The Kalida venture. [volume] (Kalida, Ohio) 1841-1865, 1852-10-29

Y6ci6Ts aEiaif hold their Officer until their
sGccessofs sfe cBoseh and 4Oali6ed, But
no bersoh Shall bHd director amer cea-
sing Ii Be stockholdsf. Immediately
afief The election, the directors shall elect
one 9of ibeir bhmbsr president Of The
corporation, Snd may appoint Such other
officers and SCENTS as' tiIey may desth
proper, 10 transact iheif btsihess, and
prescribe the aEouht Of compensation %
Be aliowsd 10 them for their sefvices5
and such officers, when redhiTedsby The
by-laws, shall give bonds 10 tie satisfac-
tion.o fbe directors, for The faithful dis
charge Of the trusts committed to them;
shalt have powell, and are horeby autho=
rized 10 make such rules, regulations
and bylaws; as may be necessary for
their reputation, moi inconsistent With
the constitution Of this state. The 'tli-
rec:ors shnll nave The general manage
ment Of the affairs OF the company, and
may dispose Of the residue Of the caPit1I
stock al any time remaining unsubscribed,
in such manner as the stockholdefs for
the zine being, may Subscribe, and may
employ the capital and means Of the
company, in such manufactures as they
shall deem best fol the company; end for
the erection and mainiainance OF such
machinery, dams. buildings, races, wafer
courses, &c, subject al&ays 20 the COM
troll OF the Stockholders, as may be neces.
safy in the business OF manufacturing,
but for no other purpose than those con-
hected with, and pertaining TO said bus
ness, they shall cause record TO bd
kept Of all stock subscribed and transfer
red and OF all business transactions, and
their books and records shall at all rea1
sonable times be open 10 the inspection
Of any and every siockholder; they shalt
also, when required, present 10 the stock
holders reports id writing Of The siluatith
aud amount OF business of,,hs company.
and deciate aid make sbeh dividends Of
the profits from the business Of the COM
pany, not reducing the capital stock while
iheJ have outstanding liabilities, as they
shall deem expedient.
Ser. IS. The peisons naHicd IL ths
certificate Of Incorporation, or majority
of,hem, shall be commissioners to open
books fot the subscription TO the capital
stock Of said company, al such times and
places as they shall deem proper, and the
said company are authorized TO COM
mence operations upon the subscription
of ten per cent, OF said stock.
TO PROVIDE FOX THE fyCoRf lRATfnN ~
RELIeoUs AND OTHER CiETlEs. II
Sec. &C. That from and afier the
passage ofthis act, il shall be lawful for
any religious sect OF denomination, FIRE
Company, or literary. scientific or bcnesel
len, association, (other than colleges,
universities; academies within this stale,
TO elect, at meeting Of majority Of the
members of any organic ID church; fire
company, literary, scientific or benevolent
association; as aforesaid, called for that
purpose, any number Of their members,
not less than three; TO serye as trustees
or directors, and one member as clerk,
who shall hold their office during the
pleasure Of the society or association.
i Sec. g.. That The clsrk so appointed;
shall make ;rue record Of The ptoceed4
lings Of the meeting, provided for by tho
first section fthls aci, certify and deliver
The same TO the recorder of the county
in which such meeting shall be held,
together with tho name by which s,iciI
church, fire company, or association, shall
thereafter desireio to be kowi and i, shall
be the duty oseach county recorder ig
this state, Immediately upon the receipt
Of such certified statement, ,0
record the same in a book of record, to
be KEEP, by him, provided for that pnr.-
pose at the expense of his county, Cor
(which services he may demand and in-
ceive, The sum Of ten Gents per hundred
words. aud from and after making such
record by the county recorder, the said
trustees OF directors, aud !lleir assuciated
members and successors, shall be invest
+ ed with The powers, prigiieges and aim-
m,fnties, incident 10 aggregate orpora-'
lions; and a certified transcript Of the
record herein authorized 10 be made by
the county recorder, shall be deemed
and takeny I'M all courts and places
whatsoever, inthis state, as evidence; Of
fthe existence OF such association and cers
pofatioE aaSs IN.
Sec. 5S. The fusiees OF directors
who may be appointed underline provis-
i fIs Of this aci, aud ilieft successors in
officey shall have perpetual succession.
By such name as may be dSs;gnaied, and
( BY such name shull be legally capable Of
ooniractiDg, and Of prosecuting and de-
Tending suits, and shall have capacity to
acquire, hold, enjoy, dispose Of, and con,
yey, all property, real or personal, which
they may ucquiteby purchase, donation,
Eor otherwisey for the purpose Of Carrying
out ibe Intentions Of such society OF as-
sociaiions; but they shall no, acquire OF
hold property for any other purposa.aas
g Sec. 50. hassach society or associa-
ton, when incorporated, may elect such
officers, and make such rules and reglla-
lions, az NAV he necessArv and eynedianf.