Page:Acts, Resolutions and Memorials, Adopted by the First Legislative Assembly of the Territory of Arizona.djvu/32

26 That said company are hereby authorized and empowered to construct and operate a railroad from the Colorado River, at or near Castle Dome city, along such route or line as the incorporators of said company shall deem most feasible, to Castle Dome mines or the vicinity thereof, with the right to dig wells, construct tanks, culverts, station-houses, and depots, and do all other things necessary to complete and operate said road in a safe and convenient manner; and may receive as passage and freight money, in sums not exceeding the following rates, to wit: On each passenger over six years of age, ten cents per mile. On each hundred pounds weight of freight, two and one-half cents per mile.

That said company shall have the right of way over all lands of private individuals for the purpose of said road, and the erection thereon of all necessary tanks, station-houses, and depots; and if the compensation or damages to be paid therefor cannot be settled by agreement of the parties, the same shall be determined by the judge of probate of the county in which the land lies, upon complaint to him setting forth the facts; and the said company shall have the right to occupy, use and improve, or in any legal way acquire title to not more than ten acres at any point on said road, and not more than fifty acres at either terminus thereof—unless a greater amount may be granted them by the Congress of the United States, to enable said company to build and operate successfully.

That said road shall be deemed real estate, and it, together with other real property and the personal property of said body corporate, shall be liable on execution, and may be seized or sold to satisfy any claims or demands adjudged against it.

That the capital stock of said company shall be ten hundred thousand dollars, which may be increased at any legal meeting of the stockholders to fifteen hundred thousand dollars, to be divided into shares of one hundred dollars each,—and each one of said shares shall be considered as personal property, and may be bought or sold, assigned or transferred, in the manner and in such places as the stockholders, or a majority of them, may prescribe in their rules and regulations.

The officers of said company shall be a President, Secretary, Treasurer, and Board of Directors to consist of five members, who shall be stockholders of said company, and shall be elected by the stockholders of said company, or by a majority of them legally assembled, and shall hold their offices for one year from and after their election, and until their successors shall be duly elected and qualified; and such officers may be removed from office whenever a majority of the stockholders present at any legal meeting called for that purpose shall determine that they have been guilty of mismanagement or fraud in the discharge of their duties.

The privileges and rights conceded to said company by this act are, and shall continue, for the term of fifty years from and after the passage of the same, and that no other railroad shall be constructed between the same termini within one mile on either side of this road.

The Directors shall have full power to make and prescribe such by-laws, rules, and regulations as they may deem needful and proper, for the disposition and management of the stock, property, estate and effects of the company, not contrary to the charter or the laws of the United States and this Territory.