Burlington hawk-eye. [volume] (Burlington, Iowa) 1845-185?, 1850-10-31
PLANK ROAD.

ing. met at VIM NJ. McClure's and appointed John
R. Bell, Chairman, and VIM Allen, Secretary, and
adopted the following Articles OF incorporation:
Articles of Incorporation made and entered int" UNDER
and in accordance with statute oil the State OF Iowa.
entitled An Act to authorize general Interpretations
Approved Feb. 22a A. D. ls41. tor the purpose OF pro-
curing title the land by purchase or othes"ise Tor
road from Burlington, in Des Moines county in said
State, to point in Louisa county in sud state,
and to construct thereon Plank Road to be held own
ed and controlled by said Corpoatson and to he repac
ed by any other Internal Improvement whenever said
corporation shall deem il expeden', and t" provide 10,
the cement and control ofthe funds, property and
business OF said corporation.
ARTICLE, lst. Said Corporation shall be named
and STYLED, The Burlington and Louisa county Plank
Road Company. Ana by such name may contract
and be contracted with; may purchase, hold or con-
yey real estate; may and be sued, and may have
a common Seal, and said corporation shall continue
for the space of twenty years.
ART 2. ANY individual may become stock
holder and party to these articles of incorporation
who shall subscribe any number OF shares IN the
books of said corporation hereafter to be opened;
or shall become the assignee of any share or shares
by tran sfer as hereafter provided.
ART. ,. The capital stock Of said company shall
be sixty thousand dollars, and may be increased at
the will of said corporation and shall be divided m
to shares of fifty dollars each.
Apr A. So soon as eighteen thousand dollars
of the capital stock is taken the stock holders shaii
assemble at Darlington on the call OF those opening
the books. " hen instaliment OF two per cent on
each share shall be paid to those opening the
in trust to be paid to the Treasurer when eiectea
and qualified. If the percentage on Sis,ooo shaii
be paid in thereupon election for Presidents a
Treasurer and four Directors shall be held; all of
whom shall be stockholders and shall hold their Of
flee for the term of one year ana until their success
sors are elected and qualified.
ART s. The President and Directors shall pro-
cure the conveyance of land for right or way ana
take such measures for the construction and com
pletion of said road or any part as they sha
deem most expedent; shall have power to levy anu
regulate the tolls to be charged for the use Of sand
road, and determine where gates shall be set up
and shall control the funds of said corporation ana
invest the same as the stockholders may direct.
ART. 6. The Treasurer Of said corporation shall
give security to the satisfaction OF said board ior
the safe-keeping of all monies belonging 10 saia
corporation and the faithful discharge OF has duties
and shall not pay out any money except upon 'he
order of said board to be first made and registered
in the books of said company.
ART I. Said board shall employ some compe-
tent person to act as Secretary of SAID company,
who shall keen in their books faithful account OF
all the ansactions of said company and who snail
receive such compensation for his services as may
be fixed by said board Said books shall be open,
at'al times for the inspection OF any stockho!der
ART. 8. There shall be meeting Of said stock
holders six months after the first election OF said
officers and semi annually thereafter and the said
board shall have power to call special meetings de-
signaling the time and place and giving fourteen
days notice in such newspapers as may be puollsh-
ed in Burlington and Wapeilo. The place OF all
regular meetings shall be designated by the bylaws
ART. Q. At any regular meeting Of the stock
holders these articles Of incorporation may be al
tered or amended by vote OF two thirds Of all the
stockholders present thirty days notice OF SAID al
teration or amendment being giveno
ART. 10. ANY officer may be removed at any
regular meeting by a majority of the stockholders
present. Such officer having had six days notice.
The DO ard may suspend the officer impeached until
regular meeting.
Arr H. At all meetings of said stockholders
each share shall be entitled 10 cast one vote on all
questions coming before the meeting for discus
sion. And all shares may be represented and vote
by proxy.
power il said captal syock be not subs crihed with
in six months, to borrow money for the completion
of said road provideda majority of said stockhoid-
shall consent to the same and shall have power
pledge said road by mortgage Tor the payment OIL
said loan or loans.
ART. 10. Dividends on said stock shall he de-
clared quarterly but dividend shall exceed fifteen
percentum 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
liabilities Of said comIsnx shall - ny loan
at ten per cent as sinking fund 10 be devoted ex-
cluSvey to the rebuilding repaiing of said road
ART. IA. Certificates of stock in said road shall
be issued to III subscribers which shall be signed
by said President and counersgned by said secre-
tary and sealed with the seal of said corporation
And all contracts to bind Laid company shall be
executed in like manner.
ART. Is. The stock of said company shall be
transferable by endorsement on said certificate and
notice of such transfer being served on the Sec
rotary said board whose duty il shall be TO regis
ter such transfers.
ART. 1s. The board of Directors shall have pow
er, at any time when i'll their judgment the exgen-
cies of the company demand it, to require INSTALL
ments to be paid on said stock in such sums as
they may deem necessary not TO exceed twenty per
cent at any one time, having first given thirty days
notice in such newspapers may be publ shed In
| Burlington and Wapello that such payment is re-
! quired. And upon default Of any stockholder to
make payment as required, said amount with int.
| rest may be recovered in suit brought by said
company or his stock may be forfeited by order OF
the board aud become the property of said compa-
| ny.
| ART. II. The private property of the stock
holders shall be exempt from liability for the debts
OF the corporation as provided in section sixth OF
the statute of Iowa above referred to.
/ rhe foregoing Articles of Incorporation shall he
entered on the books which shall contain the sub-
scrptions for shares in the said capital stock and
the said books shall he opened al the following pla
ces and under the direction Of the following per.
sons:
| At Burlington. VIM F. Coolbaugh, A. w. Car
penter and w. H. Postlewait.
In Casey Prairie, John Ripley Sem, John Thomp-
| son, VIM Allen, and Daniel Cross.
AT Dodgevile, George Galloway.
| Near kossuth, Hiram Leonard.
At Spring Point, VIM Mcclure
In Virginia Grove, VIM P. Brown.
At Wapello, J. r. Bell and Oliver Benton
The committee then adjourned sine die.
JOHN X. BELL, Chairman.
WIN ALLEN, Secretary.
The BOUNTY LAND LAWN the following let
ter from the Secretary of the Interior, there is
very important question decided which has been
raised under the Bounty Land Law, approved 2sth
September According to the Secretary's con-
strucon of 1t, no person, it will be seen, can re-
ceive more than one warrant, although he may have
served dozen tours of service. switch if render
ell by several individuals, would entitle each to
warrant"
DEPARTMENT OF THE INTERIOR
October 18th 1850.
SIR: have received your letter of the sth inst.
ihquiring s'whether, under the act approved the
| 2o.h OF September, 1s5o,t same person can re-
ceive more than one warrant, provided he shows
that be haS