Richmond palladium. [volume] (Richmond, IA [i.e. Ind.]) 1839-1854, 1842-02-19
IA w OF INDIA A.

for aboLshing the B0ur6 OF Internal ImPTore-
ments and the Offices of Fund Commissioner and
Chief Engineer.
SECTION /. Be it enacted by the General As
sembly of tho State Of Indiana, That The nnhn-
uhed portions Of all or any one or more OF me
works Of Internal Improvement, contemplated by
m act. en,itIed an act TO provide Tor ii general
,ys.em Of Internal improvements, approved Jan
uary 81, 1886, and the several acts supplemental
thereto, are hereby surrendered and grahteo, bV
the State Of Indiana, TO such ASSOCIATION or asso-
c,a,,ons as may hereafter from time 10 time bring
themselves within the provisions OF ms act. To-
pe,her with ali and singular the rights OF way,
fixtures, water power, boats, cars, toll houses, aud
other appendages Of SAID works, including depots,
and lands held by the State tor that purpose, aud
also the right Of demanding and receiving tolls
and rents for the same, and all the privilege o'
constructing the SAID works and repairing the
same, and the RICH, Of condemnIng the right ot
way, and materials for constructing or repairing
SAID works to the same cxteGt and 10 tho safne
manner that the said State now holds or may cX-
ercise such rights, by virtue Ut the acts above
referred To in this sec!ion.
SEC. 2. That Whenever any number Of persons
NAV wish to associate themselves together for the
purpose Of constructing any OF sand public works
or any par, thereof, according to the provisions Of
this act, it shnil be the duty Of the Governor up
on the written application OF three or m're per
sons. free holders and citizens ct this State, spe-
eify ing in said application the particular work or
part OF a work the contemplated association wish
TO undertake, to appoint three or more suitable
persons as commissioners TO receive subscriptions
Of stock for continuing The construction OF SAID
work or part Of a work, who shall he paid a rea-
sonable compensation for ihoir services, by sand
company. Provided, That IN case application 4,
made for more than one ass0ciaiIun, that such
application as proposes to construct the longest
continuous line of any unfinished work, shall be
preferred.
SEC. 3. Said commissioners shall within thirty
days after their appointment, at such Tune and
place and IN such manner rs they may 1esignate,
opua books for the subscription al stock. and they
shall previously give public notice of the same,
by publication III three newspapers, most r"nNe-
u,ept to such place. The sad commissioner hall
determine what sum shsll constitute = share III
the stock Of SAID ASSOCIATION; and the point or
points q, which b., X shalt hs opened, and the
TIME they mas ae Continued open Tor me purpose
OF receiving subscriptions OF stock. And IN case
more stock IS subscribed fr than is necessary to
rotnplete the work proposed hv SAID assncilt'nn,
ihe commissioned sh,lI npp"rtion The same by
deducttuo The excess Il, IN the largest Subscription
$, a. to make them eqnnI as near as may be.
Src.i. A. soon as the sum Of ten thousand dol
lars shall be subscribed. I'm addition - any re i
estate subscribed as stock,) as the capital of sand
assnria ton. and such an amount thereof shall
have been paid to said commissioners as shall.
have been required by them, then said corn'nis
sioners shall order an election Tar directors OF sand
ASSOCIATION, to be held at some convenient place.
a, such time AS they shat! designate, givIu. thirty
DAYS notice thereof, in a, least three public news
papers printed nearest to the ro"te or routes OF
the work or works such association are about to
undertake; which publication shall be paid for by
said company.
SEC. ). SAID commissioners shall preside at
said election, which shall be held open between
the hours Of III o'clock, A. NJ. and 4 q clock, +.
NJ of said day and shalt receive. and after the
voting is closed, shal! open and count the ballots,
and shall declare who have been duly elected d.
Teclors.
SIC. +. A majority Of said commissioners shall
be a quorum for the transaction OF all business
required to be j,intly transacted by them under
this act, and all vacancies in their number shall
be filled in the same manner as the original ap
p%oin,ment Is made.
SEC. 7. The directors of such association shall
be thirteen IN number, seven of whom shall at
all times constitute a board for the transaction of
business, and The acts of a ma lprity of the board
assembled shalt bind said assocIation:-all vacan~
cies occurring herein may be filled by a majority
of the direc tors, and the person thus appointed
shall continue to serve until n new board IS chu-
sen and organized.
SEC. 8. Al all elections for directors the per
sons having the highest number of votes accor.
ding TO the number 10 be chosen, shall be declared
duly elected directors Of such association; aud IN
voting for directors each stockhnldsr in person. or
BY proxy appointed under his hnud 10 writing,
shall be entitled on the shares then owned and
held by him, 10 one vote for each share TO the
number Of ten, and for every five shares above
that number TO one additional vote; but no stock
holder after the first election held under the dlrec-
ton OF SAID commissioners, shall. be entitled 10
vote unless the stock by which he claims TO vote,
mas been owned and held bv him sixty DAYS prior
TO the TINS Of such election, and no president. di-
rector or other officer Of said company shall vote
al anv election of directors as agent, attorney or
proxy of anv stakeholder.
SEC. 9. Each stockholder who has subscribed
zeal estate as stock IN said association shall be
entitled 10 vote IN such electian for directors. and
saio commissioners IN es'imating the shares of
such stakeholder for the purpose of determining
new many votes he shall be entitled to. shall es-
Innate his real estate at one Gnllar and imnnty-