Burlington hawk-eye. [volume] (Burlington, Iowa) 1845-185?, 1849-02-08
INGTON IIAWK-EY E.
PLANK ROAD.


Mr.. EDITOR - send you herewith copy Of
articles of Incorporation for the Plank Road
Company, drawn up under our statute. There
was a meeting called for Monday evening, to ex-
anime and decide upon them, but for some reason
few of the enterprising citizens Of Burlington
went to the place, and those few found the doors
locked against them.
These articles are merely offered for the i'm
spection Of the public, and doubtless, are imper-
feet. Will you please notify meeting for Fri
day evening, at the room over Luke Palmer's
store. to determine upon The articles Of associa-
ton. 1t is important that this matter Of plank
road should receive the prompt support OF our
citizens, if anything is to be accomplished. The
croakers think there is not enough capital ana
public spirit in the counties Of Des Moines and
Henry to build it. If such be the fact, it will
give special qualification to the numerous enemies
Of Burlington; and, in all probability, in short
time make crodkers of all who have landed proper
ty, or merchandise, or mechanical sk.lls, among
US. afs..#@a A LOCKER ON. /,
Articles Of incor poration made and entered into,
| under and in accordance with statute Of the
| State Of Iowa. entitled can act to authorize Gem
eral Interpretations" approved Feb, 22d, A: D.
| lS47, for the purpose Of purchasing land Tor
| right Of Way from Burlington, in Des Moines
county, in said State, to Mount Pleasant, in the
county of Henry; and to construct thereon a
| plank road, to be held, owned and controlled
by said corporation and to be replaced by rail-
road whenever said corporation shall deem it ex-
pedient; and to provide for the management and
control Of the funds and property and business
of said corporation.
ARTICLE /. Said corporation shall be named
and styled 1.-THE Burlington and Mount Pleasant
/ Plank Road Company and by such name may
contract and be contracted with; may purchase,
1 hold and convey, real estate; may sue and be
| sued; and may have common seal; said corpo-
ration shall continue for the space of twenty
years. ~ sg5zEs. sf##
ART. 2. Any individual may become cor
poI ator and party to these articles of incorpora
/ ton, who shall subscribe any number of shares
in the books Of said corporation hereafter to be
opened. s8}..w5 ---fts 4os. .u.rt--
ART. 3. The capital stock of said company
shall be sixty thousand dollars, and may be in
creased at the will of said corporations, and shall
| be divided into shares of one hundred dollars
| each. Y4,..,
ART. 4. So soon as $4,000 of the capital
stock is taken, the corporators shall assemble at
| Burlington and proceed to elect a President,
Treasurer, and four Directors, all of whom shall
! be corporators, and hold their offices for the
space of one year and until their successors are
chosen.
ART. $. The President and Directors shall
ordan and establish bylaws not. inconsistent
with these articles for the government of said
| company and the management Of its business;
| shall procure the conveyance of said land for a
right Of way, and take such measures as they
may choose for the construction and completion
of said road; shall regulate the tolls and deter
| mine where the gates shall be set UP; and shall
control the funds Of said corporation and invest
| the same as they see fit. ,5@r~ gas
/ ART. 6. The Treasurer of said corporation
shall give security to the satisfaction of said
board for the safe keeping Of all monies belong
ing to said corporation, and the faithful discharge
| of his duties; and shall not pay out any monies
except upon the order of said board, to be first
made and registered in the books of said COM
pany.
ART. T. Said board shall employ some COM
petent person to act as Secretary, who shall keep
the books Of said company, and keep faithful
account therein Of all the transactions Of said
company; and who shall receive such compen-
| saton as may be fixed by said board. Said books
shall at all times be open to the inspection of
any corporator. ga H a%8 f~ 80
ART. 8. There shall be meeting of said
corporators six months after the first election of
said officers, and semi-annually thereafter; and
said beard shall have the power to call special
| meetings, designating the place, and giving six
days notice in such newspaper as may be pub
;shad in Burlington and Mount Pleasant. The
places OF all regular meetings shall be designated
by the by-laws. t. nd -#or.s +.
ART. 9. At any meeting of the corporators
these articles of incorporation may be altered or
amended; and the corporators shah have power
to remove any officer for improper conduct on
complaint made at any such meeting. And at
all meetings of the said corporators, each share
shall be entitled to cast vote on all questions
coming before said meeting for decision, and all
shares may be represented and vote by proxy
Arr. 10. The said board of directors shall
have power, if said capital stock shall not be
subscribed within three months. to borrow mo-
ney for the completion Of the same. provided
w., rf ar hall T.,
the same; and shall have power to pledge said
road ~ mortgage for the payment Of said loan
OF loans. y. &@s
Arr. II. Dividends on said stock shall be
declared quarterly; but no dividend shall exceed
fifteen per centum per annum on the amount of
capital stock; and the surplus of the revenues Of
said road over fifteen per cent, after paying all
expenses and debts of said company, shall be in
vested by loan at 10 per cent as sinking fund, to
be devoted exclusively to the rebuilding or re-
pair Of said road. ....
ART. II. Certificates Of stock in said road
shall be issued to all subscribers, which shall be
signed by said President and countersigned by
said Secretary, and sealed with the seal of said
corporations, and all contracts to bind said cor
poration shall be executed in like manner.
ART. 13. The stock of said company shall
be transferable by endorsement on said certif-
Gates, and notice Of such transfer to be served
on the Secretary of said board, whose duty it
shall be to register such transfers. s~'@.'"R !
ART a. The board Of directors shall have |
power at any time when in their judgment the
exigencies Of the company may demand it, to
require any part or all Of the stock to be paid in
by day to be named by them, having first given
thirty days notice in such newspapers as may
be published in Burlington and Mount Pleasant
that such payment is required; and upon default
Of any stakeholder to make payment as required,
said amount, with interest, may be recovered in |
suit, to be brought by said corporation, or his |
stock may b. forfeited and become the property
Of the company. -3 .a4t .-,-
ART. Is. The private property Of the stock
holders shall be exempted from liability for the
debts of the corporation. ltt ., .a,
p The foregoing articles Of association shall be
entered on the books which shall contain the
subscriptions for shares in said capital stock;
and said books shall be opened at the following
places: and under the direction Of the following
peTsons er 3tsS E&h+iuaa# s38t 4ssll g.. 3fs ~
At Burlington, by A. w. Carpenter, ]. r.
Henry, WIN. Walker and J. G. Foote.
AT Middletown, by 7. L. Sergent and C. Chi
chester. 3a t5 S't' 414 5aI '1Est IT, 4Ils n
At New London, by D, Hendershott and Lou
den Mullen. #,:-...sH5 - ..- T.. |
At Mount Pleasant, BY A. Saunders and A. B. 4
Porter. 'A1+f@ sas.1 S lg2E