Burlington hawk-eye. [volume] (Burlington, Iowa) 1845-185?, 1851-05-08
NOTICE
of the Incorporation Of the Burlington ana Louisa
C0lnfB Plank Road Compdny.

OF the Incorporation Of the Burlington ana Lo"tso
County Plank Road Company.
The following notice of the organization OF said
Company is made in pursuance OF the SIN seehon
of an Act Of the General Assembly OIL the stale Oh
Iowa, entitled an ~Act to authorize General lncof
porations,'' approved Feb'y 22d, lsi7.
list. The name of this Incorporation Is the BUR-
IrNGToN AND LOUISA COUNTY PLANK ROAD IoM-
pANy. The principal place OF transsctng me ousi-
ness of said Incorporation will be IN Burlington,
Des Moines county, Iowa.
Cd The general nature of the bu siness to be tran
sacted by this corporation is to procure the neces
sary means, the right of way for said road and 10
construct thereon plank road as PROVIDED iot In
the Articles of Incorporation hereto annexed.
Sd. The amount Of the capital is sixty thousand
dollars and may be increased at the will OF said In
corporation.
4th. The amount of the Capital stock paid in at
the date hereof is 1894 10. The times and condi-
tions on which the remainder of the stock ut being
in shares of fifty dollars each) are as follows:
rhe Board of Directors shall have power at any
time when in their judgment the interest OF the
company demand it, to require instruments 10 lie
paid in on said stock, in such sums a they may
deem necessary, not to exceed twenty-five per
centum at any time. having first given thlrty
days notice in a newspaper published In Burning
that such payment is required, and upon default
of any stakeholder to make payment as required,
the amount Of such nstallment with interest al the
rate Of ten per centum, per aDnum, may be recov-
cred by suit brought in the name OF said company
against such defauting stockholder-or by order of
tnP BOaFu Oh DlFeClOTS STUN may p@ 'oaA@'~"
and become the property Of the company.
9Th. The Articles of Incorporation were approved
and adopted by the stockholders on the I'd day oil
May, A. d. 1861, and said Incorporation is 10 con-
tinue for the term of twenty years.
eth. The officers Of said company are President,
Treasurer, and four Directors, who constitute the
Board of Directors for the Transaction of the bust
ness pertaining to the company. The time oil hold
ing elections is the I'd day Of May, annually The
names of the present officers are, Hiram Leonard,
President; John G. Foote, Treasurer, and VIM NJ
Graham, Luke Palmer, $. Fullenwider and Abncr
Leonard, Directors.
The following are the Articles Of Incorporation
as adopted, to wit
Articles of Incor poration.
Articles of Incorporation made and entered into
under and in accordance with Statute OF the state
of Iowa, entitled can act to authorize general In
corporations,o approved February 22d, 1s47, for
the purpose of procuring the title to the land, by
purchase otherwise, for road from Burlington,
Des Moines county, in said State, to Virginia Grove,
in Louisa county, in the same Stote, and To con-
struct thereon Plank Road. to be held, owned and
controlled by said Incorporation, and to provide
for the management and control of the funds, prop
erty and business Of said Incorporation.
Article Ist. Said Incorporation shall be called
ssThc Burlington and Louisa County Plank Road
Company,'' and by such such name shall contract
and be contracted with may purchase, hold ana
convey real estate may sue and be sued, and may
have common seal, and said Incorporation shall
continue for the space Of twenty years.
Art. I'd. Any person may become stakeholder
and party to these articles of Incorporation, who
shall subscribe any number OF shares in the Books
Of said Incorporation, hereafter TO be opened or
who shall become the holder by transfer assign
ment of any share shares hereinafter proyi-
ded for.
Art. sd. The Capital Stock of said company shall
be Sixty Thousand Dollars, and may be increased
at the will Of said Incorporation, and shall be divi
ded into shares OF Fifty Dollars EACH
Art. 4th. so soon as five thousand dollars Of the
capital stock is taken, the stockholders shall assem-
BILE at Burlington the call OF those opening the
books, when an installment of five per centum on
each share shall be paid TO those opening the books,
in trust to be paid to the Treasurer when elected
and Qualified If the per centage on the five thou
sand dollars shall be paid in, thereupon an election
shall be held of a President, Treasurer and four
Directors, all of whom shall be stockholders, and
shall hold their offices respectively for the term OF
one year and until their successors are CHOSEN ana
qualified.
Art. 5. The President and Directors shall procure
the conveyance of land for the right of way, and
take such measures they may choose for the con-
struction and completion of said road or any part
thereof: shall have power TO levy and regulate the
tolls to be charged and collected for the use OF SAID
road, and TO determine when the tnllgates shall be
set up. and shall control the funds of said Incorpor-
alton, and invest the same as the stockholders may
direct.
give bond with security to the satisfaction of the
Board of Dire ctols, conditioned for the safe keep
ing of all moneys belonging to said company. and
the faithful discharge OF his duties as Treasurer
He shall not pay out any money except upon the
order of said board to be first made and registered
in the books of said company.
Art. It'll. Said Board shall employ some compe-
tent person TO act Secretary, who shall keep the
books of said company, and keep faithful account
therein of all transactions of said company; and
who shall receive such compensation as may he
fixed by said Board. Said books shall at all times
be open to the inspection Of any stakeholder.
Art nor ha1l he a X
holders Of said Incorpor alton, six months after the
first election of officers, and semi-annuay there
after. The Board of Directors shall have power to
call special meetings, gnating the time and place
and giving six days notice thereof in such newspa-
pers ma, be published in Burlington. The place
of holding all regular meetings shall be designated
by the BY Laws of the Company.
Art .. At any meeting of the stockholders, these
articles of Incorporation he altered or amended
by majority Of the stockholders present, thirty
days notice of said amendment being given. The
stockholders shall have power to remove any ofhfer
on complaint by the same vote, notice being first
given TO said officer of such effort TO remove him,
with The cause of complaint against him. And at
all meetings of said stockholders, each share shall
be entitled to cast vote on all questions coming
before said meeting for decisions and all shares may
be represented, and vote by proxy.
Art. 10th. The said Board of Directors shall have
power, If said capital stock shall not be subscribed
within six months, to borrow money for the COM
pletion of said road, provided a majority of said
have power to pledge said road by mortgage for the
payment of said loan or loans.
Art. nth. Dividends on said stock shall be de-
clared quarterly. but no dividend shall exceed ff-
teen per centum, per annum. on the amount of cap
ta stock: and the surplus of the revenues OF said
road over fifteen per centum. after paying all eNpen
and liabilities of said company, shall be invest
cd by loan at ten per centum a sinking fund, to
be devoted exclusively to the rebuilding repair
Of said road.
Art. 18th. Certificates of stock in said road shall
be issued to all subscribers, which shall be signed
by the President, and countersigned by the Secre
tary, and sealed with the seal of the Campany-and
all contracts to bind said company shall be execu
ted in like manner.
Art. 18th. The stock Of said company shall be
trans ferable by endorsement said certificates.
and notice of such transfer shall he served on the
Secretary of the Company, whose duty it shall he
to register such transfer.
Art. i4th. The Board of Directors shall have
power at any time, when in hcir judgment, the III
tcrests of the company demand II, to require in
stallments to be paid in said stock, in such sums
as they may deem necessary, not to exceed twenty
five per centum at any one time, having first given
thirty days notice in newspaper published in Bur
lngton, that such payment is required, and upon
default of any stakeholder to make payment as re-
quired, the amount Of such instament, with inter-
est at the rate Of ten per centum per annum. may
be recovered by suit brought in the name of said
company against such defaulting stakeholder, or in
the discretion of the Board of Directors the shares
held by such stakeholder may be forfeited to the
of said company, and may bc 50 declared by the
Board of Directors.
Art 18th. The priv ate property of the stock hold