Page:Federal Reporter, 1st Series, Volume 7.djvu/805

 HODSISB V. EENTUOKT A OBE^T BASTBBN BT. 00. .793 ���HoDDJEB, Assignee, ». The Kentuckt & G-bbat Bastebh Et. Co, and others.* �(Oireuit Oourt, D. Kantiteky. June, 1881.) �1. COBPOK ATIOKS— POWBB OF aoABD OF BiBBCTOBS TO ISSUB MoBTOAOa �Bonds — Concubbbkob of Stocehoudbbs. �Where the general management and control of the property, busi» ness, aud afCairs of a corporation were rested in the boaid of direct- ors and president; and the corporation -vras given power by the charter to issue and sell bonds and execute a mortgage to secure the same ; and the charter required the concurrence of the stockholders to authorize a different measure, (consolidation with another cpm- pany,) — h^^, that the board of directors and president had the power, without the concurrence of the stockholders, to authorize the issue of bonds and the execution of a mortgage upon the property of the Company to secure them. �2. BaMB— ACKNOWMIDGSIBINT OF MOBTaAaB BT FbBSIDBNT OuT OF THH �Btate. �The corporation was organized iinder the laws of Sentucky, and its property located there. Held, that a mortgage of its property covild be legally acknowledged by the president of the company in Ohio. �8. Same— Mortgage — Notice of Fobbclosubb — BBrKGma Suit. �The charter provided that " foreclosure" should not take place un- til 90 days' notice had been given by publication. HM, that such notice applied to the foreclosure itself, not tp the bringing of ai sttit for foreclosure. �4. MOBTGAGB OF RaILK0A1>— CONSTBUCTION OF TbKMS— WhAT PsOP. EBTT COVBBED— BbANCH RoAD — POWEE TO PDKCHASE AKOTHBB �RoAD— Ultea Vibes — Afteb-Acqdibbd Pbopebtt. �On demtirrer to the cross-bill of the Farmers' Loan & Trust Com- pany it appeared that the Kentucky & Qreat Eastern Railway Com- pany, in 1872, executed a mortgage to the Farmers' Loan & Trust Company upon its entire line of railroad extending from Newport, Kentucky, along the southern bank of the Ohio river, to Catlettsburg, Kentucky, " as the same is now or may hereafter be located or con- structed." The railroad company, at that time, had no power to build fluch a line of road, unless it came within the power to build branches to its main line. It was alleged that in July, 1871, the owners of the Maysville & Big Sandy Railroad sold that road, with all its rights and franchises, to the Kentucky & Great Eastern Company, and that on the flfteenth of June, 1873, said sale was coilflnned and ratifled by said owners. The Kentucky & Great Eastern Company had the power, under its charter, upon the assent of the holders of a majoc- ity in value of its stock, to purchase and hold any other road in �*Iteported by J. C. Harper, Egq., of the Cincinnati bar. ��� �