurer of such corporation, within thirty days thereafter, to make a return to the Secretary of the Commonwealth, under oath, of the amount of the increase and terms of the same, that is to say-the terms on which the additional stock is Penalty for neglect issued; and, in case of neglect or omission so to do, the corporation shall be subject to a penalty of one thousand dollars, which penalty shall be collected on an account settled by the Auditor General and State Treasurer as accounts for taxes due the Commonwealth are settled and collected; and the Secretary of the the office of the Sec- Commonwealth shall cause such returns to be recorded in a book to be kept for that purpose, and furnish a certified copy of the same to the Auditor General; and the corporation shall have the right to recover the same from the officer neglecting or omitting to file the return herein before required.

so to do, $1000.

Returns of election

to be recorded in

retary of the Commonwealth, and certified copies to be furnished the Auditor General. Liability of officer neglecting to make return.

Existing corporations, heretofore engaged in the busi

ness herein author

ized, upon acceptance of this act in

writing, and surren

der of its letters

patent, may become

a corporation under this act.

SECTION 9. Any company, heretofore incorporated for the purposes named in this act, upon accepting the provisions of this act in writing, under the seal of the corporation, filed in the office of the Secretary of the Commonwealth, together with a surrender of its letters patent or charter which shall be filled with said certificate, shall thereupon become and be a body corporate hereunder, and shall be entitled to and possessed of all the privileges, franchises and powers conferred by this act upon corporations to be created under this act, and all the properties, rights and privileges belonging to

&c., ratified and

And new corpora-
governed solely by
by this act.
letters patent to said
corporation under

tion thereafter to be

Governor to issue

old name.

such corporation theretofore acquired by gift, grant, And thereupon all conveyance, municipal ordinance, assignment or other property, rights, wise, upon said surrender, shall be and are hereby confirmed. ratified, approved, confirmed and assured to such corporation, with like effect and to all intents and purposes as if the same had been originally acquired by and under authority of this act; and such corporation shall thereafter be governed solely by the provisions of this act; and the Governor shall forthwith cause new letters patent, under this act, to issue to such corporation under the same name as the company had in the charter under which it was originally incorporated: Provided, That nothing herein contained shall be construed as a release of any restrictions, now existing, upon any passenger railway company as to the amount of fare, which it is entitled to charge, nor shall this act in any wise affect pending litigation: And Provided further, That any company thus becoming a body corporate, in the way above provided, shall be subject to all the contracts, duties and obligations theretofore resting upon the company whose charter is thus surrendered, or to which said company shall then be in any way liable.

passenger railway

Restrictions upon Companies as to the amount of fare to be leased, nor pending litigation affected. Existing contracts, &c., to remain in

charged not re

full force.

Bonus on capital

stock and increase

thereof.

SECTION 10. All corporations organized hereunder, or which may hereafter accept the benefits of this act, shall be liable to pay to the Commonwealth, upon every issue of capital stock and upon every increase thereof, the same bonus required to be paid by corporations organized under "the corporation act of one thousand eight hundred and seventy-four," which bonus shall be paid at the times and in the installments by when due and paythat act prescribed. Corporations heretofore organized, which shall avail themselves of the provisions of this act, shall be credited with the amount of any such bonus by them severally theretofore paid.

APPROVED: The 22d day of March, A. D. 1887.
JAMES A. BEAVER.

able.

Bonus previously

paid to be credited

No. 10.
AN ACT

To limit the hours of labor of conductors, drivers and employés of horse, cable and electric railways.

SECTION 1. Be it enacted, &c., That from and after the passage of this act, it shall be unlawful for the president, board of directors, superintendent or other agents of any horse, cable and electric railway company to permit or suffer any conductor, driver, or any other person in the employ of any such company, to work more than twelve hours in any one day in the

Twelve hours to work.

constitute one day's

service of such company; Provided, That all necessary overwork to be paid labor, over and above the time set by this section, shall for. be considered overwork, for which the laborer shall receive additional compensation.