Maumee City express. [volume] (Maumee City, Ohio) 1838-184?, 1839-07-20

ing grhhteu ulrectiv 10 tne person repre-
senting them at such election In case il,
shall at any time happon that an election of
directors shall not be made on any day,
when pursuant to this act it ought to have,
Deen made, the said corporation shall not
Tor that cause, be deemed to be dissolved,
put It shall and may be lawful on any oth-y
er dayto hold an election of directors in,
such manner as shall have been regulatedt
by the bylaws and ordinances of SAID cor
) poration.
Sec. 7. The directors regularly chosen,
by the stockholders of said corporation shall
as soon as may be, after every election, pro-
ceed to choose out of their body one person,
to be president, who shall preside until the
next annual election, and IN case ofthe death,
or resignation of the president or of any d.
rector of the said corporation, such vacan-.
cy or vacancies may be filled by the board
Of directors, and IN case of the absence Of
the president, the board shall have power
to appoint a president pro tempore, who,
shall have and exercise such powers and
functions as the bylaws of the said corpo-.
ration may provide.
Sec. {. The stock of said company shall,
be essignable and transferable according to,
such rules and subject to such restrictions
as the board of directors shall from time to-
time make and establish, and shall be consi-
dered personal property.
Sec, .. The major part of the directors
OF the said company shall constitute quo
rum, and be competent TO the transaction Of
the business of the corporation, and they
may, II done in pursuance of a bylaw, ap-
point from their own body one or more per-
sons to act or assist III the management Of
their business, with such salaries and allow
ances as they may think proper, also ap-
pointa secretary, and SO many clerks and
servants for carrying on their business us
they shall deem expedient, and they may
also declare and make dividends of the pro.
fits resulting from the business of, said
company, and make and prescribe such by-
laws, rules and regulations as to them shall
appear needful and proper, touching the
management and disposition of the stock,
property, estate and effects of said company,
the duties powers and conduct of its officers
and servants, the election of directors, the
transfer offs shares, the management and con-
ducting of its business, and all matters ap-.
pertaining thereto.
Sec. 10. 1t shell be lawful for the said
corporation to purchase and hold such, and!
so much real estate as shall be necessary
and convenient for the transaction of its bu-
siness not exceeding twenty thousand dol
lars in Salne, and also take and hold any re-
al estate, or securities bona fide, mortgaged
or pledged TO the SAID corportion either to,
secure the payment of any drbts that may
be due to it or the payment ofthe shares Of
the capital stock, and also to purchase on
sales madein their favor by virtue of any
judgment at law, or any order, or decree Of
court of equity or otherwise, to receive.
and take any real estate in payment, or to-
wards sat sfaction of any debt previously.
contracted, and due to the SAID corporation,
and 10 hold the same until they can conven-.
lenty sell and convert the same into money
or other personal property, but not for
'ongef period than six years: Provided al
tcays That it shall not be lawful for the.
said corporation to use or employ any part
of their stock, funds, or moneys in buying
or selling any goods, wares, merchandise or
commodities whatsoever, or IN any banking
operations or business or any exchange or
stock broker or in the purchase or sale of
any stock or funded debt whatsoever, crea-
ted or to be created by or under any act of.
the United States, or of this or any particu-
ar State, nor to omit any notes or bills,
9r make any contract for the payment Of
money, only except under the seal of said
corporations; and all such notes and con-
tracts shall to all ntcnts andpurposes be ta->
ken as sp2ciaties at law, but it shall never
tn eless, be lawful for said corporation to
purchase and hold any such stock or funded
deOt as last aforesaid, for the purpose Of
vesting any part of the capital stock, funds
or moneys therein, instead of investing the,
same in and upon real securities, and also to-
sell and transfer the same and again invest
the same or any part thereof in the stock or
funds whenever, and as often as the exigen-
ces Of the said corporation or due regard
to the safety of its funds shall require.
Sec. IL. All policies or contracts fin
surlnce which may be made or entered into
by the said corporation shall be subscribed
by the president or president pro TEN. or BY
such other officer as shall be designate ed for
the purpose by its bylaws, and attested by
the secretary; and being so signed and at
tested shall be binding and obligatory upon
the said corporation without the seal there
of, according to the tenor, intent and mean
ing OF such policies or contracts, and all
such policies or contracts may be SO assign
ed and atLested, and the business of said
corporation may be otherwise conducted and
carried on without the presence of board
Of directors by assistants, or committees, if
done under, OF in conformity to the bylaws
of said corporation; and the acts of such
assistants or committees shall be binding and
obligatory upon said corporation to all in
tents and purposes.
Sec. l2. That this act shall be taken and
received in all courts, and by all Judges,
magistrates, and public officers as public
act, and all printed copies of the same,
which may be printed by or under the au-
thoritJ of the General Assembly of this
State, shall be admitted as good evidence
thereof without any other proof whatever.
WILLIAM MEDILL,
Speaker Of the House Of Representatives.
ELIJAH VANCE,
Speaker Of The Senate.
April3, 1887.
At the recent session of the United States
Circuit Court in Mississippi, there were
twenty seven hundred causes on the docket.