the subject-matter of such inquiry, and if, upon such inquiry, the chancellor or justice shall be satisfied that such petitioner is the lawful owner of the number of shares of the capital stock, or any part thereof, described in the said petition, and that the certificate therefor has been lost or destroyed, and cannot, after due diligence, be found, and no sufficient cause has been assigned why a new certificate should not be issued in place thereof, said chancellor or justice shall make an order requiring the said corporation, within such time as shall be therein designated, to issue and deliver to such petitioner a new certificate for the number of shares of the capital stock of the said corporation which shall be specified in such order as owned by such petitioner, and the certificate for which shall have been lost or destroyed; in making such order the said chancellor or justice shall direct that the said petitioner deposit such security, or file such bond, in such form and with such sureties as to the chancellor or justice shall appear sufficient to indemnify any person, other than the petitioner, who shall thereafter appear to be the lawful owner of such certificate stated to be lost or stolen, and to indemnify the said corporation against all loss or damage which it shall sustain by reason of claims made against it by other persons upon account of such lost, stolen or destroyed certificate; and the chancellor or justice may also direct the publication of such notice, either preceding or succeeding the making of such final order, as he shall deem proper; any person or persons who shall thereafter claim any rights under such certificate, so alleged to have been lost or destroyed, shall have recourse to the said indemnity, and the said corporation shall be discharged of and from all liability to such person or persons by reason of compliance of the order aforesaid; obedience to such order may be enforced by said chancellor or justice by attachment against the officer or officers of such corporation, upon proof of his or their refusal to comply with the same.

143. Assessment of stock of mining company may be made by directors, if certificate of organization so provide. [Supplement, approved March 31st, 1882. P. L. 1882, p. 252.]

SEC. 1. Whenever the certificate provided for in section ten of the act to which this is a supplement shall contain a provision (which is hereby authorized to be inserted therein in reference to any company conducting mining operations as a part of its business, that may be formed under the act to which this is a supple

ment), that the board of directors shall have full power to levy assessments on general stockholders until the stock of such stockholders shall be fully paid up; that then and in every such case no action of the stockholders of such company shall be necessary in order to impose, levy and collect such assessments. (j)

144. Dividends may be guaranteed on stock issued for property purchased.

[This section is given as amended by the supplement of May 9th, 1889. P. L., p. 415. For other provisions respecting dividends, see sections 7, 25, 53, 55, 106.]

SEC. 2. Any stock issued for property purchased (k) under section fifty-five of the act to which this is a supplement, may, by a vote of the board of directors, whenever the certificate of incorporation shall authorize the exercise of such a power, contain a provision guaranteeing a minimum yearly dividend, payable yearly, halfyearly or quarter-yearly, but only out of the actual profits of the business of the company; provided, that such provision shall not contain a guarantee of any larger dividend than is authorized to be paid on preferred stock of such company; such guaranteed dividend to be paid before any dividend paid on the general stock of said company not containing any such provision; the holder of such guaranteed stock shall be entitled to participate equally with the other holders of general stock in the profits arising out of the business of the company, and receive full dividends whenever the annual dividend, or the sum of dividends in any year, upon the entire capital stock of said company, shall exceed the dividend named in such guarantee; the holders of such guaranteed stock shall have all the rights of holders of the general stock of such company, including the right to vote and receive dividends thereon, and such guaranteed stock may be converted into an equal amount of the preferred stock of the company issuing the same, carrying no larger dividend; and the directors of any company, for the purpose of retiring the guaranteed stock of such company, may issue and exchange therefor an equal amount of its preferred stock, carrying no larger dividend than that guaranteed; provided, that the amount of preferred stock so issued shall, at no time, exceed two-thirds of the entire capital of the company issuing the same; and provided, further, that the preferred stock so issued shall be entitled to dividends on a par with preferred stock before issued only with the assent of the holders of pre

(j) For other provisions relative to stock issued for property purchased, vide 55, 219.

(k) See section 25 and notes.

ferred stock then outstanding, or in case it shall have been so provided in the original certificate of incorporation, or in the certificates for preferred stock outstanding.

145. Fee to be paid to state on filing certificate of organization.

[Supplement, approved March 5th, 1883. P. L. 1883, p. 62.]

Upon filing with the secretary of state of this state any certificate of incorporation or organization of any company incorporated under the provisions of the act to which this act is a supplement, there shall be paid by the corporators named in such certificate of incorporation or organization, to the secretary of this state, for the use of the state, the sum of twenty-five dollars for all corporations having an authorized capital not exceeding one hundred thousand dollars, and the sum of one-fifth of one dollar per thousand upon the largest amount of capital authorized by its certificate of incorporation or organization by any corporation incorporated under the provisions of the act to which this act is a supplement, having an authorized capital exceeding one hundred thousand dollars, shall be paid by the corporators of any such incorporation, to the secretary of this state, for the use of the state. 146. Fee upon filing amended certificate.

SEC. 2. Upon the filing of an amended certificate of incorporation or organization, or certificate consolidating companies into one corporation incorporated under the provisions of the act to which this act is a supplement, there shall be paid to the secretary of this state, for the use of the state, the sum of twenty dollars. (See section 195.)

147. Fee upon filing certificate of increase.

SEC. 3. Upon the filing of a certificate increasing the capital stock of any incorporation incorporated under the provisions of the act to which this act is a supplement, there shall be paid the sum of twenty dollars; provided, such increased capital stock shall not exceed one hundred thousand dollars, and in case the increased capital stock shall exceed one hundred thousand dollars, then the sum of one-fifth of one dollar per thousand on such excess shall be paid to the secretary of state of this state, for the use of the state. (1)

148. Certificate not to be filed until fee paid.

SEC. 4. It shall not be lawful for the secretary of state to file in his office any certificate of incorporation or organization, made in

(1) For provisions relative to increase, see section 24 and notes.

pursuance of the act to which this act is a supplement, until the requirements of this act are complied with.

149. Suit against receiver not to abate by his death.

[A supplement to an act entitled "An act to prevent in certain cases the abatement of suits and reversal of judgments," approved March 27th, 1874 (Revision). Approved January 31st, 1883. P. L. 1883, p. 18.]

SEC. 1. No action heretofore or hereafter brought in any court of this state against any receiver of any corporation within the same, shall be held, adjudged or decreed to abate or to have abated, by reason of the death of such receiver; but upon suggestion of the facts on the record, such suit shall be continued against the new receiver for such corporation appointed by the chancellor, or against such corporation in case no new receiver shall be or shall have been appointed, as if such death had not happened. (See sections 65, 92.)

150. Foreign benevolent corporations may hold land in this state.

[Supplement, approved March 23d, 1883. P. L. 1883, p. 220.]

SEC. 1. It shall be lawful for foreign corporations, created and organized for charitable or benevolent purposes, to hold, mortgage, lease and convey such real estate in this state as may be devised or conveyed to them for the purposes of their creation, anything in the laws of this state to the contrary notwithstanding. (See sections 1, 99, 103, 137.)

151. Consolidation of store-house, pier, dock and stockyard corporations.

["An act relating to the consolidation of corporations authorized to establish storehouses, piers or docks, or to maintain yards and buildings for the keeping and accommodation of live-stock." Approved March 23d, 1883. P. L. 1883, p. 242.]

[This act, containing six sections, provides "that it shall be lawful for any corporation or corporations of this state, created to establish ferries, store-houses, piers or docks, or to maintain yards and buildings for the keeping and accommodation of live-stock, to consolidate and merge their corporate rights, franchises, powers and privileges into any one of such corporations so authorized as aforesaid, so that by virtue of this act such corporations shall be consolidated and merged, and so that all the property, rights, franchises and privilges, by law vested in such corporations so merged, shall be transferred to and vested in the corporation into which such consolidation and merger shall be made." The method of consolidation is set forth, authority is given for issuing bonds secured by mortgages on the property and franchises of the companies, and provision is made for taxing the property of such companies in the same manner as that of individuals.]

152. Societies for relief of clergymen may increase directors and change time of meetings.

[A supplement passed February 21st, 1884 (P. L., p. 26), provides that any incorporated society having for its object the relief of clergymen, &c., may increase the number of its trustees and change the time of holding its annual meeting.]

153. Cashiers of banking corporations to give bonds.

[A supplement passed March 5th, 1884 (P. L., p. 43), provides that the directors of every banking corporation shall require their cashiers to give bond in the sum of at. least $20,000 for the faithful performance of duty, and annually pass upon the sufficiency of such bond, and if insufficient, to require a new bond; in default whereof the directors shall be jointly and severally liable for the defalcations of the cashier to the extent of $20,000.]

154. Electric light companies may use highways. [Supplement, approved May 10th, 1884. P. L., p. 331.]

SEC. 1. Any company organized by virtue of the act to which this is a supplement, for the purpose of constructing, maintaining and operating works for the supply and distribution of electricity for electric lights, heat or power, shall have full power to use the public roads or highways, streets, avenues and alleys in this state for the purpose of erecting posts or poles on the same to sustain the necessary wires and fixtures upon first obtaining the consent in writing of the owners of the soil; provided, however, no posts or poles shall be erected in any street of any incorporated city or town without first obtaining from the incorporated city or town a designation of the street in which the same shall be placed and the manner of placing the same, and that the same shall be so located as in no way to interfere with the safety or convenience of persons traveling on or over the said roads and highways, and that the public streets in any of the incorporated cities and towns of this state shall be subject to such regulations as may be first imposed by the corporate authorities of said cities and towns.

155. Wires may be laid under ground.

SEC. 2. Any such companies be and they (are) hereby authorized and empowered to lay pipes or conduits and to lay wires therein beneath the public roads, highways, streets, avenues and alleys as they may deem necessary; provided, that said pipes or conduits shall be laid at least two feet below the surface of the same and shall not in anywise unnecessarily obstruct or interfere with public travel or damage public or private property, and shall not be laid nearer than three feet, except as is hereinafter excepted, to any water or gas main; but no public street shall be opened for the purpose of laying any such pipes, conduits or wires without the consent of the board of aldermen or common council of such city; and provided, that such use of the public streets in any of the cities and towns of this state shall be subject to such regulations and restrictions as may be first imposed by the corporate authorities of such cities or towns.

156. Wires must not be laid near water and gas pipes. SEC. 3. Any wires for conveying electricity or the conduits containing said wires, shall be laid at the greatest practicable distance from the outside of any water or gas pipe now laid down, and that such distance shall not be less than three feet, except in case where it shall be necessary that the said wires or conduits shall cross or intersect any such water or gas pipe.