Carroll free press. [volume] (Carrollton [Ohio]) 1834-1861, 1836-05-27

OF one dollar on each share for which he
shall subscribe, and The same shall be
deemed and taken as an instalment pOid
on account ofthe stock 10 which he will
become entitled by such subscription; and
the commissioners shall pay over all mon
eys so paid TO the directors elected in pur
suance oflhe provisions OF the fourth sec
tion of this act.
Sec. 8. That the books OF subscription
shall remain open as long as the president
and directors of said company shall see
fit, and each subscriber shall be bound 10
pay from time 10 time such instaIments
on his or her, or their stock as the said
president and directors may lawfully re-
quire, they giving at least sixty days. no.
tIce of the time and place Of making the
payments required, in such public news.
papers in Pennsylvania and Ohio, and
elsewhere, as will be best calculated 10
give information thereof to the stockhol
t'ers; but no assessment shall ever be
made SO as to render any subscriber liza.
Bile to pay more Than fifty dollars for a
Share: Provided, that not more than one
fourth part of The subscription shall be re
quired in any one year from the com
mencement of the work; if, however, af
ter the closing Of said books, or at any
time, it shall appear that sufficient funds
have not been raised, the president and
directors Of said company, or It's officers
duly authorized for that purpose, may at
any time, and from time to time, raise the
necessary funds by creating and selling
additional shares in such manner and up
on such terms as the president and direc
tors shall prescribe, for any sum under
their par value, and the holders of such
additional shares shall thenceforward be
members Of said corporation for all purpo
ses. Sand president and directors. or a
majority Of them, shall have power to Dor
row money for the object of this act, 10 is.
sue certificates or other evidence of such
loans, and to pledge the property of the
company for the payment OF the same and
its interest.
Sec. 8. That if any subscriber shall
fail or neglect to pay any InstdIment or
part of any subscription by him previous
Iy subscribed, for the space of sixty days
after the same shall be due and payable,
the stock shall be forfeited 10 The company
and may be sold by the president and ti
rectors for the benefit Of said company, al
ter thirty days notice, given in some news
paper in general circulationi and it said
shares so sold shall not amount loa sum
sOfficlent to discharge the balance due on
said shares, the subscribers shall be per-
sonaIIy liable FIR the balance still remain
ING dues and if said shares shall sell for a
sum more than sufficient 10 pay said bal
ance, The same shall be paid over to said
subscriber or subscribers on demand made
for the same. ..
Sec. 10. That all elections for drec.
tors, and at all general meetings of the
stockholders, each slockholder shall be en-
titled to Que vote for every share owned
by him or her. And every executor, ad
minislraor, trustee or guardian, shall be
entitled to like privIes of voting on behalf
OF the estate, copartnership, corporation OF
society of WHICH he may be such execu'
tor, administrator, trustee or guardian
Provided, that no share shall confer the
right of voting at the first election Of said
company, unless one dollar on such share
shall have been fully paid, as directed by
the seventh section this act, al all sub
seqnent elections no share or shares shall
conier on the holder or holders thereo
the right of voting unless all the instaI
ments called for and then due, shall have
been fully paid, acc ofding 10 the seventh
section of this act.
Sec. IL. That il shall and may bt
lawful for any corporation or state, oil
for the government of the UniteC
States, 10 become subscribers for any
number of shares OF stock in said con
pany, upon the same terms as otheI
subscribers are authorized 10 take anC
subscribe for the same: Provided, tha
for every ten hundred shares respet
lively owned by any corporation o.
state, or by the government oEthe Un
ted States, at the first election for d
rectors of said company, and at all sui
sequent general elections for directors
such corporation, state, or govern
ment Of lhe United States, may eacl
appoint one additional director of sai'
company, but shall not be permitted
to vote upon their stock in the election
of directOrSby the stockholders in gel
eraI meeting; and provided, also, iha
no number of shares, less than ten hui
dred, owned by any corporation, state
or government of the United States
shall confer any right Of voting for d
J rectors Of said company, or at an!
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