Page:Acts, Resolutions and Memorials, Adopted by the First Legislative Assembly of the Territory of Arizona.djvu/58

52 shall have the exclusive right to determine, select, and locate a line of road, commencing at a point on the 109th meridian, the eastern boundary line of this Territory, and to extend westerly across the entire Territory, over such selected route to the Colorado or western boundary; and said company shall have the right to construct, use, and maintain side tracks, tram-roads, and branches to adjacent mines or towns, or to connect with other railways; and shall also have the power to connect their telegraph lines with any telegraph lines made or to be made in or through California, Nevada, Utah, New Mexico, or Mexico, or any adjoining State or Territory; and said company may unite and be consolidated with any other railroad companies now or hereafter established, for the purposes above named, in any of the States or Territories aforesaid, upon such terms as they may think just and proper.

The capital stock of said company shall consist of shares of fifty dollars each, and of such amount as the company may determine, and shall be deemed personal property, and may be transferred in such manner and in such places as the by-laws shall direct, and the persons named in the first section of this act, or a majority of them, or of the corporators named therein residing in this Territory, may open books of subscription to the capital stock, at such times and places as they may deem expedient, and when one thousand shares shall have been subscribed, and one per centum of the subscription paid thereon, the shareholders may proceed to organize said company, and may elect five or more directors, and the directors when chosen may, and they are hereby authorized and empowered, in the name, and in behalf of the said company, to have and exercise all the rights, powers, and privileges which are intended herein to be given; they may accept any grants of lands or other endowment, or aid given or granted them for the above purposes, by the United States or this Territory, or obtain the same in any other lawful way, and they may from time to time increase their resources by borrowing money, and may for that purpose mortgage or pledge any property, real or personal, which they may have, and issue bonds on the same in such sums and payable in such manner as they may think proper.

The by-laws of said company shall prescribe the manner in which the officers and agents of the company shall be chosen, and designate their power and duties, and terms of service, and compensation, and may provide for the forfeiture of shares in case of default of payment therefor.

That it shall be lawful for the said company to charge and receive such tolls and freights for the transportation of passengers and freight on said roads and branches, and for the transmission of messages by telegraph as shall be fixed by them, subject to revision by the Legislative Assembly.

That the said company may, at any time after the passage of this act, locate their said roads, telegraph lines, and branches, and may take sufficient land for the same, and for such buildings and such uses and purposes as they may require to carry into effect the purposes of this act; and in case they cannot agree with the owner of any land, stone, earth, or other materials wanted for the construction of said roads, the said company may apply to the probate judge of the proper county, and the said judge shall direct the sheriff to summon a jury of six disinterested persons, who shall upon oath estimate the value of the earth, stone, land, or materials taken