Preamble. Proviso. Oxford and nies may unite. New name, No. 133. An Act To incorporate the Philadelphia and Port Deposit Railroad company, WHEREAS, it has been represented to this legislature, that the objects for which the Oxford railroad company was incorporated by the legislature of Pennsylvania, and the Cecil county railroad company was incorporated by the state of Maryland, would be better attained by authorizing the union of the two companies into one corporation, under one general act, if the same can be obtained from the respective legislatures of Pennsylvania and Maryland, and that the stockholders of the said companies are anxious to have them united: Provided, The same be authorized by law; There fore, 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 at any time after the passage of this act, and of a similar one by the general assembly of the state of Maryland, if such an act be passed by that assembly, it shall be lawful for the president and managers of the Oxford railroad company, and of the Cecil county Cecil compa- railroad company, whenever they may deem it expedient, to unite their two companies into one joint stock and interest, under such conditions and stipulations as they may agree upon, and that from and after the time of junction, the said corporations shall be and continue forever after united into one body politic and corporate, in deed and law, by the naine, style and title of "the Philadelphia and Port Deposit style & title. railroad company," and by the said name the stockholders of the said company shall have perpetual succession, and all the privileges and franchises incident to a corporation, and all the stockholders of either of the said Oxford railroad company, and Cecil county railroad company, shall be stockholders in the said "The Philadelphia and Port Deposit railroad company," in such manner, and in such proportions as may be agreed upon between the said companies, at the time of their junction; and the said Philadelphia and Port Deposit railroad company shall, under the said name, take, hold and enjoy, all the estates, grants, rights, privileges and interests heretofore held and enjoyed by the said companies, or either of them, under their former respective titles, and shall have power to make and construct a railroad from a suitable point in the Pennsylvania railroad, between Coatesville and the Gap tavern, by the most eligible route to the Powers and privileges. Route. village of Port Deposit, in the state of Maryland: Provided Proviso. nevertheless, That previous to the forming of the union herein provided for, the president and managers of each of the said companies shall obtain the assent thereto in writing, of the holders of a majority of the stock of each of the said companies, the said stockholders voting in proportion to the number of shares held by each respectively: And provided 24 Proviso as further, That if any of the stockholders of either of the to damages. said Oxford railroad company, or Cecil county railroad company, shall refuse his or her assent to the provisions of this act, and deem himself or herself aggrieved thereby, such stockholder may, within two years after the junction of the said companies, institute a suit against the president, managers and company of the Philadelphia and Port Deposit railroad company, in any court of competent jurisdiction, to receive a just compensation for the damage sustained by him or her by reason of the said junction, and from and after the time of instituting such suit, every such stockholder shall severally cease to be and remain a stockholder in the said Oxford railroad company, or Cecil county railroad ompany, or in the new company created by virtue of this act: And provided further, That nothing herein contained 3d Proviso, shall be considered as in any way giving to the said corpora- prohibiting ion banking privileges whatsoever, or any other liberties, banking, &e. rivileges or franchises, but such as may be necessary or ncident to the making and maintaining of the said railroad, nd the conveyance of passengers, and the transportation of he mail, and of goods, merchandise, and commodities hereon. SECTION 2. That for the management of the affairs of the Organization. id corporation, nine directors shall be elected annually, y ballot, in the manner, under the regulations, and with e powers prescribed by the fourth, fifth, sixth, seventh, ghth and ninth sections of the act of ninth June, one thous eight hundred and thirty-two, incorporating the Oxford ilroad company, which sections are hereby declared to be full force, as to the corporation created by this act, and af said directors shall elect one of their number to be ézident: Providel, That the first election for directors, to Proviso. rve until the next annual election, may be held at such ne and place, and upon such notice, as the said companies the time of their junction shall agree upon, and that five the directors shall be a quorum for the transaction of Quorum. siness. SECTION 3. That the eleventh, twelfth, thirteenth, seven- Portions of enth, and twenty-second sections of the aforesaid act of the aet of 4th ath of June, one thousand eight hundred and thirty-two, April, 1833. thirteenth, fifteenth, sixteenth, seventeenth, eight-extended to 1th, nineteenth, twentieth, and twenty-second sections of act of fourth April, one thousand eight hundred and this comp'y. Capital creased to $1,000,000. thirty-three, entitled "An act to authorize the Governor to incorporate the Philadelphia and Reading railroad company are hereby extended and made applicable to the Philadelph and Port Deposit railroad company, as fully and effectually as if they were here again enacted at full length. SECTION 4. The capital of the said Philadelphia and Port Deposit railroad company shall consist of the aggregate number of shares authorized by the aforesaid act of ninth of June, one thousand eight hundred and thirty-two, and by the law of Maryland incorporating the Cecil county railroad company, and if such capital shall prove insufficient for the completion, improvement, or proper use of the said railroad, the directors being first duly authorized by the stockholders, at a stated or special meeting, may increase the same to any amount not exceeding one million of dollars. SECTION 5. It shall be lawful for the directors of the said company to enter into arrangements, and make special contracts with the government of the United States, or with any U. S. Mail. officer thereof, for the transportation of the mail, upon such terms, and for such compensation as may be agreed upon between them. Portions of act of 9th June, 1832, repealed. SECTION 6. In case the Oxford railroad company, and the Cecil county railroad company shall be united, as provided for in the first section of this act, none of the provisions of the aforesaid act of ninth June one thousand eight hundred and thirty-two, which are not hereby specially re-enacted. shall apply to the Philadelphia and Port Deposit railroad company. Annual state. SECTION 7. That the president or secretary of the said ment to Aud- company shall annually, on the first Monday in December, itor General, transmit to the Auditor General a full statement of the affairs of said company, under oath, and shall pay annually into the treasury of the commonwealth, a tax of eight per centum on all dividends which may exceed six per centum on the capital stock actually paid in. Tax. NER MIDDLESWARTH, THOMAS S. CUNNINGHAM, Speaker of the Senate. APPROVED-The first day of April, Anno Domini, eighteen hundred and thirty-six. JOS: RITNER No. 134. An Act To increase the capital stock of the Lumbermen's Bank at Warren and to authorize the United States Bank to establish an office of discount and deposite at Erie, Pennsylvania. 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 thority of the same, That the Lumbermen's Bank at Warren shall have the right of increasing its capital stock to the sum of two hundred thousand dollars, the additional stock to be divided into shares of fifty dollars each, to be sold and disposed of by the said bank, at such times, and in such manner as its directors, at their discretion, may think fit and expedient. SECTION 2. That in case the said Lumbermen's Bank shall accept the provisions of this act, and notify the Governor of the same, under its corporate seal, within six months from the passage hereof, then the said bank shall pay into the treasury of this commonwealth five thousand dollars, one half Bonus. thereof to be paid within one year from the acceptance of the charter, and the other half to be paid on the first of May, eighteen hundred and forty-one, and eight per cent. on the Tax, dividends during the continuance of its charter. NER MIDDLESWARTH, Speaker of the House of Representatives. THOMAS S. CUNNINGHAM, Speaker of the Senate. APPROVED-The first day of April, Anno Domini, one thousand eight hundred and thirty-six. JOS: RITNER, Right of common'lth to subscribe for 2000 shares. Proviso. Charter to be accepted within 3 months. No. 135. An Act To extend the charter of the Philadelphia Bank. 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 the charter of the Philadelphia Bank shall be, and the same is hereby continued and extended twenty years from the expiration of the present charter, subject to the provisions of the act of the first of April, eighteen hundred and thirty-five, providing for a graduated tax upon dividends, which act and its provisions shall apply to said bank from and after the expiration of its existing charter. SECTION 2. That the stock of the said bank now owned by the commonwealth, shall stand as heretofore, and that the right of the said commonwealth to subscribe for two thous and additional shares of the capital stock of the said bank, be and the same is hereby relinquished, unless they avail themselves of that right within six months from the passage of this law, and from and after that time, the said baik shall have the right to dispose of the said stock for its own benefit, at such times, and in such manner as the directors for the time being may deem proper: Provided however, That before they proceed to dispose of said stock, they shall pay into the treasury of the state the sum of twenty thousand dollars. SECTION 3. That unless the said bank shall accept the provisions of this act, and advise the Governor of the same, under its corporate seal, within three months after the pas sage thereof, then and in that case this act shall be void and of none effect. NER MIDDLESWARTH, Speaker of the House of Representatives. THOMAS S. CUNNINGHAM, Speaker of the Senate. APPROVED-The first day of April, Anno Domini, eighteen hundred and thirty-six. JOS: RITNER. |