Portage sentinel. [volume] (Ravenna, Ohio) 1845-1854, 1852-07-14
To Create and Regulate Manufacturing

companies. or
Sec. 63, That whenever any number 81,
persons, as named in the first section of Ell
lis act, associate themselves together for nj
le purpose of engaging in the business of OF
they shall under their hands C.
nd seals, make q certificate, specifying e.
he amount Of capital stock necessary, the IL
mount of each share, the name OF the a
lace where such manufa curing establish S
oent shall be located, the name and style +
" which such company shall be known; {
aid certificate shall be acknowledged, cer-
flied and forwarded to the Secretary Of
State, recorded and copied as is provided in
The second section Of this act, and when so
Incorporated, they are hereby authorized
10 carry on the manufacturing operations
named in said certificate Of incorporation,
and by the name ard style provided in said
certificate, shall be deemed q body corpa-
rate, with succession, and they and their
associates, successors and assigns, shall
have the same general corporate powers as
are provided in the third section OF this act,
ard subject TO all the restrictions hereinaf>
Ter provided.
Sec. 81. The annual meeting of The
stockholders shall be held on the first Mon.
day of January in each year,at which meet.
ing the directors of the company shall be
elected, and such other lawful business
done, as the stockho shall deem neces.
sary and proper; and, should they fail TO
elect directors at the annual meeting, they
shall hold special meeting at some subse-
quent time, for the purpose, by giving thir.
ty days notice thereof, in some newspaper
oesgeneral circulation in such county. The
directors shall hold their Offices until their
successors are chosen and qualified; but no
person shall bs director after ceasing to
be stockholder. Immediately after the
election, the directors shall elect one OF
their number president Of the corporation,
and may appoint such other officers and "a
gents as they may deem proper, TO transact
their business, and prescribe the amount OF
compensation TO be allowed to them for their
services; and such officers, when required
by the bylaws shall give bonds to the salts
faction Of the directors, for the faithful dis,
charge Of the trusts committed 10 them;
shall have power, and are hereby authoriz>
ed to make such rules, regulations am by.
laws as may be necessary for their regula-
tion, not inconsistent with the constitution
Of this state. The directors shall have the
general management Of The affairs Of the
company, and may dispose of the residue
ef the capital stock at any time remaining
unsubscribed, in such manner as the stocks
holders for the time being may prescribe,
and may employ the capita! and means of
the company, in such manufactures as they
| chon hos for hn nd far
the erection and maintenance Of such ma
chinery, dams, buildings, races,water cours-
es, &C., subject always TO the control of
the stockholders, as may be necessary in
the business of manufacturing, but for no
other purposes than those connected with,
and pertaining to said business; they shall
cause a record TO be kept Of all stock sub
scribed and transferred and of all business
transactions, and their books and records
shall at all reasonable times be open 10 ,ae
inspection of any and every stockholder;
They y4sfall also, when required, present to
the stockholders reports writing of the
situation and amount OF business oil the com.
pany, and declare and make such dividends
of the profits from the business of the com>
pany, not reducing the capital stock while
they have outstanding liabilities, as they
shall deem expedient.
Sec. 65. The persons named in the Ger.
tihcate Of Incorporation, or majority Of
them, shall be commissioners to open books
Tor the subscription to the capital stock OF
said company, at such times and places as
they shall deem proper, and the said com.
pany are authorized to commence operations
upon the subscription of ten per cent. Of
said stock.
To Proride for the Incorporation Of Re.
ligaous and Other Societies.
See. 66. That from and after the pas
sage of this act, it shall be lawful for any
religious sect or denomination, fire company,
or any literary, scientific or benevolent as.
sociation, (other than colleges. universities,
academies or seminaries, ,, within this state,
TO elect. at a meeting of a majority of the
members of any organized church, fire
company, literary, scientific or benevolent
association, as aforesaid, called for that pur-
pose, any number of their members, not
less than three, to serve as trustees or direct
ors, and one member as clerk, who shall
hold their Office during the pleasure of the
society or association.
! Sec. 81. That the clerk so appointed,
shall make a true record of the proceedings
of the meeting, provided for by the first
section Of this act, certify and deliver the
same to the recorder of the county in which
such meeting shall be held, together with
the Lame by which such church, fire com
pany, or association, shall thereafter desire
to be known; and it shall be the duty of
each county recorder in this state, immedi-
ately upon the receipt Of such certified state.
ment, to record the same in a book of re.
cord, TO be kept by him, provided for that
purpose at the expense of bis county, sor
which service be may demand and receive,
the sum Of ten cents per hundred words; and
from and after making such record by the
county recorder, the said trustees or direct
ors, aud their associated members and sue
cessors, shall be invested with the powers;
privileges and immunities, incident to ag.
gregate corporations; and certified trans
cfipt Of the record here authorized to be
made by the county recorder, shall be