route, to the Georgia line, a majority of whom are authorized to open books for the purpose of receiving subscriptions to the capital stock of said company at such times and places as they, or a majority of them, may think proper, upon giving public notice thereof of not less than twenty days, and shall keep the same open until the whole of the capital stock is subscribed. (a)

SEC. 2. The capital stock of said company may be fifty thousand dollars, with the privilege of increasing the same to one hundred thousand dollars, should such an increase, in the judgment of the directors of said company, be found necessary for its construction and further management, and shall be divided into shares of one hundred dollars each. (a)

Capital stock.

SEC. 3. Said railroad be, and is hereby, authorized to con- To connect at nect or intersect at the Georgia line with a railroad to be con- Georgia line. structed by the citizens of Georgia. (a)

Incorporation.

SEC. 4. As soon as thirty thousand dollars shall have been subscribed to the capital stock of said company, the subscribers of said stock, their successors or assigns shall be, and are hereby, declared to be incorporated into a company by the name of "The Monticello and Georgia Railroad Company," and by that name shall be capable of purchasing, holding, leasing and conveying real, personal and mixed property, so far as Powers, shall be necessary for the purpose of this corporation, and by said incorporated name may sue and be sued, plead and be impleaded, answer and be answered unto, in any court of law or equity in this State or elsewhere, and to have and use a common seal, and the same to alter and amend at pleasure, to pass all by-laws, rules and ordinances for the good government of said corporation as to them may seem proper, and generally to do all things necessary to carry into effect the objects of this act, and that said company shall have full power to sell, convey and confirm to any other company its road, fixtures, rights, privileges, powers and franchises hereby granted by this act of incorporation. (a)

Organization.

SEC. 5. As soon as thirty thousand dollars shall have been subscribed to the capital stock of said company, and one-fifth part thereof paid in cash, the commissioners hereby appointed, or a majority of them, shall call a meeting of the subscribers at such time and place as they may appoint, and at such meeting the said subscribers, or those holding a majority of shares in said company, shall elect by ballot seven directors to man- Directors. age the affairs of said company, and the commissioners aforesaid, or a majority of them, shall be judges of said first election of directors, and the directors thus chosen shall elect from among themselves a president of said company, who shall be President. allowed such compensation as they may think proper, and on all occasions whenever a vote of stockholders shall be taken each stockholder shall be allowed one vote for each share owned by

(a) Secs. 1, 2, 3 and 4, Chap. 3341, Act of March 7, 1881.

President and directors.

Officers.

By-laws.

Capital stock.

Sale of stock of defaulting holder.

Lands, &c., for
construction
of road.

him or her, and any stockholder may depute in writing any other person to vote and act for him or her as his or her proxy. (a)

SEC. 6. The said president and directors shall be chosen annually by the stockholders of said company, and if any vacancy occur by death, resignation or otherwise of any president or director before the year for which they were elected shall have expired, such vacancy shall be filled by the president and directors, or a majority of them, and that the president and directors shall hold their office until their successors are chosen and qualified, and shall have power to call meetings of stockholders at any time, and the stockholders, by a majority of votes, may have power to remove the president or any director, and to fill all vacancies occasioned by removal at pleasure. (a)

SEC. 7. The president and directors, or a majority of them, may appoint all such officers, engineers, agents or servants whatsoever as they may deem necessary to carry on the business of said company, dismiss them at pleasure, and the majority of them shall determine the compensation of all such officers, engineers, servants and agents; shall have power to pass all by-laws which they may deem necessary and proper for exercising all the powers vested in this company for carrying into effect the objects of this act: Provided, That such by-laws shall not be contrary to the laws of this State or the United States, and said president and directors, or a majority of them, are empowered to borrow money to carry into effect the objects of this act, to issue certificates or other evidences of said loan, and to pledge the property of said company for the payment of the same with the interest. (a)

SEC. 8. The said president and directors shall have power to require the stockholders of said company to pay such instalments on their respective shares of stock, and at such times and places, and either in money, materials, labor or provisions, as they may think best for the interest of said company, and upon the refusal at any time of any stockholder to pay the instalment required on his, her or their stock in pursuance of any call made by the said president and directors as aforesaid, said president may, upon giving thirty days' notice, proceed to sell at public sale the share or shares of said stock owned by said stockholder, or such part as they may think proper, to the highest bidder; and if, upon a sale of shares of stock owned by said defaulting stockholder, said stock should be sold for more than the amount due upon instalment as above mentioned, the excess, after deducting accruing interest and the necessary expenses of sale, shall be paid over to said defaulting stockholder. (a)

SEC. 9. The president and directors of said company are hereby authorized to contract for and receive conveyances of

(a) Secs. 5, 6, 7 and 8, Chap. 3341, Act of March 7, 1881.

quod damnum.

land, stone, lumber, wood and all materials which may be necessary or required for the construction of said railroad, and when the owner and company cannot agree upon the price, or when the owner is an infant, non-resident or non compos mentis, or in anywise incapable or unable to manage or attend to his, her or their own affairs, then it shall be lawful for the president Proceedings ad and directors of said company to apply to the sheriff of the county in which said land or other property may be situated, who shall summon a jury of seven disinterested freeholders, a majority of whom shall be authorized to assess the damages and return their award or judgment to the next term of the Circuit Court of the county in which said land or other property may be situated, which shall be entered by the clerk as the judgment of the court, and when by said company payment of is made the land so appropriated to the use of the road may be used, owned and occupied by said company for the use aforesaid : Provided always, That if either party shall upon the return thereof be dissatisfied, they may, upon filing bond with good and sufficient security, in such sum as the court may order, be allowed an appeal to the next term of the Circuit Court of said county, when said case shall stand for trial de novo: Provided also, That thirty days' notice shall have been given to the opposite party, issued by the clerk of the court and served by the sheriff of the county; and in no case shall such appeal so operate as to delay the progress of the work of said road. (b) SEC. 10. The persons summoned as aforesaid shall, before Proceedings ad proceeding to discharge the duties herein required, take an quod damnum. oath or affirmation, which the sheriff is hereby authorized to administer, to the effect that they will well and truly inquire into, and to the best of their judgment assess the damages accruing to the owner or owners of such land or materials by the means of the proposed construction, and that said lands or property so condemned and estimated as aforesaid shall become the property of said company upon the payment of the damages assessed by said jury. (b)

struction of

SEC. 11. In case any person shall wilfully injure or obstruct Penalty for inin any degree the road or roads he shall forfeit and pay unto jury to or obthe said company three times the amount of all damages it road. may sustain in consequence thereof, to be sued for and recovered before any court having jurisdiction thereof, and on complaint to any magistrate within whose jurisdiction such offence shall be committed, it shall be the duty of each magistrate to bind the person or persons so offending with sufficient security for his or their good behavior for a period of not less than one year, and such offender shall also be subject to indictment, and on conviction shall be sentenced, at the discretion of the court, to not less than three or more than six months imprisonment. (b)

SEC. 12. After the completion of said road, or any part

(b) Secs. 9, 10 and 11, Chap. 3341, Act of March 7, 1881.

Tolls.

Net profit.

Commencement

thereof, the said president and directors may levy and collect tolls from all persons, property, merchandise and other commodities transported thereon: Provided, The net profit of said road shall not exceed twenty-five per centum per annum, and shall provide convenient passages to travel over said road whenever it shall cross a public highway. (c)

SEC. 13. Said company shall commence the building of said and completion. road within three years, and complete the same within thirteen years from the passage of this act. (c)

No banking powers.

Certificates of stock.

Repeal.

SEC. 14. Nothing in this act shall be construed as to confer upon said company any right to exercise the powers of a banking company, or to issue any description of paper intended for current circulation. (c)

SEC. 15. The certificates of stock shall issue to the stockholders on payment of each instalment, which shall be transferable on the books of the company only, and by personal entry of the stockholder, or by his or her legal attorney or representative duly authorized for that purpose. (c)

SEC. 16. All acts and parts of laws inconsistent with the provisions of this act be and the same are hereby repealed. (c)

Route.

Corporators.

Powers.

OKAHUMKEE AND PANASOFKEE RAILROAD COMPANY.

SECTION 1. For the purpose of constructing, building, completing and maintaining a railroad from Okahumkee to Lake Panasofkee, in Sumter county, to the waters of the Withlacoochee river, in a southwestern direction to a point to be determined by the board of directors, the following named persons, viz: J. J. Dickison, Whitfield C. Walker, Drew Towns, C. F. Adams, D. M. C. Lay, J. F. Lay, R. S. Conover, H. C. Connell, A. H. Helvingston, L. B. Marsh, Wm. Tompkins, Granville Bevill, S. A. Curry, W. H. Hendricks, E. J. M. Pagett, H. S. Cassady, G. Tompkins, J. G. Gibbs, and their associates, successors and assigns, are hereby constituted a body politic and corporate under the name and style of "The Okahumkee and Panasofkee Railroad Company," and as such have and use a common seal, may sue and be sued, plead and be impleaded, may purchase and hold real and personal property, and sell or convey the same in fee, or for a less estate, or by way of mortgage or otherwise by deed or conveyance may sell, lease, encumber or convey the same, may make and enforce, for the organization, management, direction and operation and government of said company, such by-laws, rules and regulations as they may deem best, not contrary to the Constitution and laws of the United States and of this State. SEC. 2. Said corporators, associates, successors and assigns (c) Secs. 12, 13, 14, 15 and 16, Chap. 3341, Act of March 7, 1881.

(a)

(a) Sec. 1, Chap. 3342, Act of March 8, 1881.

shall have power to fix the capital stock of the company at a Capital stock. sum not exceeding one hundred and fifty thousand dollars, the shares of which shall be one hundred dollars each, and shall designate the time and place for opening books and receiving subscriptions to the capital stock of said company, and they may appoint one or more of their number to open books and receive subscriptions, and receipt for the same, said subscriptions to be upon the terms and conditions which the said company may prescribe. They shall also have power to call meetings of the company, or its stockholders and other officers, the term of service of each, their compensation, duties and manner of removal of each officer. A majority of the corporators shall be a quorum to do business. The directors, or a majority of them, shall have power to transact all business of the company, unless otherwise ordered by the stockholders, may declare dividends of profits, if any, and in general make and enforce all such rules and regulations consistent with the by-laws of the company, as they may deem fit. (a)

SEC. 3. Said company shall have the right and privilege to Right of way, construct said railroad, and the right of way is hereby granted &c. for the same one hundred and twenty feet in width, with the right to take stone, timber, earth and materials from any lands belonging to the State, to be used in the construction, maintenance and repairs of said railroad. (a)

SEC. 4. The said company is hereby authorized to contract Land and matefor and receive conveyances of land, timber and other mate- rials for road. rials which may be required by the directors in 'the construction, operation, maintenance and repair of said railroad, and when the owner and company cannot agree upon the price, or

when the owner is a non-resident, then it shall be lawful for Proceedings ad the company to apply to the sheriff of the county, who shall quod damnum. summon a jury of seven disinterested freeholders, a majority of whom shall be authorized to assess the damages and return the award to the Clerk of the Circuit Court for the county in which the lands may be situated, who shall enter the same in his book of judgments and costs. The jurors summoned as aforesaid shall take an oath, to be administered by the Sheriff, that they will well and truly inquire in, and, to the best of their judgment, assess the damage of said land or material by means of the proposed construction, but there shall be right of appeal usual in such cases: Provided, That said work and the progress of construction of said road shall in nowise be delayed on account of the proceedings had or to be had as aforesaid. (a)

SEC. 5. The said Okahumkee and Panasofkee Railroad Com-Cars. pany shall provide suitable cars for the accommodation of passengers, &c., and shall have power to build, manage and keep wharves and warehouses, and they are hereby charged with the Wharves and execution and completion of said work. (a)

(a) Secs. 2, 3, 4 and 5, Chap. 3342, Act of March 8, 1881.

warehouses.