Chap. 0300 An Act to authorize an additional increase of the capital stock of the western railroad corporation.
Be it enacted, #*e, as follows:
Section 1. The Western Railroad Corporation is hereby authorized to increase its capital stock by an amount not exceeding three million eight hundred and fifty thousand dollars by adding thereto an additional number of shares, not exceeding thirty-eight thousand five hundred and fifty shares of one hundred dollars each ; so that the entire capital stock of said corporation shall amount to ten millions of dollars. At least one million eight hundred and fifty thousand dollars of said increased capital stock, or the proceeds thereof, shall be applied toward the construction of the bridge over Hudson river, the completion of the double track of the railroad of said corporation and the equipment of said road. And said corporation shall, from the proceeds of said new issue of stock, complete the construction of said double track within two years from the passage of this act, and provide all suitable and necessary equipment therefor. And no more than eighteen thousand five hundred shares shall be issued prior to January first, in the year eighteen hundred and sixty-seven.
Section 2. Before any sale of the new shares authorized to be created by this act, the directors of said corporation shall give notice in writing of such authorized increase to the treasurer of the Commonwealth and to the other stockholders, and within thirty days after such notice, the Commonwealth and the other stockholders may take at the par value thereof, their proportion of such increased shares, according to the number of shares in such capital stock owned by them severally at the date of such increase. And if any shares then remain unsold, the said corporation may dispose of the same at not less than the par value thereof.
Section 3. When notice of any such increase of capital stock shall be given to the treasurer of the Commonwealth, the governor, with the advice and consent of the council, is hereby authorized to instruct the treasurer to take the proportion of shares to which the Commonwealth may be entitled, or any part thereof, and the governor, with the advice and consent of the council, may draw his warrant on the treasurer in payment therefor; and such temporary loans
are hereby authorized to be obtained by the treasurer as may be necessary for the payment of the amounts thus drawn for.
Section 4. Nothing contained in this act shall in any manner affect or impair the right of the Commonwealth to purchase the said railroad, franchises, property, rights and privileges of said corporation.
Section 5. The Western Railroad corporation shall ticket passengers, check baggage, way-bill freight, transfer cars and give equal facilities for the convenient transfer of passengers and freight to and from all connecting railroads, and shall make no unequal discrimination for or against either of said railroads in its joint through passenger and freight rates or in the division of said rates.
Section 6.   This act shall take effect upon its passage.
Approved May 30, 1S66.