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after the pas
Provisions of this act to apply to Car Roard Companies.
ready incorporated shall not have more than two years
Sec. 44. The provisions of this act shall extend and be applied to companies incorporated for the purpose of constructing roads on which to run prairie cars, so far as the same can be made applicable. The stockholders in car road companies shall not be less than eight, and
the directors not less than three in number. Corporations Sec. 45. All corporations that may be formed or organized under formed under this act subject this act, shall be subject to the provisions of Chapter One of an act to Corporation act of 1850. entitled “An Act concerning Corporations,” passed April twenty
second, one thousand eight hundred and fifty, so far as such provisions are not inconsistent with this act.
Sec. 46. An Act entitled “ An Act to provide for the Incorporation repealed.
of Railroad Companies,” passed April twenty-eighth, one thousand eight hundred and fifty-one, also an act entitled “ An Act supplemental to an Act entitled An Act to provide for the Incorporation of Railroad Companies,” passed twenty-eighth February, one thousand eight hundred and fifty-one, approved March twenty-second, one thousand eight hundred and fifty-two, are hereby repealed.
former act applied.
AN ACT to provide for the Incorporation of Wagon-road Companies.
[Passed April 22, 1853.] The People of the State of California, represented in Senate and
Assembly, do enact as follows : Provisions of
Section 1. The provisions of Chapter four, of " An Act concerning Corporations," passed April twenty-second, one thousand eight hundred and fifty, wherein the same does not conflict with the provisions of the following sections of this act, shall apply to the incorporation of companies formed for the purpose of constructing common wagonroads.
Sec. 2. The amount of stock necessary to be subscribed prior to the incorporation of such company, shall be at least three hundred
dollars per mile; the duration of such company shall not exceed ten Application to be years; the application for authority to construct such road shall be
made to the Board of Supervisors, or when there is no such Board, Court of Sessions. by the Court of Sessions of each county in or through which said Notices of application. road shall run, and the notice of such application shall be for four Commissioners
successive weeks previous to presenting the same. Two of the Comappointment.
missioners appointed to lay out such road shall be appointed by the Board of Supervisors, or Court of Sessions, as the case may be, and
Amount of stock.
made to Board
Company may be
the other by the company. The Directors of such company shall not Directors. be less than three nor more than nine. The rates of toll shall be Rates of toll. prescribed from year to year by the Board of Supervisors or Court of Sessions, as the case may be. Such company shall not be com- Books of pelled to keep an office, but may deposit their books with the County deposited with
County Clerk. Clerk of one of the counties in or through which said road may run, open for inspection, as if in their own office. Such company shall Rords to be
completed within complete their road within two years from the date of the filing of two years. their Articles of Association.
Sec. 3. When any existing road or highway, or any portion Roads, etc.. thereof, shall be taken by such company as a portion of their own under this act. road, it shall not be lawful for said company to erect any gates on such portion, or to demand or charge any tolls for the passing or repassing of property or persons over the same. Sec. 4. The entire revenue derived from such road shall be
appropriated at first to the re-payment to said company of the cost of said appropriation road, with twenty per cent. per annum interest thercon, together with the incidental expenses incurred in collecting toll and keeping said road in repair. When such re-payment has been made to said company, the toll shall be so reduced as to merely yield an income Reduction of toll. sufficient to keep said road in good repairs and pay incidental expenses.
AN ACT to provide for the formation of Corporations for certain
purposes.- [Passed April 14, 1853.]
The People of the State of California, represented in Senate and
Assembly, do enact as follows :
SECTION 1. Corporations for manufacturing, mining, mechanical, Corporations
under the act. or chemical purposes, or for the purpose of engaging in any species of trade or commerce, foreign or domestic, may be formed according to the provisions of this act; such corporations, and the members thereof, being subject to all the conditions and liabilities herein imposed, and to none others.
Sec. 2. Any three or more persons, who may desire to form a com- Three or more pany
any one or more of the purposes specified in the preceding section, may make, sign, and acknowledge, before some officer competent to take the acknowledgment of deeds, and file in the office of Proceedings.
Certificate of incorporation and contents.
certificates to be evidence.
Corporate powers under the act.
the County Clerk of the county in which the principal place of business of the company is intended to be located, and a duplicate thereof in the office of the Secretary of State, a certificate in writing, in which shall be stated the corporate name of the company, the objects for which the company shall be formed, the amount of its capital stock, the time of its existence, not to exceed fifty years, the number of shares of which the stock shall consist, the number of Trustees and their names who shall manage the concerns of the company for the first three months and the names of the city or town and county in which the principal place of business of the company is
to be located. Copies of Sec. 3. A copy of any certificate of incorporation, filed in pursu
ance of this act, and certified by the County Clerk of the county in which it is filed, or his deputy, or by the Secretary of State, shall be received in all courts and places as presumptive evidence of the facts therein stated.
Sec. 4. When the certificate shall have been filed, the persons who shall have signed and acknowledged the same, and their successors, shall be a body politic and corporate, in fact and in name, by the name stated in the certificate, and by their corporate name have succession for the period limited, and power : First, to sue and be sued in any court; Second, to make and use a common seal, and alter the same at pleasure; Third, to purchase, hold, sell, and convey such real and personal estate as the purposes of the corporation shall require; Fourth, to appoint such officers, agents, and servants, as the business of the corporation shall require, to define their powers, prescribe their duties, and fix their compensation; Fifth, to require of them such security as may be thought proper for the fulfilment of their duties, and to remove them at will, except that no Trustee shall be removed from office unless by a vote of two-thirds of the whole number of Trustees, or by a vote of a majority of the Trustees, upon a written request signed by stockholders of two-thirds of the whole stock ; Sixth, to make by-laws not inconsistent with the laws of this state for the organization of the company, the management of its property, the regulation of its affairs, the transfer of its stock, and for carrying on all kinds of business within the objects and purposes of the company.
Sec. 5. The corporate powers of the corporation shall be exercised by a Board of not less than three Trustees, who shall be stockholders in the company, and a majority of them citizens of the United
States and residents of this state, and who shall, after the expiration To he annually of the term of the Trustees first selected, be annually elected by the elected.
Trustees to form & quorum.
stockholders at such time and place, and upon such notice and in such mode as shall be directed by the by-laws of the company; but all elections shall be by ballot, and each stockholder, either in person or by proxy, shall be entitled to as many votes as he owns shares of stock; and the persons receiving the greatest number of votes shall be Trustees. When any vacancy shall happen among the Trustees Vacancies. by death, resignation, or otherwise, it shall be filled for the remainder of the year in such manner as may be provided by the by-laws of the company.
Sec. 6. If it should happen, at any time, that an election of Trus- Elections. tees shall not be made on the day designated by the by-laws of the company, the corporation shall not for that reason be dissolved, but it shall be lawful on any other day to hold an election for Trustees, in such manner as shall be provided for by the by-laws of the company; and all acts of the Trustees shall be valid and binding upon the company until their successors shall be elected.
Sec. 7. A majority of the whole number of Trustees shall form a Majority of Board for the transaction of business, and every decision of a majority of the persons duly assembled as a Board, shall be valid as a corporate act.
Sec. 8. The first meeting of the Trustees shall be called by a no- Meetings. tice, signed by one or more of the persons named Trustees in the certificate, setting forth the time and place of the meeting, which notice shall either be delivered personally to each Trustee, or published at least ten days in some newspaper of the county in which is the Notices of principal place of business of the corporation, or if no newspaper be published in the county, then in some newspaper nearest thereto.
Sec. 9. The stock of the company shall be deemed personal estate, Capital stock and shall be transferable in such manner as shall be prescribed by transfer. the by-laws of the company: but no transfer shall be valid, except between the parties thereto, until the same shall have been so entered on the books of the company, as to show the names of the parties by and to whom transferred, the number and designation of the shares, and the date of the transfer.
Sec. 10. The Trustees shall have power to call in and demand from Powers of the stockholders the sums by them subscribed, at such times and in Payment of such payments or instalments as they may deem proper. Notice of
subscriptions each assessment shall be given to the stockholders personally, or shall be published once a week for at least four weeks in some newspaper published at the place designated as the principal place of business of the corporation, or if none is published there, in some newspaper nearest to such place. If, after such notice has been given, any stock
and mode of
Penalty for default
Mode of sale.
Agents shall represent stock held by them.
holder shall make default in the payment of the assessment upon the
who will agree to pay the assessment so due, together with
of advertisement and the other expenses of sale for the smallest number of whole shares, shall be deemed the highest bidder.
Sec. 11. Whenever any stock is held by any person as executor, administrator, guardian, or trustee, he shall represent such stock at all meetings of the company, and may vote accordingly as a stock
holder. Hypothecated Sec. 12. Any stockholder may pledge his stock by a delivery of
the certificates or other evidence of his interest, but may nevertheless
dividend except from the surplus profits arising from the business of the
corporation; nor to divide, withdraw, or in any way pay to the stockCapital stock to holders, or any of them, any part of the capital stock of the compa
ny; nor to reduce the capital stock, unless in the manner prescribed Penalty for in this act; and in case of any violation of the provisions of this
section, the Trustees, under whose administration the same may have happened, except those who may have caused their dissent therefrom to be entered at large on the minutes of the Board of Trustees, at the
time, or were not present when the same did happen, shall, in their Liability of those individual and private capacities, be jointly and severally liable to assenting
* the corporation, and the creditors thereof, in the event of its dissolution, to the full amount so divided, withdrawn, paid out, or reduced : Provided, that this section shall not be construed to prevent
a division and distribution of the capital stock of the company, which payment of shall remain after the payment of all its debts, upon the dissolution
of the corporation or the expiration of its charter.
Sec. 14. The total amount of the debts of the corporation shall exceed capital
not at any time exceed the amount of the capital stock actually paid in; and in case of any excess, the Trustees, under whose administration the same may have happened, except those who may have caused their dissent therefrom to be entered at large on the minutes of the Board of Trustees at the time, and except those who were not present when the same did happen, shall, in their individual and private ca
be in violate.
Stock may be divided after
Liabilities not to