PENSACOLA & MOBILE BAY R. ROAD.

CHAP. 485.

51

1852.

infant, non-resident, or non compos mentis, or in any wise incapable or unable to manage or attend to his, her or their own affairs, then it shall be lawful for the President and Directors of said Company to apply to the Sheriff of the County in which said land or other property may be situ- Damages, how ated, who shall summon a jury of seven disinterested free- assessed, when holders, a majority of whom shall be authorized to assess price cannot be the damages, and return their award or judgment to the agreed on. next term of the Circuit Court for the County in which said land or other property may be situated, which shall be entered by the Clerk as the judgment of the Court, and when

by said Company payment of said judgment is made, the When land to land so appropriated to the use of the Road may be used, vest in com'py. owned and occupied by said Company for the purpose aforesaid: Provided, always, That if either party shall, upon the return thereof, be dissatisfied, they may, upon

filing bond, with good and sufficient security, in such sum Appeal, how as the Court may order, be allowed an appeal to the next taken. term of the Circuit Court, when said case shall stand for trial de novo: Provided, also, Thirty days notice shall have been given to the opposite party, issued by the Clerk of the Court and served by the Sheriff of the County; and in no case shall such appeal so operate as to delay the progress of the work on said Railroad.

SEC. 10. Be it further enacted, That the persons sum- Oath of jury. moned as aforesaid, shall (before proceeding to the discharge of the duties herein required.) take an oath or af firmation, which the Sheriff is hereby authorized to administer, to the effect that they will, well and truly inquire into, and to the best of their judgment, assess the damages accruing to the owner or owners of such lands or materials, by means of the proposed construction; and the said lands, or property so condemned and estimated as aforesaid, shall become the property of said Company, upon the payment of the damages assessed by said jury.

SEC. 11. Be it further enacted, That in case any person Injuries to road shall wilfully injure or obstruct in any degree the said forfeiture for. Road or Roads, he shall forfeit and pay unto the said Company, three times the amount of all damages it may sustain in consequences thereof, to be sued for and recovered before any Court having jurisdiction thereof, and on complaint to any magistrate, within whose jurisdiction such offence shall be committed, it shall be the duty of such magistrate to bind the person or persons so offending, with sufficient security, for his or their good behaviour for Penalty for.

Tolls.

1852.

a period of not less than one year, and such offender shall also be subjected to indictment, and shall be sentenced at the discretion of the Court to be imprisoned not less than three nor more than six months.

SEC. 12. Be it further enacted, That after the completion of said Road, or any part thereof, the said President and Directors may lay and collect tolls from all persons, property, merchandize and other commodities transported thereon, provided the nett profit of said road shall not exLimitation of ceed twenty-five per cent. per annum, and shall provide convenient passages to travel over said road whenver it shall cross a public highway.

Road when to SEC. 13. Be it further enacted, That said Company, be commenced hereby incorporated, shall commence the building of said and completed. road within one year, and complete the same within fifteen years from the passage of this Act.

Banking prohibited.

Certificates of

sbed

SEC. 14. Be it further enacted, That nothing in this Act shall be so construed as to confer upon said Company any right to exercise the powers of a Banking Company, or to issue any description of paper intended for current circulation.

SEC. 15. Be it further enacted, That certificates of stock to be is- Stock shall be issued to the Stockholders, on the payment of each instalment, which shall be transferable on the books of the Company only, and by personal entry of the stockholder or his legal attorney or representative duly authorized for that purpose.

Commissioners to open books.

[Passed the Senate December 21, 1852. Passed the House of Representatives December 31, 1852. Approved by the Governor January 8, 1853.]

CHAPTER 486.-[No. 7.]

AN ACT to Incorporate the Pensacola Rail Road Company. SECTION 1. Be it enacted by the Senate and House of Representatives of the State of Florida in General Assembly convened, That Walker Anderson, O. M. Avery, Henry Hyer, B. D. Wright, and Joseph Sierra, of the city of Pensacola, Florida, be and they are hereby appointed Commissioners to open books and receive subscriptions for stock in a Railroad to be constructed from the city of Pensacola, or any other point or points on the waters of Pensacola Bay, in Florida, to the North line of the State in the direction of the city of Montgomery, Alabama, any three of whom are authorized to open books for the purpose of re

1852.

ceiving subscriptions to the capital stock of said Company at such times and places, (not exceeding nine months after the passage of this Act,) as they may think proper, upon giving public notice thereof not less than twenty days, and shall keep the same open until the whole capital stock is subscribed: Provided, That the books shall be closed within five years.

SEC. 2. Be it further enacted, That the capital stock of said Company may be three hundred thousand dollars, Capital stock. with the privilege of increasing it to seven hundred thousand dollars, should such an increase be found necessary for its construction and future management, and shall be divided into shares of one hundred dollars each.

SEC. 3. Be it further enacted, That said Railroad may Road may conat any point connect or intersect with any other Railroad nect with any or Roads within the State of Florida.

SEC. 4. Be it further enacted, That as soon as one hundred thousand dollars shall have been subscribed to the capital stock of said Company, the subscribers of said

other.

stock, their successors and assigns, shall be and they are Name and cor hereby declared to be incorporated into a Company by the porate powera name of the "Pensacola Railroad Company," and by that name shall be capable in law of purchasing, holding, leas ing, selling, and conveying real, personal, and mixed property, so far as shall be necessary for the purpose of this incorporation, and by said incorporated name may sue and be sued, plead and be impleaded, answer and be answered unto, in any Court of Law or Equity in this State, or elsewhere, and to have and use a common seal, and the same to alter or amend at pleasure, to pass such by-laws, rules and ordinances for the good government of said corporation as to them may seem proper, and generally do all things necessary to carry into effect fully and completely the object of this Act.

Directors to be

SEC. 5. Be it further enacted, That as soon as one hundred thousand dollars shall have been subscribed and ten elected. [per cent.] paid thereon in cash, the Commissioners hereby appointed shall call a meeting of the subscribers at such time and place as they may appoint, and at such meeting the said subscribers, or a majority of those holding a majority of shares in said Company, shall elect nine Directors by ballot to manage the affairs of said Company, and the Commissioners aforesaid, or any three of them, shall be judges of said first election of Directors, and the Directors thus chosen shall elect among themselves a President of said

1852.

President.

Company, and allow him such compensation as they may Shall choose a think proper, and on all occasions whenever a vote of stockholders shall be taken, each stockholder shall be allowed one vote for each share owned by him or her, and any stockholder may depute in writing any other person to vote and act for him or her, as his or her proxy.

Ratio of voting

President, &c. chosen yearly.

filled.

SEC. 6. Be it further enacted, That the said President and Directors of said Company shall be chosen annually by the stockholders of said Company, and if any vacancy Vacancies how shall occur, by death, resignation, or otherwise, of any President or Diretors, before the year for which they were elected shall have expired, such vacancy shall be filled by the President and Directors, or a majority of them, and that the President and Directors shall hold their office until Power of re- their successors are chosen and qualified; shall have power to call meetings of stockholders at any time, and a majority of stockholders shall have power to remove the President or any Directors, and to fill all vacancies occasioned by removals, at pleasure.

moval

May appoint officers.

May borrow money.

SEC. 7. Be it further enacted, That the said President and Directors, or a majority of them, may appoint all such officers, engineers, agents or servants whatsoever, as they may deem necessary to carry on the business of said Company; dismiss them at pleasure, and a majority of them shall determine the compensation of all officers, engineers, and servants of said Company; shall have power to pass all by-laws which they may deem necessary and proper for exercising all the powers vested in this Company, for carrying into effect the object of this act: Provided, only, That such by-laws shall not be contrary to the laws of this State or of the United States; and said President and Directors, or a majority of them, are empowered to borrow money to carry into effect the objects of this act; to issue certificates or other evidences of such loan, and to pledge the property of said Company for the payment of the same, with the interest.

SEC. 8. Be it further enacted, That the said President Power to re- and Directors shall have power to require the stockholders. quire payment of instalments. of said Company to pay such instalments on their respective shares of stock in said Company, and at such times either in money, materials, labor, provisions, or otherwise, as they may think best for the interest of said Company; and upon the failure or refusal of any stockholder to pay the instalment required on his, her or their stock, in pursuance of any call made by said President and Directors,

as aforesaid, said President and Directors may, upon giv- 1852. ing thirty days' notice, proceed to sell at public sale the How paymnts share or shares of said stock owned by said stockholder, or may be made. such part as they may think proper, to the highest bidder, Forfeiture for and if upon a sale of the shares of stock owned by said dedaulting stockholder, said stock should be sold for more than the amount due upon instalments as above mentioned, the excess, after deducting accruing interest, and necessary expenses of sale, shall be paid over to said defaulting stockholder.

non-payment.

land, &c.

SEC. 9. Be it further enacted, That the President and Directors of said Company are hereby authorized to con- May purchase tract for and receive conveyances of land, stone, lumber and wood, which may be necessary or required for the construction of said Railroad; and when the owner and Com pany cannot agree upon the price, or when the owner is an infant, non-resident, or non compos mentis, or in any wise incapable or unable to manage or attend to his, her or their own affairs, then it shall be lawful for the President and Directors of said Company to apply to the Sheriff of the County in which said land or other property may be situated, who shall summon a jury of seven disinterested freeholders, a majority of whom shall be authorized to assess the damages, and return their award or judgment to the Damages, how next term of the Circuit Court for the County in which assessed, when said land or other property may be situated, which shall be agreed on. entered by the Clerk as the judgment of the Court, and upon payment by said Company of said judgment, execution may issue thereupon for the amount of said judgment

price cannot be

and costs: Provided, always, That if either party shall, Appeal, how upon the return thereof, be dissatisfied, they may,, upon taken. filing bond, with good and sufficient security, in such sum as the Court may order, be allowed an appeal to the next term of the Circuit Court, when said case shall stand for trial de novo: Provided, also, Thirty days notice shall have been given to the opposite party, issued by the Clerk of the Court and served by the Sheriff of the County; and in no case shall such appeal so operate as to delay the progress of the work on said Railroad.

SEC. 10. Be it further enacted, That the persons sum- Oath of jury moned as aforesaid shall, (before proceeding to the discharge of the duties herein required,) take an oath or affirmation, which the Sheriff is hereby authorized to administer, to the effect that they will well and truly inquire into and to the best of their judgment assess the damages accruing