Iowa capitol reporter. [volume] (Iowa City, Iowa) 1841-1855, 1851-01-08

member Of this company who shall sub
scribe Tor at least ons share Of stock or
become The assignee Of any share by prop
er transfer.
Arr. 4. The capital stock Of this COM
pany shall be one million dollars, which
may be increased BY = majority Of the
stockholders.
The stock shall be .disidedsinto shares
Of one hundred dollars each.
AR. 5. Whenthe stock is taken 10
the amount Of fifty thousand dollars, the
stockholders shall assemble at Iowa City
on the first Wednesday in january 1851.
at which, time an instsllment Of one per
cent. shall be paid on each share 10 those
opening the books, and BY them deposited
with he Treasurer Of the COMPANY when
elected aud qualified, and when the per
centage il paid in on the fifty thousand
dollars, the stockholders having paid shall
proceed to elect President. Treasurer,
and seven Directors from among the stock.
holders, who shall hold their Offices for
one year and until their successors are
duly qualified. Said President, Treasu
lrcr. and Directors shall constitute tn,
Bocrd Of Direcsors for the transaction, ar
49, "a tiianags kent ~ all ,hnsi
ness pertaining to said company.
Arr. 6. SAID Hoard shall employ
suitable person to act as Secretary Off ait
company, to keep in suitable boG.ts cor
rect and full account of alli.s affairs. whicc.'
shall at all times te subject TO the inspec-
ton Of any s::scn.kholder. Said Board are
authorized to employ such other clerks,
managers and agents as they hay deem
essential to the good Of the Company.
ART. Z. The Treasurer shall, before
entrusted with funds, give bond and secu.
ri'y to the satisfaction Of the Board for
the safe keeping Of all moneys subject to
the orders OF said Board, and for the
prompt and faithful discharge Of his du-
ties.
Arr. 8. The Board of Directors shall
proceed at once 10 establish the route for
said road permanently, from Keokuk
through the towns OF Montrose, West
Point, Salem, Fairfield, Brighton and
Washington, to Iowa City. Aud as ex-
pediiously as possible thereafter the said
Board shall procure the conveyance Of
lands for the right Of way and adopt such
measures for the construction, completion
and general man ,gement of said rail road
as they shall deem most advisable. Said
Board having exclusive control Of the
lunds OF said company, the treasurer shall
not pay any such money out except upon
The order Of said Board, first made and
registered in the book Of said company.
ART. 8. The said Board of Directors,
in conjunction with the Board OF Direc.
tors OF the Dubuque and Keokuk Rail
Road Company North, shall have power
to make and conclude arrangements with
the State OF Iowa for grant Of land,
which may be made by the United States,
to said State, for the construction of said
rail road, and empowered to obtain such
land in such portions, and subject to such
taxes, conditions, obligations and restric-
tions as may be stipulated by ssid State,
and to that end may enter into such writ
ings and obligations as they may deem ex-
pedient. Provided, that each company
shall be entitled to said lands in proper
ton 10 the length OF each division Of said
road.
ART. 10. The said Board of Directors
shall have power to borrow money, il
deemed necessary for the more speedy
completion Of said road, and shall have
power TO pledge the same, or sections
thereof, by mortgage, for the payment Of
such loan. Provided, that no loan shall
be effected if majority os the stockhold.
ers, or those holding majority Of shares,
should object.
Arr. II. From and after the first day
of July 1851, the Board of Directors shall
have power 10 require instalments to be
paid in on the stock subscribed in such
sums as they may deem necessary, not to
exceed ten per cent. at any one time, and
not oftener than once in six months for
the first two Years., and once in four
months thereafter, having first given four
"seks notice, in such newspapers as may
be published in the counties through which
said road may be located, that such pay
menl is required. And upon default Of
any stakeholder 10 make payment az re.
CURED, the amount, with interest, may be
recovered by suit, in the name OF said
company; or bis stock may be forfeited to
the company, by order Of the Board.
Arr. IL. There shall be an annual
meeting Of the Stockholders from the date
oil the first election OF officers to be held
at Fairfield. And the said Board shall
have power to call special meetings Of The
stockholders, by designated the time and
place for two successive weeks in the
newspapers published on the line CT said
road. And any officer may be removed
al any special meeting Of the stockhhold-
70, BY a majority Of the stock votes; and
all meetings u the stockholders each
shaYc shall be entitled to one vote, at all
elections and upon all questions coming
before the meetings, and each share may
be represented and voted by proxy.
All joint meetings of said Boards shall
be held at Iowa City, upon such pie.
and under such regulations .. me- ba nro
vided by them. ro
Arr. 10. Certic.cates Of stock in .a;l
rail road shall re issued to all subscriber,
with an endorsement Of the amount paid
thereon. and such certificates shall be
transferable by written assignment there.
on anda notice Of such transfer TO the Sec
retary Of the Board who shall register
the same.
Arr. Ia. All certificates Of stock, con-
tracts or instruments Of writing 10 hold
or bind said company shall be signed by
the President, coun.ersignedlby the Sec