Chap. 0210 An Act to increase the Capital Stock of the Western Rail-road Corporation.

BE it enacted by the Senate and House of Representatives, in General Court assembled, and by the authority of the same, as follows:

Sect. 1. The directors of the Western Rail-road Corporation may increase the capital stock of said corporation, by adding thereto, from time to time, for the term of two years, a number of shares of one hundred dollars each, equal in amount to the sums heretofore paid, or hereafter to be paid, into the sinking funds of said corporation, with the interest accumulated thereon at the times of sueh increase of shares, and may dispose of the same at not less than one hundred dollars per share, as hereinafter provided.

Sect. 2. Three hundred and thirty thousand dollars of the proceeds of said shares shall be appropriated for additional expenditures of construction of the road and its appurtenances, between Worcester and Albany, and for engines and cars therefor; and the residue thereof may, from time to time, be added to the general receipts of the road, and be appropriated as the directors shall judge best for the interests of the corporation : provided, that the proceeds of all sales of shares, to a greater amount than the sums annually paid into the sinking funds, shall be appropriated to purposes of construction.

Sect. 3. Whenever the capital stock of said corporation shall be increased as herein provided, the directors shall, before any sale of the new shares so created, give notice thereof in writing to the treasurer of the Commonwealth, and to the private stockholders, in such manner as they judge best; and the Commonwealth, and the other owners of stock at the time of such increase, may, within thirty days after such notice, 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 thaii the par value thereof.

Sect. 4. Whenever notice of any such increase of capital stock shall be given to the treasurer of the Commonwealth, the Governor may, if he judge best, instruct the treasurer to take the proportion of shares to which the Commonwealth may be entitled, or any part thereof; and

the Governor, with advice of Council, may draw his warrant on the treasurer in payment therefor; or he may authorize the treasurer to give the note of the Commonwealth for the same, or any part thereof, to be paid, with interest, whenever provision shall be made by law therefor.

Sect. 5. This act shall take effect from and after its passage.   [Approved by the Governor, March 25, 1845.J