1852. shares. mount and at such time as they may deem necessary for May call for the interest of the Company; and any and all stockholders instalments on failing to pay any instalment so called for within thirty days after the time designated in such call for payment, shall forever forfeit his stock in said Company, and all inForfeiture for stalments paid thereon; and the stock so forfeited shall non-payment. vest [in] and become the property of said Company, to be disposed of as the Board of Directors thereof shall deter mine. SEC. 8. Be it further enacted, That payment of the subHow payments scription to the stock in said Railroad may be made in mamay be made. terials, labor, provisions, and all and everything necessary for the construction of said Road, which the Board of Di rectors may, at their discretion, deem expedient to accept; and that certificates of stock shall be issued to the stockholders, according as it is paid in, which certificates shall be transferable on the books of the Company only, and by personal entry of the stockholder, or his legal Attorney or Agent, duly authorized in writing for that purpose. Co. may pur assessed when SEC. 9. Be it further enacted, That the President and chase land, &c. Directors of said Company are hereby authorized to contract for and receive conveyances of lands, stone, lumber, and wood, which may be necessary or required in the construction of said Railroad; and when the owner and Company cannot agree upon the price, or when the owner is an infant, non-resident, or non compos mentis, then it shall be Damages how lawful for the President and Directors of said Company to price cannot be apply to the Sheriff of the County in which said land or agreed on. 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 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 execution may issue thereupon for the amount of said judgment and costs: Provided, always, Appeal, how That if either party shall, upon the return thereof, be dissatisfied, they may, upon 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. taken. SEC. 10. Be it further enacted, That the jurors summon PENSACOLA & GEORGIA RAIL ROAD. CHAP. 484. 47 1852. ed as aforesaid, (before proceeding to the discharge of the duties herein required,) shall take an oath or affirmation, Oath of jury. administered by the Sheriff, 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, or lands and materials, by means of the proposed construction. so condemned SEC. 11. Be it further enacted, That the said lands or when prop'rty other property so condemned and estimated as aforesaid, shall inure to and become the property of said Company, to vest in Co. for the purpose aforesaid, upon the payment by the said Company of the amount assessed by said jury to the party claiming damages on account of the construction of said Road through said lands, or for such other property: Provided, That said work shall in no wise be delayed on account of the proceedings had as aforesaid. Injuries, forfeiture for. SEC. 12. Be it further enacted, That [in case] any person shall wilfully injure or obstruct in any degree said Road, he shall forfeit and pay to the President and Directors of said Company three times the amount of all damages they may sustain in consequence thereof, to be sued for and recovered in the same manner as provided by law for individuals in like cases; 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 behavior, for a period of not less than one year; and such offender shall also be subjected to indict- Penalty for. ment, and shall be sentenced, at the discretion of the Court, to be imprisoned not less than three nor more than six months. SEC. 13. Be it further enacted, That in the construction to be obstruc'd. of said Railroad, the President and Directors of said Com- No public road pany shall [in] no manner obstruct any public road now established, but shall provide convenient passages to travel over said road. obstruct nav SEC. 14. Be it further enacted, That the said Company May cross rivshall have full power and authority to carry such Railroad ers, &c. but no over all and any rivers, creeks, or water courses, or waters gation. that may be in the route thereof, by suitable bridges, or other proper means: Provided, That when such Railroad shall cross any navigable water course, that the same shall not be so constructed as to impede or in any way obstruct the navigation thereof. SEC. 15. Be it further enacted, That after the comple Tolls. 1852. Limitation. Tax. Road when to tion 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 on said Road shall not exceed twenty-five per cent. per annum upon the capital stock. SEC. 16. Be it further enacted, That the said Railroad and its appurtenances, and all property therewith connected, shall not be taxed higher than one-half of one per cent. upon its annual nett income. SEC. 17. Be it further enacted, That the said Company be commenced hereby incorporated, shall commence the building of said and completed Road within five years, and complete the same within twenty years from the passage of this Act. [Passed the House of Representatives, December 13, 1852. Passed the Senate, December 29, 1852. Approved by the Governor, January 8, 1853,] CHAPTER 485.-[No. 6.] AN ACT to incorporate the Pensacola and Mobile Bay 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, Commissioners Henry Hyer, F. Cummins and H. F. Ingraham, of the city to open books. 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, in Florida, to the west line of the State, in the direction' of Tensaw, or Mobile Bay, Alabama, any three of whom are authorized to open books for the purpose of receiving subscriptions to the capital stock of said Company, at such times (not exceeding nine months after the passage of this act) and places 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. SEC. 2. Be it further enacted, That the capital stock of Capital stock, said Company may be three hundred thousand dollars, 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 in shares of one hundred dollars each. May connect SEC. 3. Be it further enacted, That said Railroad may with other r'ds. at any point connect or intersect with any other Railroad or Roads, within the State of Florida. PENSACOLA & MOBILE BAY R. ROAD. CHAP. 485. 49 1852. SEC. 4. Be it further enacted, That as soon as one hundred thousand dollars shall have been subscribed to the capital of said Company, the subscribers of said stock, their successors and assigns, shall be, and are hereby, declared to be incorporated into a Company, by the name of "The Pensacola and Mobile Bay Railroad Company," and Name and corby that name shall be capable in law of purchasing, hold-porate powers, ing, leasing, 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 bylaws, 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. Shall choose & SEC. 5. Be it further enacted, That as soon as one hundred thousand dollars shall have been subscribed, and one elected. Directors, how tenth part thereof paid 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 them, in value, shall elect nine Directors, by ballot, to manage the affairs of said President. 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 Company, and allow him such compensation as they may think proper, and on all occasions, whenever a vote of stockholders shall be taken, each stockholder shall be allowed one vote for every 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 SEC. 6. Be it further enacted, That the said President President, & chosen yearly. and Directors of said Company shall be chosen annually by the stockholders of said company, and if any vacancy shall occur by death, resignation or otherwise, of any Pres- Vacancies how ident or Director, before the year for which they are elec- filled. ted 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 their successors are chosen and qualified, shall have power Power of reto call meetings of stockholders at any time, and a majori- moyal. 1852. officers. ty of stockholders shall have power to remove the President or any Directors, and to fill all vacancies occasioned by removals at pleasure. SEC. 7. Be it further enacted, That the said President and Directors, or a majority of them, may appoint all such May appoint 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 necessery and proper for exercising all the powers vested in this Company, for carrying into effect the objects of this Act: Provided, only, That May borrow 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 in money. Power to re terest. SEC. 8. Be it further enacted, That the said President quire payment and Directors shall have power to require the stockholders of instalments. of said Company to pay such instalments on their respective shares of stock in said Company, and at such times, How paym'nts either in money, materials, labor, provisions, or otherwise, may be made. 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, Forfeiture for as aforesaid, said President and Directors may, upon givnon-payment. ing thirty days notice, proceed to sell at public sale the share or shares of said stock owned by said stockholder, or such part as they may think proper, to the highest bidder; and if, upon a sale of the shares of stock owned by said defaulting stockholder, said stock should be sold for more than the amount due upon instalments as above mentioned, the excess, after deducting accruing interest and the necessary expenses of sale, shall be paid over to said defaulting stockholder. land, &c. SEC. 9. Be it further enacted, That the President and May purchase Directors of said Company are hereby authorized to contract for and receive conveyances of lands, stone, lumber and wood, which may be necessary or required for the construction of said Railroad; and when the owner and Company cannot agree upon the price, or when the owner is an |