Page:1863-64 Territory of Dakota Session laws.djvu/162

 RAILROADS 183

as may be necessary for constructing, completing, and furnishing 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 there of, or any other property or effects, rights, credits, or franchise 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 holders.

Sec. 10. The said company may, annually, or semi-annually, make such dividends among the stock holders 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 immunitios accruing to the following named [aforementioned] persons and their successors in office, by the provisions of this bill, are declared to be perpetual.

Sec. 11. Said company have power to make, ordain and establish all such by-laws, rules and regulations as may be deemed expedient and necessary to fulfill the purposes and carry into effect the provisions of this act, and for the well ordering and securing the affairs and interests of said company: Provided, That the same be not repugnant to the Constitution of the United States and the laws of this Territory. This act, and all by-laws that may be adopted by the directors of said company, and all additions thereto, and alterations thereof, shall, from time to time, be printed in a convenient form, and be distributed among the stock holders of said company.

Sec. 12. The stock of said company shall be deemed personal estate, and shall be transferable in the manner and under such restrictions and conditions as may be provided by the by-laws of said company. And it is hereby further provided, that twenty per cent of the original capital stock of said company shall be denominated unassessible stock, which stock shall not