No stamp required on accident insurance contract. SEC. 448. No stamp is required nor stamp duty exacted on any contract of insurance, when such contract insures against accident which may result in injury or death. Stats. 1865-6, 171, Sec. 1. NOTE. This chapter has been examined by the San Francisco Board of Underwriters, their proposed amendments have been incorporated, and, as presented, is approved by them. TITLE III. RAILROAD CORPORATIONS. CHAPTER I. OFFICERS AND CORPORATE STOCK. III. BUSINESS, HOW CONDUCTED. Directors to be elected, when. Assessments of stock, how made and collected. CHAPTER I. OFFICERS AND CORPORATE STOCK. SECTION 453. Directors to be elected, when. 454. Assessments of stock, how made and collected. 455. Additional provisions in assessment and transfer of stock. 456. Corporations may borrow money and issue bonds. Limita tion of amount. 457. To provide a Sinking Fund to pay bonds. 458. Capital stock to be fixed. 459. Certificate of payment of fixed capital stock. SEC. 453. Directors of railroad corporations may be elected at a meeting of the stockholders other than the annual meeting, as a majority of the fixed capital stock may determine, or as the by-laws may provide, or as may be declared in the articles of incorporation; notice thereof to be given as provided for notices of meetings to adopt by-laws, in Art. II, Chap. I, Tit. I, of this Part. Stats. 1870, 577, Sec. 1. SEC. 454. The Directors of railroad corporations may, by order, demand and call in from the stockholders, at such times as they may deem proper, the sums by them subscribed to the capital stock, in equal instalments of not more than ten per cent per month, unless in the articles of incorporation it is otherwise stipulated. Assessments to be levied and collected as provided in Chap. II, Tit. I, of this Part. Stats. 1861, 613, Sec. 13; 1863, 610, Sec. 4. provisions in and transfer of stock." SEC. 455. No stock in any railroad corporation is Additional transferable until all the previous calls or instalments assessment thereon have been fully paid in, nor is any such transfer valid except as between the parties thereto, unless at least twenty per cent. has been paid thereon and certificates issued therefor, and the transfer approved by the Board of Directors. Stats. 1861, 607, Sec. 12; 1863, 613, Sec. 3. may borrow money and issue bonds. SEC. 456. Railroad corporations may borrow, on the Corporations credit of the corporation, and under such regulations and restrictions as the Directors thereof, by unanimous concurrence, may impose, such sums of money as may be necessary for constructing and completing their railroad, and may issue and dispose of bonds or promissory notes therefor, in denominations of not less than five hundred dollars, and at a rate of interest not exceeding ten per cent. per annum; may also issue bonds or promissory notes of the same denomination and rate of interest, in payment of any debts or contracts for constructing and completing their road, with its equipments and all else. relative thereto. The amount of bonds or promissory Limitation notes issued for such purposes must not exceed, in all, the amount of their capital stock; and to secure the payment of such bonds or notes, they may mortgage their corporate property and franchise. Stats. 1861, 610; Sec. 15; 1862, 547, Sec. 1. SEC. 457. The Directors must provide 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 payment of any debt or contract for the construction and equipment of such road, the right to convert the principal due or owing thereon, into stock of such corporation, at any time within eight years from the date. of amount. To provide a Sinking pay bonds. Capital stock to be fixed. Certificates of payment of fixed capital stock of such bonds, under such regulations as the Directors Stats. 1861, 610, Sec. 15; 1862, 547, Sec. 1. SEC. 458. When, at any time after filing the articles of incorporation, it is ascertained that the capital stock therein set out is either more or less than actually required for constructing, equipping, operating and maintaining the road, by a two-third vote of the stockholders the capital stock must be fixed, and a certificate thereof, and of the proceedings had to fix the same, must be made out and filed in the office of the Secretary of State. Stats. 1861, 610, Sec. 6. SEC. 459. Within thirty days after the payment of the last instalment of the fixed capital stock of any railroad corporation, organized under this Title and Part, the President and Secretary, and a majority of the Directors thereof, must make, subscribe and file in the office of the Secretary of State a certificate, stating the amount of the fixed capital stock and that the whole thereof has been paid in. The President and Secretary must swear to the truth of the certificate before filing the same. Stats. 1861, 610, Sec. 16. CHAPTER II. ENUMERATION OF POWERS. SECTION 465. Enumeration of powers. 1. To survey road. 2. May accept real estate. 4. Lay out road, how wide. 5. Where may construct road. 6. May cross or connect roads. 7. May purchase land, timber, stone, gravel, etc. 8. Carry persons and freight. 9. Erect necessary buildings. 10. Regulate time and freights, subject to legislation. 11. Regulate force and speed. 12. Subject to Tit. I of this Part. 466. Map and profile to be filed. 467. May change line of road. 468. Forfeiture of franchise. 469. Crossings and intersections. Condemnation. TEA # SECTION 470. Not to use streets, alleys or water, in cities or towns, except by a two-third vote of the city or town authorities. 471. Railroads through cities not to charge fare to and from points therein. 472. When crossing railroads or highways, how other lands are acquired. 473. Corporations may consolidate. Publication of notice. Copy SEC. 465. Every railroad corporation has power Enumera. tion of powers. To survey 1. To cause such examination and surveys to be made as may be necessary to the selection of the most advan- road. tageous route for the railroad; and for such purposes, their officers, agents and employés, may enter upon the lands or waters of any person, subject to liability for all damages which they do thereto. real estate. 2. To receive, hold, take and convey, by deed or other- May accept wise, as a natural person, such voluntary grants and donations of real estate and other property which may be made to it, to aid and encourage the construction, maintenance and accommodation of such railroad. real estate. 3. To purchase, or by voluntary grants or donations to May acquire receive, enter, take possession of, hold and use all such real estate and other property, as may be absolutely necessary for the construction and maintenance of such railroad, and for all stations, depots and other purposes, necessary to successfully work and conduct the business. of the road. how wide. 4. To lay out its road not exceeding nine rods wide, Lay out road, and to construct and maintain the same with a single or double track, and with such appendages and adjuncts as may be necessary for the convenient use of the same. construct 5. To construet their road across, along or upon any Where may stream of water, water course, roadstead, bay, navigable road. stream, street, avenue or highway, or across any railway, canal, ditch or flume, which the route of its road intersects, crosses or runs along, in such manner as to afford security for life and property; but the corporation shall restore the stream or water course, road, street, avenue, highway, railroad, canal, ditch or flume thus intersected, to its former state of usefulness, as near as may be, or so that the railroad shall not unnecessarily impair its usefulness or injure its franchise. 6. To cross, intersect, join or unite its railroad with any other railroad, either before or after construction, at May cross or roads. connect May pur chase land, timber, stone, any point upon its route, and upon the grounds of such other railroad corporation, with the necessary turnouts, sidings and switches, and other conveniences in furtherance of the objects of its connections; and every corporation whose railroad is, or shall be hereafter, intersected by any new railroad, shall unite with the owners of such new railroad in forming such intersections and connec tions, and grant facilities therefor; and if the two corporations cannot agree upon the amount of compensation to be made therefor, or the points or the manner of such crossings, intersections and connections, the same shall be ascertained and determined as is provided in Tit. VII, Part III, CODE OF CIVIL PROCEDURE. 7. To purchase lands, timber, stone, gravel or other materials, to be used in the construction and maintenance gravel, etc. of its road and all necessary appendages and adjuncts, or acquire them in the manner provided in Tit. VII, Part III, CODE OF CIVIL PROCEDURE, for the condemnation of lands; and to change the line of its road, in whole or in part, whenever a majority of the Directors so determine, as is provided hereinafter; but no such change must vary the general route of such road, as contemplated in its articles of incorporation. Carry persons and freight. Erect neces sary build. ir gs. Regulate time and freights, 8. To carry persons and property on their railroad, and receive tolls or compensation therefor. 9. To erect and maintain all necessary and convenient buildings, stations, depots, fixtures and machinery, for the accommodation and use of their passengers, freight and business. 10. To regulate the time and manner in which passengers and property shall be transported, and the tolls and legislation. compensation to be paid therefor, subject to be altered, changed or amended by the Legislature at any time. subject to Regulate force and speed. Subject to Tit. I of this 11. To regulate the force and speed of their locomo tives, cars, trains or other machinery used and employed on their road, and to establish, execute and enforce all needful and proper rules and regulations for the management of its business transactions, usual and proper for railroad corporations. 12. To possess all the powers and be subject to all the provisions of Tit. I of this Part, so far as the same are not in conflict or inconsistent with the provisions of this Title. Stats. 1861, 607, Sec. 17. |