No stamp required on accident insurance contract. 448. No stamp is required nor stamp duty exacted on any contract of insurance, when such contract insures against accident which may result in injury or death. added" 149. 450 451 TITLE III. RAILROAD CORPORATIONS. CHAPTER I. Officers and Corporate Stock. Directors to be elected, when. Additional provisions in assessment and transfer of stock. CHAPTER I. OFFICERS AND CORPORATE STOCK. SECTION 454. Directors to be elected, when. 455. Additional provisions in assessment and transfer of stock. 456. Corporations may borrow money and issue bonds. 457. To provide a Sinking Fund to pay bonds. 459. Certificate of payment of fixed capital stock. 454. Directors of railroad corporations may be elected at a meeting of the stockholders other than the annual meeting, as a majority of the fixed capital stock may determine, or as the by-laws may provide; notice thereof to be given as provided for notices of meetings to adopt by-laws in Article II, Chapter I, Title I, of this Part. 455. No stock in any railroad corporation is transferable until all the previous calls or installments thereon have been fully paid in; nor is any such transfer valid, except as between the parties thereto, unless at least twenty per cent has been paid thereon and cer tificates issued therefor, and the transfer approved by the Board of Directors. tions may money and bonds. 456. Railroad corporations may borrow, on the Corpora credit of the corporation and under such regulations borrow and restrictions as the Directors thereof, by unanimous issue concurrence, may impose, such sums of money as may be necessary for constructing and completing their railroad, and may issue and dispose of bonds or promissory notes therefor, in denominations of not less than five hundred dollars, and at a rate of interest not exceeding ten per cent per annum; and may also issue bonds or promissory notes, of the same denomination and rate of interest, in payment of any debts or contracts for constructing and completing their road, with its equipments and all else relative thereto. The amount Limitation of bonds or promissory notes issued for such purposes must not exceed, in all, the amount of their capital stock; and to secure the payment of such bonds or notes, they may mortgage their corporate property and franchise. 457. The Directors must provide a Sinking Fund, to be specially applied to the redemption of such bonds on or before their maturity, and may also confer on any holder of any bond or note so issued, for money borrowed or in payment of any debt or contract for the construction and equipment of such road, the right to convert the principal due or owing thereon into stock of such corporation, at any time within eight years from the date of such bonds, under such regulations as the Directors may adopt. of amount. To provide a Sinking pay bonds. stock to be 458. When, at any time after filing the articles of Capital incorporation, it is ascertained that the capital stock fixed. therein set out is either more or less than actually required for constructing, equipping, operating, and maintaining the road, by a two-third vote of the stockholders the capital stock must be fixed, and a certifi Certificate of paymeut of fixed capital stock. cate thereof, and of the proceedings had to fix the same, must be made out and filed in the office of the Secretary of State. 459. Within thirty days after the payment of the last installment of the fixed capital stock of any railroad corporation organized under this Title and Part, the President and Secretary and a majority of the Directors thereof must make, subscribe, and file in the office of the Secretary of State a certificate, stating. the amount of the fixed capital stock, and that the whole thereof has been paid in. The certificate must be verified by the affidavit of the President and Secretary. CHAPTER II. ENUMERATION OF POWERS. SECTION 465. Enumeration of powers: 2. May accept real estate. 3. May acquire real estate. 4. Lay out road, how wide. 5. Where may construct road. 6. May cross or connect roads. 7. May purchase land, timber, stone, gravel, etc. 8. Carry persons and freight. 9. Erect necessary buildings. 10. Regulate time and freights, subject to legislation. 11. Regulate force and speed. 466. Map and profile to be filed. 467. May change line of road. 468. Forfeiture of franchise. 469. Crossings and intersections. Condemnation. 470. Not to use streets, alleys, or water in cities or towns, except by a two-third vote of the city or town authorities. 471. Railroads through cities not to charge fare to and from points therein. 472. When crossing railroads or highways, how other lands are acquired. 473. Corporations may consolidate. Publication of notice. Copy to be filed. SECTION 474. State lands granted for use of corporations. 475. Grant not to embrace town lots. 476. Wood, stone, and earth may be taken from State lands. 477. Lands to revert to State, when. 478. Selections made, how proved and certified to. 465. Every railroad corporation has power: Enumeration of road. 1. To cause such examination and surveys to be made powers. as may be necessary to the selection of the most advan- To survey tageous route for the railroad; and for such purposes their officers, agents, and employés may enter upon the lands or waters of any person, subject to liability for all damages which they do thereto; real estate. 2. To receive, hold, take, and convey, by deed or May accept otherwise, as a natural person, such voluntary grants and donations of real estate and other property which may be made to it to aid and encourage the construction, maintenance, and accommodation of such railroad; acquire 3. To purchase, or by voluntary grants or donations May. to receive, enter, take possession of, hold, and use all real estate. such real estate and other property as may be absolutely necessary for the construction and maintenance of such railroad, and for all stations, depots, and other purposes necessary to successfully work and conduct the business of the road; 4. To lay out its road, not exceeding nine rods wide, and to construct and maintain the same, with a single or double track, and with such appendages and adjuncts as may be necessary for the convenient use of the same; 5. To construct their road across, along, or upon any stream of water, watercourse, roadstead, bay, navigable stream, street, avenue, or highway, or across any railway, canal, ditch, or flume, which the route of its road intersects, crosses, or runs along, in such manner as to afford security for life and property; but the corporation shall restore the stream or watercourse, road, street, avenue, highway, railroad, canal, ditch, or flume Lay out road, how wide. Where may road. construct May cross or connect roads. May purchase land, timber, stone. gravel, etc. thus intersected to its former state of usefulness, as near as may be, or so that the railroad shall not unnecessarily impair its usefulness or injure its franchise; 6. To cross, intersect, join, or unite its railroad with any other railroad, either before or after construction, at any point upon its route, and upon the grounds of such other railroad corporation, with the necessary turnouts, sidings, and switches, and other conveniences in furtherance of the objects of its connections; and every corporation whose railroad is, or shall be hereafter, intersected by any new railroad, shall unite with the owners of such new railroad in forming such intersections and connections, and grant facilities therefor; and if the two corporations cannot agree upon the amount of compensation to be made therefor, or the points or the manner of such crossings, intersections, and connections, the same shall be ascertained and determined as is provided in Title VII, Part III, CODE OF CIVIL PROCEDURE; 7. To purchase lands, timber, stone, gravel, or other materials, to be used in the construction and maintenance of its road, and all necessary appendages and adjuncts, or acquire them in the manner provided in Title VII, Part III, CODE OF CIVIL PROCEDURE, for the condemnation of lands; and to change the line of its road, in whole or in part, whenever a majority of the Directors so determine, as is provided hereinafter; but no such change must vary the general route of such road, as contemplated in its articles of incorporation; 8. To carry persons and property on their railroad, and freight. and receive tolls or compensation therefor; Carry persons Erect necessary buildings. 9. To erect and maintain all necessary and convenient buildings, stations, depots, fixtures, and machinery for the accommodation and use of their passengers, freight, and business; 10. To regulate the time and manner in which passengers and property shall be transported, and the tolls |