Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1844-02-22

AN ACT to incorporate The Ocean House
Company IN Newp"u.
n is enacted By The General .4ssrnlbly as
| )otio,cs:
Section !. Nathaniel s. RuCgles, Benja-
min Weaver, Joseph Paddock, Jr., Edward
w. Lawion, Francis Lawton, Edward F.
! Newton Wlllinm Newton. John &. Weaver.
Daniel Il. Swinburne, Robert J. Taylor. Jo
seph b. Weaver. Christopher J. Bliven. Sam
uel u Hopkins, Daniel Congdon, John Ro.
gers, Danlrl Cbace, and others, their associ-
ates. successors and assigns. proprietors OF
Tho Ocean House 10 Newport, pc, and they
are hereby made body polite aud corporate
with perpetual succession, by the name of
The Ocean House Company and by that
name may purchase, held, and possess real
and personal estate, not exceeding The valGe
of fifty thousand dollars; and The same nay
sell let dispose Of aud manage at pleasure,
for The purposes OF erecting, establishing and
maintaining the said house may sue aud be-
sued answer and be answered unto; plead
aud be mplcadcd ~ all proper courts; may
use u common seal and the same may alter,
break aud renew; Hav enact rules and Iegu
lallons for the government u said corpora
tlOn, and ihe sane amend or repeal; and
generally may do, act and transact all mat
ters and things appertalning aud necessary
To the profitable management Of ihulr sald
property. not repugnant TO law.
Sec. 2. For the better management OF the
properly OF the company, there shall be an
nualIy chosen n president, a secretary, atIes-
surer aud a board Of seven directors, Of
whom the president, secretary snd treasurer.
tx oifico shall be three, who shall respcc-
lively hold their Offices for one yeur, and un-
I'll others shall have been chosen ~ their
places: The board Of directors shall have
the sole management and disposal Of the
company property and of said establishment,
aud at all concerns the feof may IN their
discretion require satisfactory bond and se-
curliy from the treasurer aud OILERS entrus.
ted with The same; may fill such vacancies
IN the offices aforesaid ns shall happen with
IN the year employ aud Eay such agents
and servants rs they may find ncedfni au.
dit and pay accounts; may make from time
to ,n,e s1ch rareable dividends of profits
among the Stockholders, as they shall deem
expedIcnt and shall ~ all matters consult
and promote to The extent OF their ability,
the interest end prosperity of the corpora
rion. Amy four dSectorS may forum quorum
for business. DO
! Sec. 3 The meetings Of said company
shal be held IN Newport, the annual meet
| ing on the first Monday IN September III each
year special meanings may be called by
the board Of fdIrectors, on the written request
Of 1--WE members. und ten days notice di the
time and place oi every meeting shall be
gwen IN one or more OF The Newport news
payers aud at every such meeting each
member present or by proxy, Shall have one
vote for each share which he may own in
, the capital stock aud seven or inure mem
bers holding or representing fifteen shares
shall be Il quorum for business ; and any
number less than seven may adjourn iruu,
time to time until quorum be formed.
Il Sec. !. The capital stock shall be divided
n into shares Of two hundred and fifty dollars
| each, aud shall not be assessed or increased
4 beyond that SUN and such shares shalt be
\ transferable only at the office of the ircasur.
Il er, and in form to be prescribed by ,h,
|, president and directors.
II Sec. ). No stakeholder ar member of sal,
corporation shall be arnenable tor any loss
deficiency or failure OF the capital sock o
the corporatlon, tor any sum or sums OF mon
ey whatever other than the amount OF III,
stock or stocks or shares, which shall appeal
by the books OF the said corporation 10 belong
10 him, her or them, at The time or times wheI
such loss or losses shall be sustained.
Sec. g. The first meeting OF the corpora
ton for the choice Df officers shall be calet
by the aforesaid Nathaniel s. Ruggles, II
ten days after The granting Of tins charter
by notice IN u Newpor, newspaper snC
the officers chosen at Ggld meeting, shal
continue ~ Office until the first Monday II
September, one thousand eight hundred an,
forty four, and until others shall have beer
chosen III their places.
\ Sec. 7. This act shall at all times be sub
l"ct To The acts Of the General Assembly
whether IN amendment or repeal thereof ~
IN any mode affecting the same Prouided
/ That no future act shall alter or increase The
Individual liability of sand stockholders.
\ True copy witness,
Il HENRY BOWEN, Sec'ry.