EXPLANATORY NOTE.

Table V considers the conditions of railroad incorporation.

Part A deals with the statutory provisions relative to organization. The statutes of the States provide that railroads shall be incorporated under general laws only, or by special act of the legislature only, or by either of these two methods. From a study of the general provisions of organization it is evident that there is something of a tendency to abandon the principle of incorporation under general railroad laws in favor of railroad laws accompanied by provisions applicable to all corporations. Other provisions respecting the incorporation of railroads may be found in a large number of States. Here are also exhibited the facts which must be stated in the articles of incorporation. No less than thirty-eight such facts are required in the various States, although each State, as a general rule, requires but eight or ten.

Part B is concerned with provisions respecting stock and stockholders, and it may be stated that the enactments since 1890 exhibit no general tendencies in this subject.

Part C deals with officers and directors, and here, again, no tendencies may be perceived in the laws passed since 1890.

Part D is concerned with provisions determining the location of the offices of the corporations, and the rapidity of construction of railroads.

Part E is concerned with liability of railroad corporations to public control, forfeitures and dissolution, and service of process.

Part F deals with statutory provisions regarding management, construction, and extension. Part G is concerned with a variety of subjects, namely, corporate powers relating to the alteration of the provisions of incorporation, to consolidation, merger, etc., to changes in capital stock, and to foreign corporations.

The figures in the body of the following table indicate that the state in question has a statute conforming to the statement made in the boring of the column in which the figures appear. These figures refer, also, to the section, chapter, or page of the particular compiation of statutes or laws which is authority for the statement. The titles of these compilations are to be found in the second column of Table I.

The abbreviations observed throughout the tables are the following:

S. L.

R

Session Laws. References to Session Laws are to pages, except where indicated by ch. (chapter).
Repealed.

The following is the explanation of the signs used in the tables: