Page:Acts, Resolutions and Memorials, Adopted by the First Legislative Assembly of the Territory of Arizona.djvu/38

32  The privileges conceded to said company are and shall be continued for the term of twenty years from the passage of this act, and at the expiration of said term said road shall be relinquished by them in good order, and shall always remain for the benefit of the Territory or the State; but it is understood that the said company may sell or retain any real estate owned or possessed by them, and divide the proceeds of the same, in proportion to the shares held by them, among the stockholders, after all debts of said company are paid; and said company shall keep said road in good repair, as required by this act, during the term for which this grant is made.

The meeting to organize said company under this act shall be held at Prescott, on the first day of January, A. D. 1865, 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 said company shall have the exclusive right to build and maintain such part of said toll-road as may be included within the space of one mile on either side of the road; Provided, that in no case shall said exclusive right interfere with any toll-roads that may be built between any other points in this Territory, or with any roads constructed by the people thereof other than toll-roads.

That it shall be the duty of said company, and they are hereby required, immediately upon the completion of said road, and before any tolls are collected by them, to cause to be put up in the most conspicuous manner, at each and every point upon said road where tolls are receivable or collected, a notice, whereon are legibly printed or written the rates of toll legalized and receivable under and by virtue of this act.

The Legislature shall have the right to change or modify the rates of toll at any time after the expiration of five years from and after the completion of said road.

This act shall take effect and be in force from and after its passage. November 3, 1864.

Be it enacted by the Legislative Assembly of the Territory of Arizona:—

That Rufus E. Farrington, T. M. Alexander, and John C. Dunn, and their associates, are hereby constituted and formed into a body politic and corporate, with the name and title of the Mojave and Prescott Toll-Road Company, and, with this name and under this style, shall have perpetual succession, sue and be sued, plead and be impleaded, to have and to keep a common seal, acquire, enjoy, and transfer either real estate or personal property, and may make or adopt all rules and regulations necessary to carry into effect the objects of this incorporation not inconsistent with, or repugnant to, the laws of the United States or those of this Territory.