1908 private laws – Ch.61 Sec.5

The capital stock of the said railway company shall be one hundred and twenty-five thousand dollars, which may be increased from time to time by the votes of its shareholders to an amount not exceeding three millions of dollars, to be divided into shares of one hundred dollars each: Provided, such increase of capital stock shall only be made upon application to the Secretary of State and leave granted by him; such application to be accompanied by a receipt from the State Treasurer for the taxes prescribed in sections one thousand two hundred and thirty-two and one thousand two hundred and thirty-five of chapter twentyone of the Revisal of one thousand nine hundred and five for increase of capital stock. Each share subscribed shall be entitled to one vote in all meetings of the stockholders of said company, and ten thousand dollars shall be the minimum subscription on which said company may be organized. The company may receive eash, material, labor, bonds, stock, contracts, real or personal property, in payment of donations or subscriptions to its capital stock. A majority of the corporators hereinbefore named, or such of them as shall be subscribers, may organize the said company by electing a board of directors and providing for the election or appointment of such other officers by said board of directors as may be necessary for the control and management of the business and affairs of said company, and thereupon they shall have and exercise all the powers and functions of a corporation under this charter and the laws of this State. No subscriber shall be individually liable for the debts of the company.