Herald of the times. [volume] (Newport, R.I.) 1830-1846, 1844-03-07
HENRY BOWEN, Sec'ry.

! AN ACT 10 incorporate The Ocean IIouGt
! Company in Newport.
| n is enacted by The General .7ssemJiy a
(oHOws:
Section !. Nathaniel s. Ruggles, Brnja
min Weaver, Joseph Paddock, Jr., Edward
w. Lawton, Francis LHwton, Edward +
Newton. William Newton. John &. Weaver
Daniel II. Swnburne. Robert J. Taylor, Jo
seph b. Weaver Christopher ]. Bliven. Sam.
ueI u Hopkins, Daniel Congdou, John Rn.
gers, Daniel Chace, and others, their associ-
ntes. successors and ASST .ns, proprietors ol
Th" Ocean House in Newport, be, and they
are hereby made a body polite and corporate
with perpetual succession, by the name OF
The Ocean llonse Company: and by tina,
name may purchase, hold, and POSSESS real
and personal estate, not exceeding the value
of fifty thousand dollars aud the same nay
sell, let, dispose Of and manage at pleasure,
for The purposes Of erecting, establishing and
maintaining the said hous" ; may sue and be
sued answer and be answered unto; plead
and be impleadcd IN oil proper courts; may
use a common sea and the same mny alter,
break aud renew; may enact rules and regu.
Inlons for the government ot said corpora
,ion, aud the same amend or repcal and
4 =
ters and things appcrtaining and necessary
to the profitable management of their said
property. not rcpugnant to law.
Sec. g For The better management Of the
properly Of the company, there shall be on-
nually chosen president, a secretary, trea-
surer aud board of seven directors, of
whom the president. secretary and treasurer,
ex oifcio shall be three. who shall rcspec-
tIunlu bnll ihpir III l,r mud a.
I'll others shall have been chosen in their
places: The board of directors shali have
the sole management aud disposal Of the
company property and Of snid establishment
and Of all concerns thereof mny in their
discretion require satisfactory bond and ge-
curity from the treasurer aud others enlrhs,
ted with the same; may I'LL such vacancies
in the offices aforesaid. as shall happen with.
IN the year employ and pay such agents
and servants as they may find ucediul au.
dIt and pay accounts may make from time
70 time such rn,eubc dividends Of profits
among the Stockholders, AZ they shall deem
expedicnt and shall in all matters consult
and promote to the extent of their ability,
the interest and prosperity of the corpora.
non: Any four directors may form quorum
for business.
shall be- held IN Newport, the annual meet
ing on the first Monday IN September in each
year special meetings may be called by
the hoard Of fdlrcctors. on the written request
of Eve members; and ten days notice ol the
time and place of every meeting shall be
given in one or more of the Newport news
papers; and at every such meeting each
member present or by proxy, shall have one
In for nnrh hor ,ybtch bo in
the capital stock and seven or more mem
bers holding or representing fifteen share J
shall be a quorum for business and any
number less than seven may adjourn from
time to time until quorum be formed.
See. 4. The capital stock shall be divided
into shares of two hundred and fifty dollars
each, and shall not be assessed or increased
beyond that sum and such shares shall be
transferable only at The office Of the ircasur-
or, and IN form to be prescribed by the
president ard directors.
Sc. ). No srockhcldcr or member f said
corporation shall be amena5le for any loss,
deficiency or n,lure OF the capital slo Ok oi
the corporation, for any rum or sums of mon
ey whatever, other than the amount Of the
stock or stocks or shares, which shall appear
by the books OF the said corporation to belong
To him, her or them, at the time or times when
such loss or Losses shnll be sustained
Sec. q. The first meeting Of the corpora
ton for the choice of officers shall be called
by the aforesaid Nathaniel s. Ruggles, III
ten days after the granting Of tins charter
by notice in a Newport newspapers aud
the officers chosen at sad meeting, shall
continue IN office until the first Monday III
September, one thousand eight hundred and
forty four, and until others shall have been
chosen IN their places.
Sec. z. This act shall at all times be sub
lcct TO the acts Of the General Assembly
whether IN amendment or repeal thereof, OF
IN any mode affecting the same Prouided,
That no future act shall alter or increase the
individual liability Of saId stockholders.
True copy witness,
HENRY BOWEN, Scc'ry.