Page:United States Statutes at Large Volume 34 Part 1.djvu/840

 810 FIFIY-NINTH CONGRESS. Sess. I. Ch. 3933. 1906. appertaining thereto. Said corporation is hereby vested with full and complete power to pledge, cucumber, and mortgage any or_all of its property and franc ises for the purpose of raising, obtaining, and securing such funds or moneys as may be needed for the construction, equipment, maintenance, and operation of said canals or anything - ap rtainini thereto. mgm or eminent Sec. 2. That the company, in addition to the powers expressed or °°""l"‘ implied in this Act, shall have the right of eminent domain, which shall be exercised as provided in the case of railroad and ship canal companies organized under the laws, respectively, of the States of Pennsylvania and Ohio. G•1>4¤·1 swck- Sec. 3. That the capital stock of the company shall not exceed four hundred thousand dollars r mile of canal proposed to be constructed, gm *”"°"“°" divided into shares of one lliindred dollars each, and the bonded indebtedness authorized by this Act shall not exceed four hundred thousand dollars per mile of canal proposed to be constructed, so that the sum total of stock issued and bonded debt created shall not exceed eight hundred thousand dollars per mile of canal proposed to be constructed: P*°*·‘*;, ,,-0,, Provided, /wwe·ve1·, That the amount of debt created by the issue of ' bonds shall in no case exceed the amount of stock subscribed for and id in in money or property at its fair value: H0v27ded further, Amount of swck That in no event shall the stock issued and debt created be more than md °°°° h”“t°d' mh be necessary to construct, equip, maintain, and operate said canals andy works pursuant to and in compliance with all the provisions of this ugond i¤¤¤¤ ¤¤¤¤¤¤‘- Act; and said company is hereby authorized to issue its bonds, secured , réussm usa. by mortgage or deed of trust u on its property and franchises, and the same shall be a first and prior lien to all other claims or demands upon J¤,<::¤ivgu¤g¢¥¤d the company: Pravidedfurthw, That all stock, bonds, and other evi- ` mia, ° n dences of indebtedness issued in excess of that allowed under the provisions of this Act shall be absolutely null and void. Dividends. Sec. 4. That no dividends shall be declared or paid whereby the capital of the compan · shall in any manner be reduced or impaired; nor shall any dividend be paid by the issue of additional capital stock or the creation of additional indebtedness. Sinkinsfund- Sec. 5. That the said company may from time to time set aside a portion of its net earnings to be a sinking fund for the redemption of its said bonds or securities, with or without unearned interest, at such times, in such proportion, and in such manner, by allotment or otherwise, as may be determined by the board of directors. ` h,8¤¤¤r¤¤¤1d¤¤’¤¤¤¢- Sec. 6. That as soon as at least five thousand dollars of stock for ` every mile of canal proposed to be constructed is subscribed and paid for in cash, the incorporators named herein, or a ma`ority of them, m§l¤¤¤¤¤ df direct- shall call a general meeting of the shareholders, to be lield in the city ‘ of Pittsburgh, Pennsylvania, for the urpose of electing a board of directors of said company, consisting ohnot less than nine of the shareholders, and of transacting any other business that may be done at a '1‘¤¤¤¤.e¤¤- shareholders? meeting. At such meeting the shareholders shall decide by a majority vote of the capital stock represented, either in person or by proxy, the length of the term or terms of the directors, and if the maiority decide to elect a portion of their directors for a term or terms onger than one year, it may and shall be legal for such company to divide the directors who are to be chosen into two, three, or four classes, and to elect the first class to serve for the term of one year, and the second, third, and fourth classes to serve for two, three, or four years, respectively; and at all ensuing elections of such company the shareholders shall elect only the number of directors neceswry to take the place of those whose term of office shall then expire, and such directors shall be elected for the longest term for which Noticeoimeeting. any class may have been elected as hereinbefore provided; and notice 1n writing signed by or on behalf of the incorporators, or a majority