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such company, and the secretary or other recording officer thereof, which shall, before it shall have any validity or effect, be recorded in the official records of deeds in each county within which the road or any part thereof which has been so sold and conveyed lies, or be left for record in the office containing such official records.

$ 3498a (77 0. L. 83) provides that the county commissioners may purchase toll roads.

$ 3199. How toll roads voted to be purchased by counties

appraisedIn any county where, heretofore or hereafter, an affirmative vote has been or may be given, at any general election, in favor of purchasing any or all the toll roads, or parts thereof, lying within such county, at a price to be fixed by three disinterested appraisers, who shall be appointed as follows: One by the court of common pleas of the county, or a judge of said court resident of the subdivision in which the county is situate; one by the probate judge of the county, and one by the commissioners of the county; said appraisers, after being sworn faithfully and honestly to discharge their duties in that behalf, shall personally inspect the road or roads, or parts thereof, so far as the same may be within such county, and make and return in writing to the commissioners, a valuation of each of the roads or parts thereof; and if the commissioners, from any cause, fail to purchase any road or part thereof, other appraisers may be appointed in the same

But nothing herein contained shall prevent the commissioners from making or receiving propositions, and to purchase at any time within two years after an appraisement has been had at the appraised price; any law heretofore passed to the contrary notwithstanding. 78 O. L. 149.

manner.

$ 3500. Report by the commissioners, and effect thereof,

If the report is satisfactory, and the commissioners, or a majority of them, indorse their approval thereon as to all or any of the roads, or parts thereof, they shall cause an entry to be made to that effect on their journal, and thereupon they may purchase the same at a price not exceeding such appraisal, and pay such company or companies in money, or in bonds to be issued as hereinafter specified; and thereupon such roads, or parts thereof, so purchased, shall cease to be toll roads, and become free roads, to be kept in repair in the manner prescribed in chapter ten, title seven, part two.

$ 3501. Bonds for the purchase and tax for their redemp

tionFor the purpose of paying for such roads, or parts thereof, the commissioners shall issue bonds payable at such times, and in such amounts, as will be as near as practicable equal to the semi-annual collection of taxes levied for that purpose, which bonds shall bear interest at a rate not exceeding six per centum, payable semi-annually, which bonds may be delivered to such companies in payment of such roads, or parts thereof, or sold for money at not less than their par value, but such bonds shall not run more than eight years from date, and for the payment thereof the commissioners shall levy, annually, on all the taxable property of such counties, in addition to the taxes they are otherwise authorized to levy, such sum as will fully pay such bonds and the interest thereon. 78 O. L. 149.

$ 3501a (87 O. L. 335) provides that county commissioners may refund assessments made for construction of free turnpikes.

$ 3502. Fees

Such appraisers shall be paid by the county, upon the allowance of the commissioners, three dollars per day, and their necessary expenses, for the time actually employed in the business of their appointment; and the county auditor and county treasurer, for their services under the preceding section, shall be entitled to one-half of the lowest rate of fees now allowed to them by law for like services.

$ 3503. Sale

The sale by any company owning a toll road, or such part of such road as lies within any county, shall not affect its organization or right as to such part or parts of its road as may be situate outside of such county.

$ 3504. Not to affect creditors

No relinquishment, sale or transfer herein provided for shall prejudice or affect, in any way, the claim of any creditor of the company which makes the same, nor shall the provisions of the three preceding sections extend or be applicable to any road in which the state is interested as a stockholder. 54 v. 198, § 4; S. & S. 340.

$ 3505. Additional stock authorized

The directors of any company may open books of subscription along the line of its road for the purpose of raising additional stock for the completion, extension, planking, or otherwise improving or repairing its road. 51 v. 395, $ 1; S. & C. 334.

$ 3506. Companies may consolidate

When two or more turnpike or plank road companies desire to consolidate themselves into a single corporation, they may do so in the manner, and subject to the rules, provided in this title for the consolidation of railroad companies. 50 v. 274, $ 43; S. & C. 298.

$ 3507. May assist an extension

The directors of any such company may subscribe and pay such sums of money as the majority of the stockholders instruct them to subscribe, to build and keep in repair any turnpike or plank road that is a continuation or extension of its road; but such subscription shall not exceed the net revenue of its road. 55 V.160, § 1; S. & C. 340.

$ 3508. May assist an, intersecting free turnpike

The directors of any company may subscribe and pay such sums of money as they may think advisable to build and keep in repair any free turnpike road that intersects their road; but such subscription shall not exceed the dividends of their company, and three-fourths of the stockholders of the company must consent to the subscription. 52 v. 131, § 1; S. & C. 370.

$ 3509. Accounts each company must keep

Every company shall cause to be kept a fair and accurate account of the whole expense of making its road, with the expense of toll-gatherers, and all other necessary agents or officers whom the company may find it convenient to employ, and a fair and accurate account of the amount of toll received; the books of every company shall always be open for the inspection of the commissioners of any county through or into which it passes, or of the agent of the general assembly of the state, and of any stockholder; and if any company refuse or neglect to exhibit its accounts, agreeably to the provisions of this section, when required to exhibit them by such commissioners or agent, all the rights granted by this chapter, and its rights to be a corporation, shall cease and determine. 50 v. 274, $ 40; S. & C. 297.

$ 3510. The books a company must keep

The directors of each company shall cause books to be kept, in which shall be entered all the transactions of the company, with the dates of such transactions; also stock books, in which shall be entered the names of the stockholders, the number of shares of stock owned by each, and all transfers of stock made during each year, and by and to whom made; on the first Monday of January of each year the directors shall cause a statement to be made in such stock books, showing the names of the owners of the stock of the company, and the respective number of shares held by each; and all books herein provided for shall, at all proper times, be open to the inspection of any stockholder. 65 v. 89, § 1; S. & S. 146.

$ 3511. Toll-gate keepers must report

A keeper of a toll-gate shall, on the first Monday of January of each year, and at such other times as may be required by the company, make a report in writing, under oath, showing the amount of toll received at each gate respectively for the preceding year, the amounts paid to the company from time to time, the amounts retained on account of salaries of gate-keepers, the amount of tolls outstanding and uncollected, and also who and to what amount persons have passed through such gates without paying tolls, and by whose orders such persons have so passed; and all such statements shall be submitted to the stockholders at their annual meeting on the second Monday of January of each year. 65 v. 89, $ 2; S. & S. 147.

$ 3512. Directors' annual report to stockholders

The directors of each company shall cause to be made, in writing, and submitted to the stockholders of the company, at the regular meeting of the stockholders on the second Monday of January of each year-notice of which meeting shall be given by the directors, by publication, for four consecutive weeks, in a newspaper printed and of general circulation in each county in whiclı any part of the road is situate—a report of the transactions of the company for the year next preceding, which report shall show the amount of revenue received by the company from all sources during the year, and the amount of tolls received at each gate respectively; also a statement in detail of all the items of expenditure of the company, for all purposes, including the amount expended on each mile of the road respectively, the amount paid to each officer of the company for his services, the amount paid to gate keepers for salaries or otherwise, and the amount of money on hand after paying expenses of the company; also a statement of the outstanding liabilities of the company, and to whom owing, and of the amounts due to the company, and by whom owing, and how secured; and the directors shall order a dividend to be made of the money then on hand, unless otherwise ordered by a majority of persons present at such meeting owning stock in the company. 65 v. 89, SS 3, 5; S. & S. 147.

§ 3513. Treasurer to hold no other office in company

The treasurer of a company shall hold no other office in the company, and when appointed, and before assuming the duties of his office, he shall take an oath of office, and give bond, with security to the satisfaction of the board of directors, conditioned for the faithful performance of his duties according to law. 65 V. 89, § 4; S. & S. 147.

$ 3514. Toll gate keeper the agent of the company

The keeper of a gate on any turnpike or plank road shall be deemed and held to be the agent of the company or person owning the road; and judgment obtained against any such gate keeper for a violation of this chapter shall be considered and held to be a judgment against the company or person owning the road, and execution may issue thereon accordingly against the gate keeper and such company or person. 59 v. 101, § 4; S. &

S. 150.

$3515. Obstructing fences removed

If a person whose fence is upon, or who erects a fence upon, the limits of a turnpike or plank road, or who places within the

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