Escheat. Proviso. Peter Dear No. 45. An Act Vesting in the Trustees of Washington College a certain escheated estate, and for the purpose of vesting a certain estate, late of Peter Deardorf, deces sed, in the mother and half brothers and sisters of the said Peter Deardorf, deceased. 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 all the right, title, claim and interest which the commonwealth may have acquired by reason of an escheat, for the want of known heirs of Michael Miller late of Amewell township, Washington county, deceased, in or to the real estate of which he died possessed, shall be and the same is hereby granted to the trustees of the Washington college and their successors, to be applied to the English department of that institution: Provided, That no other claim of this commonwealth except that derived from this escheat, shall pass by virtue of this act, nor shall the rights of individuals be affected or impaired thereby. SECTION 2. The money and estate due and coming to the dorff's money commonwealth, under the last will and testament of Peter and estate. Deardorf, !ate of Adams county, deceased, shall go to and be vested in the mother and half brothers and sisters of said Peter Deardorf, deceased, or their representatives, in equal proportions. NER MIDDLESWARTH, Speaker of the House of Representatives. Speaker of the Senate. APPROVED-The eighteenth day of March, Anno Domini, eighteen hundred and thirty-six. JOS: RITNER. No. 46. An Act To incorporate the Summit Coal Company. SECTION 1. Be it enacted by the Senate and House of Re presentatives of the Commonwealth of Pennsylvania in General Assembly met, and it is hereby enacted by the authority of the same, That Daniel J. Labar, John Ogden, Ephraim Corporators. Hollenbeck, John S. Adams, Jason L. Fenimore, Joseph Jeans, Edward Taylor, and their associates, successors and assigns, be, and they are hereby constituted a body politic and corporate, by the name and style of the Summit Coal Name and Company," for the purpose of mining coal, and for transact-style. ting the usual business of companies engaged in the mining, transporting to market and selling of coal, and the other products of coal mines; and the said corporation, by the said Powers. name, is hereby declared and made capable in law to sue and be sued, to plead and be impleaded, to have a common Seal. seal, and the same to alter and renew at pleasure, to make rules and by-laws for the regulation and management of said corporation, consistent with the laws of the United States, and of this commonwealth, and generally, to do and execute for the well being of said company, whatever shall lawfully pertain to such bodies politic: Provided, That 1st Proviso. nothing herein contained, shall be considered as in any way giving to said company any banking or railroad privileges, but they shall be exclusively confined to the operations pertaining to the business aforesaid, according to the true intent and meaning of this act: And provided also, That each 2d Proviso. stockholder shall be liable in his individual capacity, for the debts and performance of all contracts entered into by the said company, to the amount of the balance unpaid on the Whole capistock of said stockholder, so that the whole capital stock oftal stock said company, whether paid in or not, shall be liable for said debts and contracts. liable. 2000 acres of land. SECTION 2. The said company shall have the right to hold, Right to hold either by purchase or lease, not exceeding two thousand acres of land at any one time, in Sugarloaf township in the county of Luzerne, and Lausanna township in the county of Northampton, in the commonwealth of Pennsylvania, and in no other county or township, and the same or any part thereof, to sell or otherwise dispose of, as the interest of the company may require: Provided, That the said two thous- Proviso. and acres of land, shall be in not more than two separate and distinct bodies: And provided also, That the company Proviso, may hold, as above, such lot or lots of land, not exceeding Each share 50 dollars. three acres in any one place, as may be found convenient, as places of deposit in the transportation and sale of the products of their inines. Capital stock SECTION 3. The capital stock of said company shall consist 150,000 dolls. of one hundred and fifty thousand dollars, and shall be divided into three thousand shares of fifty dollars each, which capital stock shall only be employed in the purchasing and holding the lands aforesaid, with the improvements, if any thereon, and in constructing such other improvements, buildings, cars, boats, engines and machinery, as may be necessary or useful for the mining, transportation and sale of coal, and in the payment of such salaries, wages and other expeditures as shall be requisite for the aforesaid purposes of the comStock trans papy; and said stock shall be assignable and transferrable, according to such rules as the board of directors shall establish. ferrable. - Letters patent. SECTION 4. When the above named Daniel J. Labar, John Ogden, Ephraim Hollenbeck, John S. Adams, Jason L. Fenimore, Joseph Jeans, Edward Taylor and their associates, shall have subscribed the whole number of shares aforesaid, and actually paid and expended not less than fifteen per cent. of the capital aforesaid, in purchasing lands, and in such other investments as are authorized by this act, for the use of said company, the Governor, on due evidence thereof, shall by letters patent, under his hand and the seal of the state, create and erect the said Daniel J. Labar, John Ogden, Ephraim Hollenbeck, John S. Adams, Jason L. Fenimore, Joseph Jeans. Edward Taylor and their associates, successors and assigns, into one body corporate, by the name, style and title of the Summit Coal Company." SECTION 5. The affairs of the said company shall be manaFive direct- ged by five directors, to be chosen annually from the stockors to be chc-holders; the first election shall be held in the city of Philadelsen annually-phia, within thirty days after letters patent aforesaid shall have Notico. been issued, of which election public notice shall be given by three or more of the corporators named in the first section of this act, at least two weeks prior thereto, in two or more daily newspapers printed in Philadelphia, and the subsequent elections shall be held annually, at such convenient time and place as the directors shall determine, of which thirty days previous notice shall in like manner be given by the president of the company, or by any three of the directors: Provided, That in the event of a failure to hold such election, the former directors may continue in office for a period not exceeding six months, or until such election shall be held. SECTION 6. The election for directors shall be held by balRatio of votes lot, and each stockholder shall be entitled to vote according to the number of shares held by said stockholder, in the pro portion following that is to say, for each share and not SECTION 7. The directors shall, as soon as convenient President after their election, choose one of their number as president, and other to serve for one year; they shall also have power to appoint, officers. as occasion may require, all other officers and agents of the company, and to supply vacancies in the board, arising from Vacancies. death, resignation, or otherwise, until the next annual election; at all meetings of the board, three directors shall form a quorum to transact business. SECTION 8. The directors may, from time to time, call in, Notice to pay on thirty days notice thereof, in at least two daily newspa-instalments. pers printed in Philadelphia, and in at least in one paper printed in each of the counties of Luzerne or Northampton, such instalments on the stock of the company as they may judge best, not exceeding twenty per cent. thereof at any one time; and if any stockholder shali neglect to pay, at the time and place appointed, any instalment on his stock so called in, for the space of thirty days after the period so designated for the payment thereof, the said stock, and the amount previously paid thereon, may be declared by the directors, Forfeiture forfeited to the company, and disposed of as they shall for neglect. : prescribe. SECTION 9. Dividends of so much of the profits of the Dividends. company as shall appear to the directors advisable, shall be -declared twice a year, and paid to the stockholders, or their legal representatives, on demand, at any time after the expiration of ten days after having been declared, but said dividends shall in no case exceed the amount of the nett profits actually acquired by the company, so that the capital stock shall never thereby be impaired; and if any dividend . - shall be declared which shall impair the capital stock of said Liability of company, the directors consenting thereto shall be liable in directors, their individual capacities to the said company, for the amount of the stock so divided, and each director present when such dividend shall be declared, shall be adjudged to be consenting thereto, unless he shall forthwith give public notice to the stockholders of the declaring of such dividend: Provided, That whenever the dividends shall exceed eight per cent. per annum, the said company shall pay a tax Tax on divi- of eight per cent. on all dividends into the treasury of the state, and be subject to any tax the legislature may hereafter impose. Proviso. dends. Legal pro SECTION 10. Any legal process served on any agent or manager of said company, is hereby declared to be, to all intents and purposes, as valid as the same would have been if served on the president and directors thereof. SECTION 11. The company hereby incorporated, shall have power to construct a railroad, with one or more tracks, from any point on their lands, to intersect the Beaver Meadow railroad, or any railroad which may be made in the valley of Hazle creek, at such place as they may deem most convenient; and for that purpose they may increase their Capital stock capital stock, or borrow one hundred thousand dollars; and may be in the said company shall have the same powers and immunities, and be subject to the same terms and conditions, that are provided in the act to incorporate the Beaver Meadow railroad and coal company, and the supplements thereto: Provided, That the said railroad shall be commenced within one year, and completed within three years after the passage of this act. creased. Proviso. Time of con force. SECTION 12. This act shall continue and be in force until tinuance in the thirty-first day of December, in the year of our Lord one thousand eight hundred and fifty-five: Provided, That it shall be lawful for the legislature at any me to amend or repeal any of the foregoing provisions, and to rescind the powers hereby granted." Proviso. APPROVED-The eighteenth day of March, Anno Domini, eighteen hundred and thirty-six. JOS: RITNER. |