Gambar halaman
PDF
ePub

pose of

or

visions of this act.

sion.

acted: And provided further, That no company, which may hereafter be incorporated under this act, shall enter Not to enter upon upon any street, for the purpose of constructing there- streets for the puron or therein any such motors, cables, or other applian- tion, until consent ces, until after the consent to such entry, of the coun- obtained. cils 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 per- Duty of existing mitted to avail itself of the provisions of the ninth sec- der to avail themtion of this act until after it shall have filed in the of. selves of the pro. fice 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;

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.

Fourth. To hold, purchase, maintain, lease, mortgage, To hold real and sell and transfer real and personal property, as the pur

personal property. poses of the corporation may require.

Fifth. To make by-laws, not inconsistent with law.

Sixth. To enter into any obligation necessary for the To enter into any transaction of their business.

obligations. Seventh. To invest its funds in the purchase of shares To invest in stocks of stock and bonds of any corporation, whose works, corporations. railway, motors or other property are leased, operated or constructed by it: Provided, That the total par value Value of such in. of 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.

Eighth. To lease the property and franchises of pas- To lease the propsenger railway companies, which they may desire to railway companies. operate, and to operate said railways. SECTION 2. The charter of such intended corporation What must be set

forth in application 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.

To make by-laws.

and bonds of other

.

for charter.

Notice of intended application.

of certificate.

before recorder of deeds.

fied by affidavit.

dorsements, to be

eror.

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 Additional contents 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 ac

knowledged by at least three of the subscribers thereto,

before the recorder of deeds of the county in which its And statements con- 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 conCertificate, with en- tained therein are true; the certificate so endorsed, ac

companied with proof of publication of notice as here. presented to and approved 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 po.

litic and corporate, in deed and in law, by the name Certificate to be re- chosen; and the certificate shall be recorded in the corded in the office office of the Secretary of the Commonwealth, in a book the Commouwealth, to be by him kept for that purpose, and he shall forththe Auditor General with furnish to the Auditor General an abstract there

from showing the name, location, amount of capital

stock, and name and address of the treasurer of the Also recorded in the corporation. The original certificate, with all of its

endorsements, shall then be recorded in the office for proper county.

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.

SECTION 3. It shall be lawful for all corporations

named in this act to borrow money to secure any inby mortgage.

debtedness 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.

Letters Patent.

of the Secretary

with an abstract thereof.

office of the re. corder of deeds of

Authorized to borrow money and secure indebtedness

Amount limited.

Rate of interest.

indebtedness may

Increase shall be

or

five million

issue

and non-assessable stock.

so stated in the cer.

tal stock

stockholders aust

SECTION 4. The capital stock or indebtedness of any capital stock and corporation, created under this act, may be increased, be increased, or or its capital stock may be reduced, from time to time, capital stock may by consent of the persons, or bodies corporate, holding the larger amount in value of the stock of such com- only for labor done, pany; but such increase of capital stock or indebted- erty actually re. ness shall only be made for labor done, or money or ceived, and motion property actually received, and not to a greater amount of dollars. than five million of dollars. But every corporation, May purchase real created under the provisions of this act, may purchase &c., for purposes of such real and personal estate, patent rights and other organization und property, as is necessary for the purposes of its organi- therefor full paid zation 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 state- Such issue of full ments to be made, by the subscribers and officers of the paid stock shall be corporation, such stock shall not be stated or certified tificates, &c. 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 capi. Total issue of capital stock of any one corporation, including the increase teed five million above permitted, shall not exceed five million dollars. dollars.

SECTION 5. That any corporation, formed hereunder, When increase of desirous of increasing its capital stock or indebtedness capitainete kolein

debtedness is de as provided by this act, shall, by a resolution of its sired, meeting of board of directors, call a meeting of its stockholders be called. therefor, which meeting shall be held at its chief office, And held at the or place of business in this Commonwealth, and notice of business in this of the time, place and object of the meeting shall be State, after due vopublished once a week, for sixty days prior to such meet- sixty days. ing, in at least one newspaper, published in the county, city or borough wherein such office or place of business is situate.

SECTION 6. At a meeting thus called, an election of Election of stock the stockholders of the corporation shall be taken for, ngainst such in

against, the proposed increase, which shall be con ducted 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 corporation have consented to the increase, or refused to consent 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

chief office or place

tice published for

holders for

crease shall be taken. How conducted.

dorsed.

cuted, within a certain time, not to entitle holders to vote.

Judges to be fur. nished with a state

affidavit, showing

shares and holders thereof.

sented to, copies of the return of such

and notice shall be

Commonwealth

the same, and subscribe and deliver the same to one of

the chief officers of the company. Ballots to be en

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 and proxies exe

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 elec

tion or meeting; and it shall be the duty of the corpoment, verified by ration to furnish the judges of such meeting with a

statement of the amount of its capital stock, with the amount of capital stock, number of 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. If increase is con- SECTION 8. It shall be the duty of such corporation,

if consent is given to such increase, to file in the office election, resolution of the Secretary of the Commonwealth, within thirty filed in the office of days after the election or meeting, one of the copies of the Secretary of the

the return of such election, with a copy of the resoluwithin thirty days tion 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 corporathirty days there- tion, within thirty days thereafter, to make a return to after, by the presi

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, so to do, $1000.

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 retary of the Com- in a book to be kept for that purpose, and furnish a certified copies to certified copy of the same to the Auditor General; and Auditor General. the corporation shall have the right to recover the same Liability of officer from the officer neglecting or omitting to file the return

herein before required. Existing corpora

SECTION 9. Any company, heretofore incorporated for

the purposes named in this act, upon accepting the proengaged in the busiuess herein author: visions of this act in writing, under the seal of the cor

poration, filed in the office of the Secretary of the Com

monwealth, together with a surrender of its letters. putont, may become patent or charter which shall be filled with said certifia corporation under

cate, 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

increase to be returned to him, under oath, within

dent or treasurer.

Returns of election to be recorded in

be furnished the

neglecting to make return.

tions, heretofore

ized, upon acceptance of this act in writing, and surrender of its letters

this act.

passenger

charged not re

[ocr errors]

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 And new corporathereafter be governed solely by the provisions of this ton thereafter to be

governed act; and the Governor shall forthwith cause new letters by this act. patent, under this act, to issue to such corporation of testpartorissue under the same name as the company had in the corporation under charter under which it was originally incorporated : Provided, That nothing herein contained shall be con- Restrictions upon strued as a release of any restrictions, now existing, companies as to the upon any passenger railway company as to the amount amount of fare to be of fare, which it is entitled to charge, nor shall

this act leased, nor pending in any wise affect pending litigation: And Provided litigation affected. further, That any company thus becoming a body cor- Existing contracts,

, porate, in the way above provided, shall be subject to &c., to remaiu in 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

SECTION 10. All corporations organized hereunder, or Bonus on capital which may hereafter accept the benefits of this act, stock and increase 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, able. which shall avail themselves of the provisions of this act, shall be credited with the amount of any such paid to be credited bonus by them severally theretofore paid. APPROVED: The 22d day of March, A. D. 1887.

JAMÉS A. BEAVER.

full force.

way liable.

Bonus previously

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 Twelve hours to

constitute one day's the passage of this act, it shall be unlawful for the work. 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 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.

« SebelumnyaLanjutkan »