Draught of a bill to revise and consolidate into one act the provisions of the general statutes and subsequent general acts relating to railroads

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1873 Excerpt: ...and they may order such changes to be made in the track as are rendered necessary by the alteration or repair of such way. If they allow steam power to be used "on such track, the provisions of this act relating to the crossing of ways and travelled places by railroad corporations shall apply to such track and the person or corporation by whom the same was constructed. 1871, 232, §§ 2, 3, 4. / VI. CONCLUDING SECTIONS. Sect. 162. If any railroad corporation assumes without authority of the legislature, to increase its capital stock beyond the maximum fixed in its act of incorporation or in conformity with sections twenty and thirty of this act, or to declare any stock dividend or divide the proceeds of the sale of stock among its stockholders, or issue certificates of stock to any person whatever (when the par value of the shares so issued is not first paid in cash to the treasurer of said corporation), all certificates of stock so issued shall be void, and the directors of any railroad corporation issuing the same shall be liable to a penalty of one thousand dollars each, to be recovered by indictment in any county where any of said directors reside: provided, that if any such director shall prove that previous to such issue he filed his dissent in writing thereto with the clerk of said corporation, or was absent, and at no time voted therefor, he shall not be liable for the same.--. See lfc68, 310, §§ 1, 2. See also, 1871, 389, as follows:----If any railroad corporation owning a railroad in this Commonwealth and consolidated with a corporation in another state owning a railroad therein, increases its capital stock or the capital stock of such consolidated corporation without authority of the legislature of this Commonwealth, or wit...