Page:Acts, Resolutions and Memorials, Adopted by the First Legislative Assembly of the Territory of Arizona.djvu/35

Rh That said commissioner shall examine said roads, and make report in writing to the governor what improvements said company have made in said roads, and the cost of the same, and whether in his opinion said company have complied with the terms of this act; and if the governor and said commissioner shall agree in opinion that one or either of said roads is safe and passable, and that said company in good faith have complied with the terms of this act, he shall give the said company a certificate of the fact, and authorize said company to collect tolls upon said road or roads as aforesaid, and shall lay before the next Legislative Assembly copies of all such papers; and if said company shall not construct and complete said road and dig said wells, as required by this act, within the time prescribed as aforesaid, then they shall forfeit all the powers and privileges hereby granted.

That if any person shall neglect or refuse to pay the toll authorized by this act, for any animals or teams owned or drawn by him, when demanded by any person authorized to receive the same, he shall be liable for three times the amount of toll legally due from him, to be collected on complaint in the name of said company, in any court of competent jurisdiction, and the animals owned by him or in his charge shall be liable to be taken to satisfy the judgment and execution for the debt and the costs thereon.

That the capital stock of said company shall consist of two hundred thousand dollars, which may at any legal meeting be increased to five hundred thousand, to be divided into shares of one hundred dollars; each one of said shares shall be considered as personal property, and may be bought and 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.

That the officers of said corporation shall consist of a president, secretary, treasurer, and three directors, 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 are duly elected and qualified; and said officers may be removed from office whenever a majority of said 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 conceded to said company shall be and continue for the term of thirty years from the passage of this act, and at the expiration of said term said roads shall be relinquished by them in good order, and shall always remain for the benefit of the Territory or State; but it is understood that the said company may sell or retain any real estate owned or possessed by them, and divide all proceeds of the same, in proportion to the shares held by them, among the stockholders.

The meeting to organize said company under this act shall be held at Cerro Colorado, on the 1st day of January next, and a majority of the persons named therein shall constitute a quorum for the transaction of business, and they may make by-laws and transact any other business that may be necessary to organize this corporation.

That the rates of toll contained in section second shall be plainly