Gallipolis journal. [volume] (Gallipolis, Ohio) 1837-1919, 1851-03-13

this act, shall be false IN any materiai repre-
sentation, all the officers VINO shall heve signed
The same, knowing il to be false .shall be jointly
and severally liable for all the debts Of the
company con ntrscted while they are stockholders
or ofhcers thereof.
SEC. Is. The stockholders Of any company
organized under the provisions Of this act,
shall be jointly, severally and individually liza
bic for all debts that may be due and owing for
all debts and services performed for such ccrpo-
ration.
SEC. is. No stockholder shall be personally
liable for the payment Of any debt contracted
by any company formed under this act. which
is not paid within one year fro m The time the
debt IS contracted, unless suit for the collee-
tion Of such debt shall be brought against such
company within one year after the debt shall
become due; and no suit shall be brought
against any stakeholder who shall cease TO be a
stockholder in any such company, for any debt
50 contracted, unless the same shall be com-
meneed within two years from the time he shall
have ceased 10 be stockhoder in such CON-
pany, nor until an execution against the COM
pany shall have been returned unsatis6ed in
whole OF in part.
SEC. IL. Any Corporation formed under
this act shall have full power 10 manufacture
and sell, and 70 furnish such quantities Of gas
as may be required in the city, town or village
where the same may be located, for lighting the
streets, and public and private buildings, or
for other purposes; and such corporation shall
have power TO lay conductors for conducting gas
through the streets, lands, alleys. and squares,
in such city. town or village, with the con-
sent Of the municipal authorities Of said city,
town or village, and under such reasonable
regulations as they may prescribe; and
municipal authorities shall have power 70 ex
empt any corporation formed under the pro
visions of this act. from taxation on theiI
personal property, for city or county purposes
for period not exceeding three years from
the organization Of said corporation.
SIC. IL. Any person willfully injuring, or
causing to be injured, any property Of any
corporation created under this act shall forfeit
and pay TO the said corporation. treble the
amount of damages sustained by such injury
TO be recovered in any court having cognizane'
thereof.
SEC. l9. Any company which may be form
/ ed under this act, may increase or diminish il
capital stock, by complying with the provisions
of this act. to any amount which may be
deemed sufficient and proper for the purposes
of the corporation. But before any corpora.
tion shall be entitled TO diminish the amount
of lis capital stock, if the amount Of debts and
liabilities shall exceed the amount of capital
to which il is proposed 10 be reduced. sucl
amount of debts and liabilities shall be satisfied
and reduced so not TO exceed such diminish
ed amount of capital; and any existing com
pany heretofore formed under any specia
act. may come under and avail itself O
the privileges and provisions Of this act, by
H. ~
thereupon such company, its officers aud stock
holders, shall be subject to all the restrictions,
duties and liabilities Of this act.
SEc. %. Whenever any company shall de-
sire 70 call a meeting of the stockholders, for
the purpose Of availing itself of the privileges
and provisions of this act, or for increasing or
diminishing the amount OF its capital stock, Or
for extending IFS business, it shall be the duty
of the directors to publish notice, sigued by
at least majority of them, in a newspaper in
the county, If any shall be published therein, at
least six successive weeks, and 10 deposit a
written or printed copy thereof in the Post
Office addressed to each stockholder at his
usual place Of residence, at least four weeks
previous to the day fixed upon for holding sucn
meeting; specifying the object of the meeting,
the time and place. when and where such
meeting shall be held, the amount TO which it
shall be proposed 10 increase or diminish the
capital, and the business of such company so
extended, and a vote of at least two thirds of
all the shares of stock shall be necessary 10 an
increase or diminution of its capital stock, or
the extension of its business as aforesaid, or
to enable company 10 avail itself of the pro-
visions of this act.
SEC. 81. If at any time and place specified
in the notice provided for in the preceding
section OF this act, stockholders shall appear in
person or by proxy, in number representing
not less than two thirds Of all the shares of
stock Of the corporation, they shall organize
by choosing one Of the directors chairman of
the meeting, aud also a suitable person for
secretary, and proceed to a vote of those pres
ent, in person or by proxy; and If, on compa-
ring the votes, il shall appear that sufficient
number Of votes has been given in favor of
or diminishing the amount of capi-
tai, or Of extending lis business aforesaid, or
for availing itself Of the privileges and provi-
sions of this act, certificate of the proceed |
ings, showing compliance with the provisions /
of this act, the amount Of capital actually /
paid in. the whole amount of the debts and /
liabilities Of the company, and the amount TO |
which the capital stock shall be increased or
shall be made out, signed and |
NerlDeu ny ine dHluaNlI OF tue Cnaifindns ana i
be countersigned by the secretary; and such
certificate shall be acknowledged by the chair
man, and filed as required by the first section of
this acI, and when 50 filed, the capital stock of
such corporation shall be increased or dimin-
she'd TO the amount specified in such certificate,
md the business extended as aforesaid; and
Ihe company shall be entitled to the privileges
and provisions, and be subject to the liability
Of this act, as the case may be. That the
,apitnl stock Of each and every such company
IS may be formed under the provisions Of this
ict, shall be annually listed By the president
,r secretary thereof, aud assessed at its real
ialue in money, and taxed in The same manner
md to the same extent as other chattel proper
y, at the place where the Office nf such company
hall be kept, and shall be subject 10 all the
avs now in operation for the taxation of per-
onal properly, or which may hereafter be en-
cted by the Legislature of Ohio, subject 10
he provisions relating TO corporation taxes in
&c. II Of this act. |;
SEC. %. At any time after twenty years
rom and after the organization of any corpo- I
alton formed under this act, the Legislature [
ray annul such corporation; but the dissolu- c
ion of such company shall not take away or !
IMPAIR any remedy given against such corpora
ion, Its stockholders or officers for any liability
,hich shall have been previously increased,
incurred.
SEC. %, Upon the dissolution of any cor
,oratiCn crented under this act, unless other I.
ersons shall be appointed by the Legislature,
T by some court Of competent authority, the
irectors ofsuch corporation at the time of its
issolution, shall be the trustees fthe creditors