Page:Acts of Arizona 1909.djvu/35

Rh

Section 1.&emsp;That Paragraph 866, Section 106, Chapter 7, Title 13 of the Revised Statutes of Arizona of the year 1901, be amended to read as follows:

866&emsp;(Sec. 106)&emsp;Railroad companies shall have the power to borrow from time to time on the credit of the corporation, and under such regulations and restrictions as the directors thereof may impose, such sums of money as they may deem necessary for constructing and completing their railroad, and to issue and dispose of bonds or promissory notes therefor, in denomination of not less than one hundred dollars, and at a rate of interest not exceeding ten per cent per annum, and also to issue bonds or promissory notes of the denomination aforesaid, and at the rate of interest aforesaid, in payment of any debts or contracts for constructing and completing their road, with its equipments and all else relative thereto: Provided, however, That the amount of bonds or promissory notes issued by such companies for the purposes aforesaid shall not exceed in all the amount of their authorized capital stock, and to secure the payment of said bonds or notes, may mortgage their corporate property and franchises. And the directors of such companies shall also provide, in such manner as to them may seem best, a sinking fund, to be specially applied to the redemption of such bonds on or before their maturity, and may also confer on any holder of any bond or note so issued for money borrowed, or in