No. 662. AN ACT To incorporate the People's Insurance Company, to be located in the city of Philadelphia. Section 1. Be it enacted by the Senate and House of Representatives of the Commonwealth of Pennsylvania in General Assembly met, and it is hereby enacted by the authority of the same, That Henry L. Wood, Gustave Raguel, John Bosler, James Freeborn, John Ferges, Edw. P. Hughes, William H. M'Calla, John M. Hoskins, James M'Carthy, William Ferger, A. W. Hoskins, and all persons who may hereafter associate with them, are hereby appointed commissioners, who, or any five of whom, are authorized and empowered, from and after the passage of this act, to establish an insurance company, by the name and title of the “ People's insurance company,” to be located in the city of Philadelphia, with a capital stock of twenty-five thousand dol. lars, divided into shares of fifty dollars each, with the right to increase said capital at any time to two hundred thousand dollars, and to be organized and managed according to the provisions of an act to provide for the incorporation of insurance companies, approved the second day of April, Anno Domini one thousand eight hundred and fifty-six, and shall be limited to risks designated in the first class in the seventh section of said act, with the right to transact its business upon the mutual principle, in connection with its capital stock as aforesaid. W. C. A. LAWRENCE, Speaker of the House of Representatives. JNO. CRESSWELL, JR., Speaker of the Senate. APPROVED— The fifteenth day of March, Anno Domini one thousand eight hundred and fifty-nine. WM. F. PACKER. No. 663. AN ACT To incorporate the Newry Railroad Company. Section 1. Be it enacted by the Senate and House of Representatives of the Commonwealth of Pennsylvania in General Assembly met, and it is hereby enacted by the authority of the same, That Commissioners. Alexander Knox, James Conrad, Cornelius M'Connel, Henry M'Intosh, D. C. M'Cormick, John W. Duncan, Job M. Spang, missioners to open books, receive subscriptions, and organize a Style. company by the name, style and title of “ The Newry railroad Subject to. company," with all the powers, and subject to all the provisions and restrictions prescribed by an act, entitled “ An Act regu. lating railroad companies," approved the nineteenth day of February, one thousand eight hundred and forty-nine. Capital. Section 2. That the capital stock of said company shall con sist of six hundred shares, of twenty-five dollars each: ProriProviso. ded, That the said company may, from time to time, by a Fote of the stockholders, at a meeting to be called for that purpose, increase the capital stock of said company so much as shall be deemed necessary to complete said road, and carry out the pro visions of the act of incorporation. Route. Section 3. That the said company shall have the right to build and construct a railroad from the Newry siding, on the Allegheny Portage railroad to avoid the inclined planes, to the town of Newry, (a distance of about one mile,) all in the county of Blair. Limitation. Section 4. That if said company shall not commence the construction of said road within three years from the passage of this act, and complete the same within six years thereafter, this act shall be declared null and void, except so far as may be necessary to wind up the affairs of said company, and pay the debts of the same. W. C. A. LAWRENCE, Speaker of the House of Representatives. JNO. CRESSWELL, JR., Speaker of the Senata APPROVED-The fifteenth day of March, Anno Domini one thousand eight hundred and fifty-nine. WM. F. PACKER. No. 664. AN ACT To incorporate the Parryville Bridge Company. Section 1. Be it enacted by the Senate and House of Representatives of the Commonwealth of Pennsylvania in General Assembly met, and it is hereby enacted by the authority of the same, That Commissioners. John Brown, Dennis Bauman and David Thomas are hereby ap pointed commissioners to open the books, receive subscriptions, and organize a company for the purpose of erecting a bridge SECTION 2. That the Carbon iron company and Lehigh Valley Certain corporarailroad company, or either of them, shall severally have the tions to have priority of right to priority of right to subscribe for the whole or such part of the subscribe for capital stock of said company as they may deem proper and de- stock. termine upon, by resolution, to be adopted and passed by the several boards of directors of said companies; and should they fail to subscribe the requisite number of shares herein authorized, then the balance of the stock may be subscribed for by any other person authorized to subscribe for the same. SECTION 3. The capital stock of said company shall be fifteen Capital stock. thousand dollars, ($15,000,) to be divided into six hundred shares of twenty-five dollars each, with power to increase the said capital stock and number of shares to an amount sufficient for the erection of said bridge, not exceeding in all twenty thousand dollars. SECTION 4. That the said company shall be organized under, Subject to. W. C. A. LAWRENCE, JNO. CRESSWELL, JR., APPROVED-The seventeenth day of March, Anno Domini one thousand eight hundred and fifty-nine. WM. F. PACKER. No. 665. AN ACT To incorporate the Mercantile Library Hall Company of the city of Pittsburg. SECTION 1. Be it enacted by the Senate and House of Represen tatives of the Commonwealth of Pennsylvania in General Assembly met, and it is hereby enacted by the authority of the same, That Corporators. George W. Jackson, James M'Cauley, Thomas M. Howe, James Park, junior, William Holmes, William M. Lyon, Isaac M. Peanock, J. K. Moorhead, Alexander Nimick, James M. Cooper, William Bagaley, John F. Singer, George Darsie, George Black, George W. Cass, William F. Johnston, Allen Kramer, John H. Shoenberger, Nathaniel Holmes and Felix R. Brunot, all of the county of Allegheny, and their associates and successors, are hereby erected into a body corporate, in deed and in law, by the Style. name, style and title of the Mercantile Library hall company, for the purpose of erecting a hall for the use and benefit of the Young Men's Mercantile Library and Mechanics' Institute of the city of Pittsburg. Powers and privi. Section 2. That the said corporation, by the same name and leges. title, shall have perpetual succession, and be able to sue and be sued, plead and be impleaded in all courts of law and elsewhere, and shall be capable and able in law and equity to take, parchase, hold and receive, to them and their successors, for the use of said company, lands, tenements, choses in action, goods and chattels of whatever kind, nature or quality, real, personal or mixed, which now are or hereafter may become the property of said corporation, or be held for their use, by gift, grant, bargain, sale, conveyance, devise, bequest or otherwise, from any persoa whomsoever, capable of making the same, and the same to grant, bargain, sell, mortgage, improve or dispose of, for the use and benefit of the said company; may have a common seal, and at pleasure alter, change or renew the same, and in general do all things which may be necessary for the well being and due management of said corporation. Officers. Section 3. That the corporation hereby created, shall have power to appoint such officers for its government, the management of its property, and the superintendence of its affairs, as its members may deem proper and beneficial, and to make all by-laws which may seem proper to the same end, and to change Proviso. or modify them at pleasure : Provided, That such by-laws and regulations shall not be contrary to the constitution of the state of Pennsylvania or the United States. Duties of corpo Section 4. That it shall be the duty of the corporation hereby created, as soon as a sufficient amount of stock shall have been subscribed, to purchase ground and proceed to erect thereon, a Building to be suitable and commodious library building, for the use of the erected, &c. Young Men's Mercantile Library and Mechanics' Institute, of the city of Pittsburg, incorporated by the act of assembly, approved the twelfth day of February, Anno Domini one thousand eight hundred and forty-nine, which said building shall be com. pleted without unnecessary delay, and when ready for use shall, To be perpetual- with the ground aforesaid, be perpetually leased to the Young ly leased to Mer- Men's Mercantile Library and Mechanics’ Institute, on the folcantile Library and Mochanios? lowing terms, viz: the Young Men's Mercantile Library and Institute. Mechanics’ Institute shall pay to the corporation hereby cre ated, on or before the first day of January, in each year, all ne cessary repairs and taxes to which said ground and buildings may be subjected, and in addition thereto, a sum not over six per centum per annum, on the whole cost of said ground and building, or such part thereof as shall not bave been repaid by the said Mercantile Library to the corporation hereby created; ration. and in consideration of the payment of the before mentioned taxes, repairs and interest, the Mercantile Library and Mechanics’ Institute sball forever have entire possession and control of said ground and the buildings erected thereon, and shall have power to sub-let the whole, or any portion thereof, and collect the rent and revenues, and make appropriation of the same: Provided Proviso. in nevertheless, That whatever rents and revenues they may re ceive, over and above the amount of the taxes, interest and reC pairs, shall be paid to the corporation hereby created, to reim burse the same for the cost of the ground and buildings : And 1. provided further, That if the Mercantile Library and Mechanics' Proviso. Institute shall, at any time, be in arrears for two whole years' taxes, repairs and interest, then they shall forfeit their lease aforesaid, and the corporation hereby created may, after six € months' notice to the president and managers of said Mercantile Library, take possession of the aforesaid ground and buildings; in that event, the carporation hereby created, shall annually pay to the Mercantile Library and Mechanics’ Institute, such proportion of the net revenue from the aforesaid ground and buildings, as the amount paid by the Mercantile Library and Mechanics’ Institute, towards the reimbursement of the cost of the ground and buildings, shall be to the whole cost thereof, and in case of sale of the whole or any part of the said Mercantile Library and Mechanics’ Institute, shall be entitled to a like proportion of the proceeds of sale. Section 5. That on or before the completion of said build. Conveyance to Eings, the corporation hereby created shall enter into good and Mercantile Li brary Me sufficient covenant with the Mercantile Library and Mechanics' Chanics" InstiInstitute, to convey to said corporation, all the right, title and tute, relative to interest of the corporation hereby created, in the ground and buildings aforesaid, so soon as the Mercantile Library and Mechanics Institute shall have reimbursed the corporation hereby created, its cash outlay for the ground and buildings; and whenever the Mercantile Library and Mechanics' Institute shall tender to the Mercantile Library hall company hereby created, any sum not less than one thousand dollars, in part payment of said cost, the same shall be received, and duplicate receipts given therefor, under the seal of the corporation ; the date, amount and parpose of said payment, shall be recorded in a book to be kept by the Library hall company for that purpose, which shall at all proper times be open for the inspection of the officers of the Mercantile Library and Mechanics’ Institute, and which shall be carefully preserved by the Library hall company in a place secure as may be from fire, theft or other dangers. Section 6. That the corporation hereby created may borrow May borrow money to an amount not exceeding the sum actually paid in, money. and may issue its bonds therefor; and its funds shall be expended as provided in this act, in buying suitable ground and erecting and furnishing proper and commodious buildings for the use of the Mercantile Library and Mechanics' Institute; the stock of said company shall be in shares of ten dollars, and shall be personal property, and transferable only on the books of the company; and each share shall be entitled to one vote in elections or the management of the affairs of the company. a |