Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1851-03-31
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,ss@~@l .. % RAVENNA, 0HIO MONDAY, MARCH 81 1851

d and place as shall be directed by the BY
: laws Of the company; and public notice {
:, the time and place of holding such electio
g shall be published not less than ten day
g previous thereto, in newspaper printed i
/. the place where the operations of said com
. pany shall be carried on; and the electio
: shall be made by such of the stockholder
as shall attend for that purpose, either il
person. or by proxy. All elections shall b
by ballot, and each stockholder shall be en-
titled TO as many votes as he or she own
shares of stock in said company, and th
persons receiving the greatest number 0
| votes shall be directors; and when any va
cancy shall happen among the directors, BY
death, resignation, or otherwise, it shall b.
filled for the remainder Of the year in sucf
manner as may be provided by the BY.
laws Of the said company. 5'''' ''' = 81
Sec. a. Ia case it shall happen at any
time that an election of directors shall moi
be made on the day designated by the by.
laws of said company when it ought to have
. bsen made, the company, for that reason,
shall not be dissolved, but it shall be law
full on any other day to hold an election for
directors in such manner as shall be pro-
vided by the said bylaws, and all acts Of
directors shall be valid and binding as a.
gainst such company until their successors
shall be elected. -. -,
Sec. S. There shall be President of
the company who shall be designated from
the number Of the directors, and also such
subordinate officers as the company by its
by laws, may designate, who may be elect
ed or appointed, and required to give such
security for the faithful performance Of the
duties of their Office, as the company, by it.
bylaws, may require. - -
Sec. 6. 1t shall be lawful for the direc.
tors to call in and demand from the stock.
holders, respectively, all such sums of mon.
ey, by them subscribed, and at such times
and in such payments or installments al
the directors shall deem proper, under tb.
penalty of forfeiting the shares Of stock
subscribed for, and all previous payment.
1 made thereon, if payment shall not e,mads
by the stockholders within sixty days aftel
personal demand, or notice requiring such
payment shall have been published for si1
successive weeks, in any newspaper in the
place where the business of the company
shall be carried on, as aforesaid. -,
Sec. 7. The directors of such company
shall have power to make such prudential
bylaws as they shall deem proper for tn,
management and disposition of the stock
and business affairs of such company, moi
inconsistent with laws of this State, and
prescribing the duties of officers, arti6cer.
and servants that may be employed, for tn.
appointment of all officers, and for carry.
ing on the business aforesaid. * ass5i
Sec. 8. The stock of such company shall
be deemed personal estate, and shall be
transferable in such manner as. s..sbal be pre-.
scribed by the bylaws of the company.
Sec. 9. A copy of any certificate of in.
corporation, filed in pursuance of this act,
certified by the county Recorder or his dep
uty, to be true copy, and of the whole Of
such certificate, shall be received in ali
courts and places as presumptive legal evi.
dence Of the incorporation of such compa.
ny, if the same shall comply with the pro
visions of this act 3sa5s = a
Sec. 10. All the stockholders incorporat.
ed under this act, shall be sevsrally individ.
ually liable to the creditors Of the company
in which they are stockholders in propor-
ton to the amount of stock held by them
respectively, for all debts and contra cts
made by such company until the whole a.
mount of capital stock fixed and limited by
snch company shall have been paid in,
and certificate thereof shall have been
made and recorded as prescribedin the fol-
lowing sections, and the capital stock SO
! fixed and limited shall all be paid in, one
half thereof within one year and the other hall
within two years from ne Incorporation Of
said company, or such corporation shall be
dissolved. oa..s s5oos -ls.ass n.a.ifia sa7a
Sec. IL. The president and majority
Of the directors, within thirty days after
the payment of the last installment of the
capital stock so fixed and limited bv the
company, shall make certificate, stating
the amount of the capital so fixed and paid
in; which certificate shall be signed and
sworn 10 by the president and majority
Of the directors; and they shall, within the
said thirty days file the same in the office
Of the Recorder of the county wherein the
business Of the said company is carried on.
Sec. IL. Every such company shall
niake.a report annually within twenty days
from the first day of January, which shall
be published in some newspaper publish
ed in the city, village or. town where
the business Of said company lis car
ried on. of the amount of capital and til.
proportion actually paid in, ard the amoun
of its existing debts, which report shall bs
signed by the president and majority o
the directors. and verified by the oath Of ths
president and Secretary of the company
d and if any Of said company shall fail SO t.
do, all of the directors of the company fail
ing so to do, shall be jointly and 7severally
liable for all the debts Of the company thel
existing, and for all that shall be contracted
before such report shall be made. s'ia.s.
See. l3. II the directors of any sucl
company shall declare and pay any divid
end when the company is insolvent. or any
}, dividend the payment Of which would rem
; der it insolvsnt, or which would reduce th'
d amount of their capital, they shall joint,
and severally be liable for all the debts q
the company then existing, and for all tha