Vandalia Whig and Illinois intelligencer. [volume] (Vandalia, Ill.) 1832-183?, 1833-03-20

be kept proper books of accounts, in which
shall be registered all the transactions CT the
corporation, and the same shall at all times be
subject to the inspection of the stockholders;
and it shall be the duty of the directors tc
make annual dividends of SO much of the prof
lis of the said company as to them or MAORI
ty of them shall appear advisable; and il
thereunto required by the votes of majority
of the stockholders, they shall from time to time
exhibit or cause to be exhibited to them at Il
general meeting, for their information, full
and perfect statement of the debts and credits
and such other matters, as to them may be
deemed essential, relating to the affairs of the
company; copies of which report shall be fur
nished by the Secretary to the order Of any
stakeholder when thereunto requested: dupl-
cate of which shall be filed at the expense of
the corporation in the office Of the Secretary of
State.
Sec. 10. The persons named in the first
section of this act, are hereby constituted di-
rectors for the time being, with the same pow
Ter to manage and conduct the business Of the
said corporation us is given by this act to the
directors, until one half the stock is paid in
and commissioners to open the books Of said
company with power TO dispose OF and issue
certificates for the whole of the stock, or for so
mnch thereof as may be sufficient for the im-
mediate purposes of sad corporation, and when
one half the stock shall have been subscribed
for and actually paid in, shall appoint two in.
spectors to superintend the first election, who
previous to entering upon their duties, shall
take and subscribe an oath before a Justlce OF
the peace, that they will faithfully discharge
their duties as such inspectors, and shall give
notice to the stockholders of the time when and
place where an election will be held for the
purpose of electing board Of directors; which
said notice shall be published in some newspa-
per of this State, at least eight weeks success
sively previous to the said election: Propided
altcdys, That the said commissioners shall not
issue a greater number of the shares of the
stock of the company than shall be fully and
bona .fde paid for.
! Sec. IL The stock of the said corporation
shall be deemed personal property, and assign
able and transferable on the books of said cor
lporation; but no stockholder, indebted to sale
corporation, shall be permitted to make trans
i fer, till such debt be paid Or secured to be pail
to the satisfaction of the directors.
Sec. r. This act is hereby declared to be
!, public act, and shall take effect from and ate
Jus pasSuSC, duu ohoh ~ So"''A""o SS"'0'.
and favoraby for every purpose herein contain
ed The sold corporation shall not be disso'
ed, nor this charter be forfeited for, or by rea
son of, any errors, omissions or irregufartie
of the said company, or the agents thereof
prnrilled, aZuaus, That such errors, omission
or Irregularities shall not be IN violation Q
any OF the provisions Of this act.
i Sec. l3 The governor of this state shall
and may have power to appoint three commits
sioncrs, whose duty it shall be, and who arr
thereby authorized annually to investigate The
mode upon which the business Of the company
is conducted, the extent of its debts and cred
Its, and every matter relating thereto and the
same annually to report to the Governor. who
shall cause such report to be published as soon
as practicable in some newspaper of this state
nearest the place where The establishment Of
said company is located, and the expense oil
said examination, report and publication shall
be paid BY said corporation: Prorided, fha
the stockholders of said company, shall be
,ointv and severaly liable for the amount o
the debts contracted by, and at any one time
outstanding against the said company over ane
above any sum equal to the amount OF tht
stock actually paid in, in proportion to the a
mount of stock owned by each OF the sale
Stockholders.
Approved, February 22d, 1888.