Marion-Schley-Sumter County GaArchives History .....Railroad incorporation August 27 1870 ************************************************ Copyright. All rights reserved. http://www.usgwarchives.net/copyright.htm http://www.usgwarchives.net/ga/gafiles.htm ************************************************ File contributed for use in USGenWeb Archives by: Harris Hill http://www.genrecords.net/emailregistry/vols/00011.html#0002514 September 30, 2003, 6:59 pm ACTS AND RESOLUTIONS OF THE GENERAL ASSEMBLY OF THE STATE OF GEORGIA, PASSED IN ATLANTA, GEORGIA, AT THE SESSION OF 1870. 1870 Vol. 1 -- Page: 350 Sequential Number: 227 Law Number: (No. 227.) Full Title: An Act to incorporate the Newnan & Americus Railroad Company, and for other purposes therein named. Section 1. Be it enacted, etc., That Hugh Buchanan, W. B. Wilkinson, Tollerson Kirby, of the county of Coweta; John L. Dixon, Henry R. Harris, J. M. C. Robertson, of the county of Meriwether; Thomas A. Brown, Isaac Cheney, William A. Danill, of the county of Talbot; Martin L. Bivins, William Drane, J. L. Baker, of Marion county; John R. Respass, Isaac Hart, Seaborn Montgomery, of Schley county; W. W. Barlow, William J. Patterson, Moses Speer, of the county of Sumter, or a majority of them, are hereby constituted a board of commissioners for organizing the Newnan & Americus Railroad Company. [Sidenote: Corporators] ------------------------------------------------------------------------------- - Page: 351 Sec. 2. That the capital stock of said company shall be divided into shares of one hundred dollars each, and shall not exceed three millions of dollars. [Sidenote: Capit'l stock] Sec. 3. That the said board of commissioners is hereby required, when the sum of fifty thousand dollars shall have been subscribed to the capital stock of said company, to convene the subscribers to the same, or a majority of them, for the purpose of electing from their own number a board of five directors to manage and control the affairs of said company for one year, or until their successors are elected and installed, and said board of directors, as well as all other boards which may thereafter be elected, shall select from its own number a president, and have power to adopt by-laws for its own control, and to appoint and employ such officers, agents and servants as it may deem proper. [Sidenote: Election of directors.] [Sidenote: Of Presid'nt] Sec. 4. That at the election hereinbefore provided for, each subscriber to the capital stock of said company shall be entitled to one vote for each share subscribed by him or her, or which he may represent by power of attorney; and in all elections hereafter, each person shall only be entitled to one vote for each share of the capital stock of said company, which he or she may own, or represent by power of attorney, upon which twenty per cent. has been paid: Provided, That no one shall be excluded from voting if the twenty per cent. has not been called for. [Sidenote: Votes.] [Sidenote: Proviso.] Sec. 5. That when said board of directors shall have complied with the requirements set forth, and an election for a board of directors shall have been held as provided for in section third of this act, the books of subscription to the capital stock of said company, together with all other books and papers appertaining to the business of said company, shall be turned over to the board of directors, and the functions of said commissioners shall cease and determine. [Sidenote: When books to be opened.] Sec. 6. That whenever the subscribers to the capital stock of said company shall have convened and elected a board of directors under the provisions of section third of this act, they, or their associates and successors, shall be deemed, held and considered a body corporate and politic, under the name and style of the Newnan & Americus Railroad Company, with perpetual succession, and all the rights, powers, privileges and liabilities common and necessary to such a corporation, and the organization of said company, shall be complete. [Sidenote: Name and style.] [Sidenote: Succession.] Sec. 7. That said company shall have power to construct, maintain, equip and use a railroad from Newnan, in Coweta county, through Greenville, Talbotton, Buena Vista, Ellaville, -- , to Americus, in Sumter county; to accept, purchase, have, lease and convey any property, real, personal or mixed, and to erect such buildings and shops, operate such machinery, and do other things as it may deem proper for its advantage and benefit. [Sidenote: Special powers.] Sec. 8. That in all cases where a question of the right-of-way arises, and the company cannot agree with the owner or representative of the land upon which it is proposed to enter, the work ------------------------------------------------------------------------------- - Page: 352 of the company may proceed as if there was no disagreement; but in such event, the Sheriff of the county in which said land is located, at the request of either party, shall summon a jury of five disinterested freeholders of said county, who shall assess the damage to be paid by said company, after being sworn to take into consideration the enhanced value of said land from the building of said road, and to do justice between the parties, and the finding of said jury shall be final and conclusive against both parties: Provided, Each has received from the said Sheriff ten days' notice of the time and place of meeting of said jury, and neither party shall appeal to the Superior Court in ten days thereafter. [Sidenote: Questions of right-of-way -- how adjudicated.] Sec. 9. The right-of-way of said company shall not exceed two hundred feet in width. [Sidenote: Width.] Sec. 10. That said company shall have power to receive land in payment or part payment of the subscriptions to its capital stock at such valuation as may be agreed on, or may be assessed by three freeholders, under such rules and regulations as may be adopted by it, and to mortgage, lease, sell or otherwise dispose of said land, as shall be deemed most advantageous to its interest, and said lands, so received in payment or part payment to the capital stock of said company, shall be free from taxation so long as the legal title thereof remains in said company. [Sidenote: Subscriptions -- how paid] [Sidenote: Taxation.] Sec. 11. That the Governor of the State be, and he is hereby, authorized and required to indorse the bonds of said Newnan & Americus Railroad Company, upon the same terms and conditions upon which he is authorized and required to indorse the bonds of the Georgia Air-line Railroad Company, which terms and conditions are set forth in an act to loan the credit of the State to the Georgia Air-Line Railroad Company, and for other purposes, approved September 21st, 1868; and it shall be the duty of the Governor of the State to give to the said company the benefit contemplated in said act so soon as said company shall have placed itself in the condition required by said act. [Sidenote: Gov. to indorse said R. R. bonds -- terms.] Sec. 12. That the said Newnan & Americus Railroad Company shall not sell any bond or bonds upon which may be indorsed the guarantee of the State for less than ninety cents in the dollar. [Sidenote: Restriction on sale of bonds.] Sec. 13. That all laws and parts of laws which conflict in any manner with the provisions of this act be, and the same are hereby, repealed. Approval Date: Approved August 27, 1870. This file has been created by a form at http://www.genrecords.org/gafiles/ File size: 7.6 Kb