Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1839-04-13

of the president or any director. such vacancy or
vacancies may be filled for the remainder OF the
year by the board Of directors. They shall al
so appoint secretary and treasurer, determine
their salaries prescribe their duties and require
such security from the latter as they may deem
expeden,. A ma jority Of the directors shall
constitute a board Tor every purpose within the
provisions of this act. Every election OF drec-
tors, after the first, shall be held on the first
Monday Of January, in each and every year, and
at such hour and place III the borough of Rich
mond, Waync county, State Of Indiana, rs the
board Of directors for the limo beng, shall ap-
point, after notice aforesaid, and they shall hold
their Offices for one year, and until their success
sors gre chosen and qualified. Every such cleo
ton shall be held under tho inspection of three
or more stockholders said corporation not being
directors, 10 be previously appointed by the
/ board of director. for that purpose. Any stock
holder not personally present, may vote by proxy;
such proxy being granted directly 10 the person.
! representing him al such election
/ SEC. II. The president and directors Of said
company shall have fall power TO negotiate with
any individu al corporation for any loan or
loans, 10 amount not exceeding one half the
capital stock Of said company, TO be applied to
the construction Of said canal, at such times and
ut such sums, and in such manner as may be pre-
scrhed by the Is Jaws of said company, and for
The payment Of such loans the said president and
directors shall assign the bonds of such company
they may deem cxpedent. And such bonds
shall pledge the stock Of said company and all
the tolls and profits arising from said canal. for
the pa vmcnt Of The interest and the redemption
o! the principal of said bonds.
SEC. Is. That in it should at any time
happen that the election of directors shall not be
made any day, when pursuant TO this act
ought to be made, the said corpora ton shall
for that be deemed TO be dissolved, but such
election may be held al any other time directed
by the y-laws of the said corporation.
SEC l6 That each stocholdcr shall be bound to
pay annually any exceeding one fifth the
amount of his stock the president and direc-t
tors may lawfully require. by giving at least 90
days previous notice of the time and place Of
making the payments required. III at least two
newspapers in general circulation in the said
counties of WAYNE, Union and Franklin, but no
assessment shall ever be made, SO as 20 render
any subscriber liable TO pay more than fifty dol
lars for share. If however after the closing Of
sa id books, Of any time il shall appear that
sufficient funds have not been raised, the
capital stock shall not be sufficient, the pesident
and directors of said company, or its officers du
ly authorized for that purpose, may at any time
raise the necessary funds by creating and selling
additional shares in such manner and upon such
terms the president and directors shall pre-
scribe, and the holders of such additional shares
shall theme eforward be members Of said corpora
ton for all purposes.
Sec. II. That if any subscriber shall neglect
to pay his subscription any portion thereof,
for the space of thirty days after he is required
so to do by the said president and directors, no.
,ice having been given as required by this act,
the treasurer of said corpora ton any other
officer duly authorized for that purpose, may
make sao of said share shares at public
ton, to the highest bidder, giving at least thirty
days previous notice thereof In public
newspaper in general circulation in the said
= ~
the same shall be transferred by the treasurer, in /
the manner hereinafter provided, to the pur-
chaser, and said delinquent subscriber shall be !
entitled to the overplus, if the same shall be !
sold for more than the amount so remaining due
after deducting the cost Of sale.
SEC. IS. The stock Of said corporation shall be
personal property, and shall be transferable on
the books of said corporations, according to tho
ules and bye-la VS. thereof.
Sec 10. That when the land or other proper
" or estate belonging to any infant, married wo-
mar or insane person shall be taken and appro-
priated for the and purposes OF said canal, ms
aforesaid, the husband Of such married woman,
and the qua rdian of such infant or insane person.
respectively NAV execute any deeds, enter into
anv contracts, do any other matter or thing
respecting sach lands other estate, to be taken
and appropriated as aforesaid. as they might do II
the same were by them holden in their own rights
SEC. 90. The president and directors snail
after the completion of said canal,
declare, and make such dividends they may
deem proper OF the nett profits arising from the
resources of said company, deducting the proba-
BILE amount Of outstanding debts, and the necessa-
ry current and contingent expenses,and they shall
al ide the same amongst the stockholders of said
company in proportion to their respective shares.
SEC. 81. Tha, the said corpora ton shall be
entitled TO the benefit Of all laws, which
shall be in force for the collection Of tolls, for
The protection of any canals constructed by this
state, so far as such law or laws shall be neces
sarv to ensure the collection of tolls, for the
orote ton Of the canal and other property which
The said corporation may lawfully hold within
he limits Of this state, in order more fully to car
nv INTO effect tho provisions of this act; and in
any suit Instituted against the said corporation,
he service Of legal process on the PRESIDENT or
on the treasurer secretary of said corporation,
shall be deemed and held in all courts and places
a sufficient and valid service said corporation
SEC. % That the state shall have the pow or !
IT any time after the expiration of five years
rom the time OF completion of said canal to pur-
chase and hold the same TO the use of the state,
,v paying to the said corporation therefor such :
sum- as together with the nett proceeds Of toe
oils collected on said canal, shall be equal TO the
um expended by said company in the location, i
md Mt Of O