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INCORPORATION OF RAILROAD COMPANIES.*

AN ACT to provide for the incorporation of associations that may be organized for the purpose of constructing railways, maintaining and operating the same; for prescribing and defining the duties and limiting the powers of such corporations when so organized; and authorizing the same and all railroad companies of this State to own and hold the stock and securities of railroad companies of other states_owning connecting lines. [As amended by Act approved June 2, 1891; in force July 1, 1891. L. 1891, p. 184; Legal News Ed., p. 124.

1. Be it enacted by the People of the State of Illinois, Corporators. represented in the General Assembly: That any number of persons not less than five may become an incorporated company for the purpose of constructing and operating any railroad in this State, and that any and all railroads or transportation companies authorized to be incorporated and transact business in this State by virtue of this Act shall be and they are hereby authorized and empowered to purchase, own, operate and maintain any railroad sold or transferred under orders or powers of sale or decree of, or sale under foreclosure of mortgage or deed of trust, and corporations heretofore organized under the provisions of the Act hereby amended, their successors or assigns, shall have and possess

*Elevated ways and conveyors. See Corporations, Cn. 32. § 68.

Incorporation of railroad companies.

all the powers and privileges conferred by this Act. [As amended by Act approved May II, 1877. In force July 1, 1877. L. 1877, p. 163, Legal News Ed., p. 150.

Articles of in- 2. § 2. Such persons shall organize by adopting and tion, record signing articles of incorporation, which shall be recorded

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of same.

Form of arti

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in the office of the recorder of deeds in each county through or into which such railroad is proposed to be run, and in the office of the Secretary of State. [See § 6, 15.

3. 3. Such articles shall contain:

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First-The name of the proposed corporation.

Second-The places from and to which it is intended to construct the proposed railway.

Third-The place at which shall be established and maintained the principal business office of such proposed corporation.

Fourth-The time of the commencement and the period of the continuance of such proposed corporation.

Fifth The amount of the capital stock of such corporation.

Sixth-The names and places of residence of the several persons forming the association for incorporation.

Seventh-The names of the members of the first board of directors, and in what officers or persons the government of the proposed corporation and the management of its affairs shall be vested.

Eighth-The number and amount of shares in the capital stock of such proposed corporation.

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4. 4. When the articles shall have been filed and recorded as aforesaid, the persons named as corporators Corporate therein shall thereupon become and be deemed a body corof articles porate, and shall thereupon be authorized to proceed to -Evidence. carry into effect the objects set forth in such articles, in

powersSeal-Copy

Limit of charter, renewal.

accordance with the provisions of this Act. As such corporate body they shall have succession, and in their corporate name may sue and be sued, plead and be impleaded. The said corporation may have and use a common seal, which it may alter at pleasure; may declare the interests of its stockholders transferable; establish by-laws, and make [*800] all rules and regulations deemed necessary for the management of its affairs in accordance with law. A copy of any articles of incorporation filed and recorded in pursuance with this Act, or of the record thereof, and certified to be a copy by the Secretary of State, or his deputy, shall be presumptive evidence of the incorporation of such company, and of the facts therein stated.

5. 5. No such corporation shall be formed to con§ tinue more than fifty years in the first instance, but such

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