The Minnesota pioneer. [volume] (St. Paul, Minn. Territory) 1849-1855, 1851-06-12

Be enacted by The Legislature Assembly Of The Territory Of Mn
nesoa That Franklin Steele, Joseph r. Brown, and Daniel
Snchld and their associates and assigns be- and
they hereby constituted body corporate and polite for the
purposes hereinafter mentioned by the of the mississippi
Boom Company for the period fifteen years. and by that
they and their shall and they hereby made
BILE in law and be contracted WITH and be sued
plead and be mpeaded Defend and
sweed Of record elsewhere and purchase and
hold estate real personal mixed far the
necessary carry legitimate said company
hereinafter prescribed the payments debts that
be owing thereto and the grant SELL lease mortgage
dispose Of said Company devise
and keep common SEAL to make and enforce BYLAWS not
contratO the Constitution and laws of the United States Of
this Tertory and enjoy all the privileges franchises and i'm
munities incident a corporation.
SEC The Capital stock of said Company shall be fifteen thou
sand dollars shares of hundred dollars each and the Board
OF Directors shall have at time whenever majority in
value of the stockholders shall deem the advisable to in
the number of shares amount not the
whole thousand doars and the stockholders shall be
individually liable for the debts of said Company.
Sec The individuals named in the first seconof this
three hem shall books be opened at ST. Paul.
capital stock of said Company the third Monday Feb
1851 notice thereof being newspapers
published in this Territory weeks previous to the time Of
SEC A. Whenever capital stock shall
scbed for shall have been actually paid any number of the
subscribers who shall of the then subscription
said stock shall be authorized meeting of the several
subscribers thereto by giving days notice of the time and
place oil such meeting IN any two newspapers published IN tins
Territory and those the subscribers who present such
meeting called shall have the and be authorized elect
Board of five Directors from the stockholders said Company
The Board OF Directors, shall
elect their number President the said Company and
shall choose Secretary who shall act both Treasurer
the President and Directors the said President and
Directors the penal of five thousand dollars conditioned for
the and discharge duty and Sec
eay and at such first meetog said President and shall
and adopt code of for the regulation and
of the affairs of said Company which be altered or
amended at subsequent meeting of said Board of Directors
Sec g. The said President Directors Secretary chosen
according to the provisions of the two preceding sections shall
remain in their several Offices until the Wednesday Immediately
preceding the twenyfth day of December the year of
Lord thousand eight hundred and 6yone upon which
said Wednesday meeting of the said stockholders shall be
held and Board of five Directors chosen who shall remain
in office for year thereafter and annually thereafter the
"Wednesday next preceding the wenth day of December OF
each meeting of the stockholders shall be held and Board
of five Directors shall ensuing year. Porded
That shall be created Office by Of
resignation death otherwise the Board Directors shall have
power fill such vacancy for the remainder the Prored
a That the President of said Company shall be chosen from the
FIVE Directors thereof and Treasurer and Secretary shall always
be chosen by said Board of Directors according pro-
visions of the fifth section of this act.
The President of said Company shall have power
call meeting of the stockholders any by giving twenty
days notice of the time and place said meeting
papers published in this Territory and any three the Board of
Directors majority value Of the stockholders shall have the
like call such meeting the stockholders in like
Porided That the duties and powers of President this
act specifically FORTH shall be specified and prescribed the
Bylaws adopted by the Board of Directors according the
visions Of the fifth section of this
Sec The Board of Directors shall such times and
places they shall regulate they fix the
compensation of all officers the Company define their ds
SHALL by their Bylaws regulate the government of all meetings
Board of the stockholders; generally
power do all for the benefit and purposes of the said
Company inconsistent with the provisions this
The Secretary shall attend all meetings of the Board
Directors and of the stockholders and shall keep and
record of all the such meetings and Treas
and Secretary shall perform such duties the Board Of D
rectors shall by their Bylaws prescribe.
Sec Every share shall be entitled vote which may
proxy and meeting for the choice of Directors
stockholders having the highest number of shall be
elected Dectos and meeting the Board Of Directors
for choice President the Director having the highest number
shall be elected President Porded That meeting
of the stockholders majority in value shall constitute
with power business; and meeting the Board
Directors three Of the Board of Directors shall constitute
a quorum with power to transact business.
Sec H. The said Company shall be- and hereby author
zed and empowered maintain and keep Boom
Booms upon the Mississippi River such points between the
Falls Anthony called and the Of ST. Paul. called
they may select which Boom Booms all logs and hewn
coming down the said shall be gathered by the said
Company and such logs timber shall be retained such
Boom the said Company for longer period than thirty days.
unless otherwise agreed by and between the Of
logs timber and the said Boom Company and the said
Company shall be held accountable for all neglect to keep said
Boom order and repair and shall be accountable for all
damages which may by failure to do and the said
Company shall be required complete good and sufficient
Boom for securing all logs and hewn timber floating
said Mississippi above provided before the
first day of May, A. d. 1852.
Sec ~ The said Company shall sort the logs and timber
according their several mark shall raft the Of the
said Boom sufficiently securely to the town Of Point Doug