Lower Sandusky freeman. (Lower Sandusky [i.e. Fremont, Ohio]) 1849-1849, 1849-03-17
AN ACT
To Incorporate the Milan and RicAlaltd Plank
Road Company. ..-.

zssz-sr-Es- hOuI COHtpuHy-
SEC. l. Be 1t enaSted By tie General assembly
of tie State of Ohio, That Nathan Jenkins, Hiram
-NfcMillen John Smith, Esq, James C. Lockwood
and Thomas Hamilton, of the county of Erie,
Aaron Davenport David johnson, of the county OF
Huron, and George Weaver of the county of Rich
land and all other persons who shall become assO-
ciated with them by subscribing to the capital stock
of said company, be and they are hereby constitu-
ted and declared body corporate and polite, with
perpetual succession, by the name and style of the
Milan and RichIand Plank Road Company, for the
purpose of constructing plank road from the town
of Milan, in Erie county, to Ashland or Haysville,
in Richand county, at the option of the directors
of said company, and by such route as the direct
of such company shall deem most eligible; pro-
vided that the line of sai plank load far the
same may be made through the county of Richland,
shall at no point in said county approach nearer
than five miles to the Mansfield and Sandusky city
Railroad, the is now located, nor nearer than
ten miles to the town of Mansfield; and for such
purposes the said company is hereby authorized
and empowered to have and receive, purchase, pos
ses enjoy and retain lands, rents goods, chattles
and effects of any kind, and to any amount neces-
sary to carry into effect the objects of the corpora
ton, and the to use, SELL alien and dispose of
at pleaure, to and be sued, defend and be de-
Tended in ali courts having competent Jurisdiction,
TO have and use common seal, the same to alter,
break and renew at pleasure, to ordan and estab-
lish such rules, regulations and bylaws may be
necessary for the we'll being of said corporation,
subject however to the restrictions and limitations
contained in this act
Sec. 2. That the capital stock of said company
shall consist of one hundred thousand dollars d
vided into shares of fifty dollars each and shall be
transferable In entire shares III such manner the
rules of the 1rporaton prescribe, provided that
stockholder, without the consent of the directors
shall be at liberty to transfer his stock, after any
nstalment is ordered, until such stockholders shall
have paid the amount due on his stock.
SEC. That the persons named in the first sec
ton of this act or in case they should not all choose
to serve, then any number of them, not less than
five shall be commissioners to receive subscriptions
and do and perform all necessary acts to organize
the company, and they are hereby authorized and
empowered to cause books to be opened at such
times and in such places majority of those act
ing shall think proper, to receive subscriptions to the
capital stock of said company; the commissioners
may, if they think proper require ten per centum
of the amount of each subscription to be paid at
the time it is subscribed, and each subsciber shall
be bound to pay from time to time, such nstalments
his her or their stock as the directors way law
fully require.
SEC 4. That when three hundred shares shall
be subscribed, the commissioners shall call meet
ing of the subscribers, by causing notice of the
time and place OF such meeting to be published In
newspaper in general circulation, in the pla-
ces where the books shall have been opened and
the stock subscribed for thirty days next proceed
ing such time of meeting, and on such notice be-
ing given the stockholders shall meet at the time
and place appointed, and select directors, and adopt
such bylaws and regulations for the government
of the corporation as shall be lawful ard expedient
the stockholders to vote in person or by proxy,
each share to be entitled to one vote
Sec 5. That the affairs of said company shall be
managed by five directors, or majority of them,
who shall be elected by the stockholders, once in
three years; unless shorter period shall be or
dained by the bylaws of the corporation, and they
shall hold their offices until their successors shall
be chosen and qualified and each director shall be
stockholder at the time of his election and shall
cease to be director when he ceases to be stock
holder; the directors shall have power to fill all
vacancies in their own board which shall happen
from death, removal or otherwise.
Sec. 6 That the directors, before entering upon
the discharge of their duties shall take oath of
affirmation. faithfully and impartially to discharge
their duties; shall choose president from among
their number shall appoint such other officers and
agents shall be provided for by the bylaws de-
termme upon the amount of any bonds that they
may see fit to exact from any officers of the COM
pany, and pass upon their suficiency; determine
the amount of instalments to be called for, upon
subscription; declare dividends, and take the gen
eral charge and supervision of the affairs of said
company. IS.
SEC. T. 1t may and shall be lawful for said di-
rectors to enter upon and take possession of any