Page:1862 Territory of Dakota Session Laws.pdf/608

CHAP. XIX.] owner of land, the said company may occupy the same for the purpose of constructing the said road, upon filing good and sufficient bonds conditioned to pay all damages that may be adjudged against them, with the judge of the district court of the county, where the land is situated, and upon his approval of the same.

. 9. The said company are authorized and empowered to borrow, from time to time, such sums of money, not exceeding at any one time double the amount of stock subscribed, and upon which not less than five per cent. shall have been paid in, as may be necessary for constructing, completing, and finishing or operating said railroad, and to issue and dispose of their bonds in denominations of not less than one hundred dollars for any amount so borrowed, and to pay a rate of interest therefor not exceeding ten per cent. per annum, and to pledge and mortgage the said road and its appendages, or any part thereof, or any other property or effects, rights, credits, or franchises of the said company, as security for any loan of money and interest thereon, and to dispose of the bonds issued for said loan at such rates and on such terms as a majority of the directors may determine, and may make such bonds convertible into the capital stock of said company at the option of the holder; and the president and secretary shall have power, and it shall be lawful for them on the written consent of a majority of the directors, or by resolution passed at any regular or called meeting for such purpose, to issue certificates of indebtedness, or bills or promissory notes, duly certified and signed by each of them in their official capacity, to an amount not exceeding the whole amount of capital stock held by said incorporation, and the said company may provide a sinking fund for the redemption of said bonds, certificates of indebtedness, bills or promissory notes, out of the earnings of said road.

. 10. The said company may annually or semi-annually make such dividends among the stockholders as they may deem proper, said dividend to be declared out of the net profits, receipts, or income of said company, and after first having deducted from said net profits a reasonable amount to be set apart for a sinking fund for the ultimate liquidation of the indebtedness of said company. The rights, privileges, and immunities accruing to the following named persons and