terest as aforesaid, the present value of all the future contributions of the policy to pay death claims, or, in other words, of all the normal future yearly costs of insurance which by its terms it is exposed to pay, in case of its continuance, shall be calculated, and eight per centum of this sum shall be the legal surrender charge, and the remainder of the net value of the policy ascertained as aforesaid, after deducting this surrender charge, and any debts due the insurer as aforesaid, shall be payable to the insured in cash within sixty days after the amount is ascertained. If there shall not have been a settlement and liquidation of the policy as herein before provided, and it shall have lapsed by reason of the non-payment of a premium, the insurer must nevertheless continue it in force as provided in the next ensuing section. [In effect April 1, 1878.] § 452. The net value of the policy, at the expiration of the term for which the full amount of premiums shall have been paid, must be ascertained and determined in accordance with the formula set forth in the preceding section. After deducting from such net value any indebtedness to the insurer growing out of the policy, and cancelling the same, and deducting also a surrender charge, as ascertained in accordance with the provisions of said preceding section, the remainder of such net value shall be considered as a net single premium of insurance. And in the case of any policy, other than an endowment, the amount which it will insure as a life policy shall be determined according to the age of the insured at the time of the lapse of the policy, and the rates of mortality and interest assumed in determining the net value of the same. In the case of an endowment, payable at a certain time, or at death, if it should previously occur, the remainder of the net value of the policy, ascertained as hereinbefore required, shall be considered as a net single premium of endowment insurance, and the amount which it will insure as an endowment for the unexpired term of the policy shall be determined, according to the age of the insured and the rates of mortality and interest ssumed in determining the net value of the policy. As thus adjusted, the policy is to be considered as continued in force, in accordance with its original terms, except for a smaller amount; which said amount shall be, by the company, indorsed on the policy as paid-up insurance. [In effect April \, 1878.] TITLE III. RAILROAD CORPORATIONS. CHAPTER I. OFFICERS AND CORPORATE STOCK, §§ 454-459. CHAPTER I. OFFICERS AND CORPORATE STOCK. SECTION 454. Directors to be elected, when. 455. Additional provisions in assessment and transfer of stock. 456. Corporations may borrow money and issue bonds. tion of amount. 457. To provide a sinking fund to pay bonds. 458. Capital stock to be fixed. 459. Certificate of payment of fixed capital stock. Limita § 454. Directors of railroad corporations may be elected at a meeting of the stockholders other than the annual meeting, as a majority of the fixed capital stock may determine, or as the by-laws may provide; notice thereof to be given as provided for notices of meetings to adopt by-laws in Article ÎI., Chapter I., Title I., of this part. § 455. No stock in any railroad corporation is transferable until all the previous calls or instalments thereon have been fully paid in; nor is any such transfer valid, except as between the parties thereto, unless at least twenty per cent. has been paid thereon and certificates issued therefor, and the transfer approved by the board of directors. § 456. Railroad corporations may borrow, on the credit of the corporation and under such regulations and restrictions as the directors thereof, by unanimous concurrence, may impose, such sums of money as may be necessary for constructing and completing their railroad, and may issue and dispose of bonds or promissory notes therefor, in denominations of not less than five hundred dollars, and at a rate of interest not exceeding ten per cent. per annum; and may also issue bonds or promissory notes, of the same denomination and rate of in terest, in payment of any debts or contracts for constructing and completing their road, with its equipments and all else relative thereto, and for the purchase of railroads and other property within the purposes of the corporation. The amount of bonds or promissory notes issued for such purposes must not exceed, in all, the amount of their capital stock; and to secure the payment of such bonds or notes, they may mortgage their corporate property and franchises, or may secure the payment of such bonds or notes by deed of trust of their corporate property and franchises. Any person or corporation formed under the laws of this State or of any other State within the United States, that the directors of the railroad corporation may by unanimous concurrence select, may be trustees in such deed of trust. [In effect April 15, 1880.] Penal Code, § 566. § 457. The directors must provide a sinking fund, to be specially applied to the redemption of such bonds on or before their maturity, and may also confer on any holder of any bond or note so issued, for money borrowed or in payment of any debt or contract for the construction and equipment of such road, the right to convert the principal due or owing thereon into stock of such corporation, at any time within eight years from the date of such bonds, under such regulations as the directors may adopt. Penal Code, $$ 566-7. § 458. When, at any time after filing the articles of incorporation, it is ascertained that the capital stock therein set out is either more or less than actually required for constructing, equipping, operating, and maintaining the road, by a twothird vote of the stockholders the capital stock must be fixed, and a certificate thereof, and of the proceedings had to fix the same, must be made out and filed in the office of the secretary of state. § 459. Within thirty days after the payment of the last instalment of the fixed capital stock of any railroad corporaion organized under this title and part, the president and secretary, and a majority of the directors thereof, must make, subscribe, and file in the office of the secretary of state a certificate, stating the amount of the fixed capital stock, and that the whole thereof has been paid in. The certificate must be veri fied by the affidavit of the president and secretary. CHAPTER II. ENUMERATION OF POWERS. SECTION 465 Enumeration of powers: 1. To survey road; 2. May accept real estate; 6. May cross or connect roads; 7. May purchase land, timber, stone, gravel, &c. ; 8. Carry persons and freight; 9. Erect necessary buildings; 10. Regulate time and freights, subject to legislation; 11. Regulate force and speed. 466. Map and profile to be filed. 469. Crossings and intersections. Condemnation. 470. Not to use streets, alleys, or water in cities or towns, except 472. When crossing railroads or highways, how other lands are 473. Corporations may consolidate. Publication of notice. Copy to be filed. 474. State lands granted for use of corporations. 475. Grant not to embrace town lots. 476. Wood, stone, and earth may be taken from State lands. 477. Lands to revert to State, when. 478. Selections made, how proved and certified to. § 465. Every railroad corporation has power: 1. To cause such examination and surveys to be made as may be necessary to the selection of the most advantageous route for the railroad; and for such purposes their officers, agents, and employees may enter upon the lands or waters of any person, subject to liability for all damages which they do thereto; 2. To receive, hold, take, and convey, by deed or otherwise, as a natural person, such voluntary grants and donations of real estate and other property which may be made to it to aid and encourage the construction, maintenance, and accommodation of such railroad; 3. To purchase, or by voluntary grants or donations to re ceive, enter, take possession of, hold, and use all such real es tate and other property as may be absolutely necessary for the |